Rise Of Islamic Economy
Economic system
An economic system is a system of Production, Resource of Allocation and distribution of Goods and Services. There are such Economic systems:
- Capitalism
- An absolute and unconditional right to Private Property.
- Slogan (Freedom)Socialism
- Total Denial of right to private property with the exception of ownership of some articles of personal use.
- Slogan (Equality)Islamic economic system
- Islam is not just a religion or Economic system but a Dean.
- Profit and loss Sharing Natural market force
- Mutual Consent Islam Prohibited.
- Interest Hoarding Speculation Insurance
- Overtrading - Sale without possession.
Islam Provide guidance in all aspects of life. Islam means Peace and submission. There is no peace without Justice and Allah send number of books and Prophet for this job. Islamic Economic system is a complete collection of norms, values and standard of conduct that organizes economic life and establishes production in and Islamic society. Such Norms and values are totally based upon the Islam and recognized in Quran and Sunnah.“In order that it may not become confined to the rich amongst you” (Al-Hasher: 7). Circulation of wealth is equal manner. Finished the gap between poor and rich people. Market force to be operative.
There are two dimension of Islamic economic system. Spiritual Dimension (Spiritual Socialism) Legal Dimension (Controlled and internally managed)
Spiritual Dimension: Allah is the real owner. Whatever we have is bounty of AllahWhatever is in excess of one’s basic needs is right of other. But all this is voluntarily.
Legal Dimension: Private ownership. Personal Incentive. Market Money. There are the following aspects of Islamic economic system referred to as the major elements. Equity Distribution of wealth Process of earning is subject to Divine Injunctions.
Equity Distribution of wealth. Step taken for the equitable distribution and circulation of wealth. Institution of Zakat. Zakat is not a tax, but faraz ibadat. Flow of wealth from the rich to the poor and from the poor to rich people. Increased purchasing power. Boost in sales. Higher volume production. Other Means of Circulation: Kaffarat Sadaqat Wirasat Khiraj Anfal “Better the circulation better the economy”
Process of earning is subject to Divine Injunctions. To prevent monopolies and curb the unjust earning detrimental to the collective interest of society.Wealth is kept under constant circulation and chances of concentration are eliminated. Islam provides the mechanism to keep market forces operative with their natural force without their being hindered by monopolies. Allah made trade Halal and with mutual consent.
When we combine all these factors we establish a perfect and complete economic system of the world and that is called Islamic Economic system. This system clears all the things which confusing us in an economic system and solve all the problem of economies so easily.
Quiad-e- Azam said: “We must work our destiny in our own way and present to the world an economic system based on true Islamic concept of equality of manhood and social justice. We will thereby be fulfilling our mission as Muslims and giving to humanity the message of peace which alone can save it and secure the welfare, happiness and prosperity of mankind.”
