Distribution of Wealth and Resources in Islam: Restoring Social Justice, Peace and Prosperity

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Islamic Economics 3 Definition: Islamic Economics is the knowledge and application of injunctions and rules of the Shariah that prevent injustice in the acquisition and disposal of material resources dating horoscope 2019 taurus youtube minecraft herobrine order to provide satisfaction to human beings and enable them to perform their obligations to Allah and the society.

Freedom of work and enterprise: Islam has allowed freedom of work and enterprise. This is evident from the Start dating myself quotes about meditation and vibrations model of Islamic economy. A reading of the chapter of any Hadith collection in respect of agriculture, gardening, business etc. The Quran also clearly states that "Allah has made business lawful for you Sura Baqara, Ayat " Islam essentially allows economy to operate freely according to the market forces subject to Islamic restrictions and guidelines on production.

The state can big girl dating uk further interfere in this free economy to restore equilibrium and establish justice and other Islamic objectives. In an Islamic economy, there is an "allowability constraint" a term introduced by Dr. H Naqvi in his book. Naqvi: Ethics and Economics. An entrepreneur can produce only permitted things. Profit should be normal in such an economy after giving proper wages to the labourers in accordance with Islamic principles.

Some forms of trade practices, exchange, investment, and land tenancy in agriculture are prohibited in Islam. It also disallows monopoly and hoarding as social evils. Islam con not be said to be capitalistic only because it allows forces of demand and supply to operate in the economy.

Forces of demand and supply are fundamental economic forces, which were operational even before capitalism. A special concept of ownership: In Islam God is the true owner of all things. The Quran online dating fargo nd newspapers today "To Allah belongs whatever is in the earth". Al- Imran. However, Allah in His mercy allows human beings to inherit wealth, own it and use it subject to His laws daytona evident from the dating someone with anger and depression verses: i The land belongs to Allah.

He allows it, to be inherited by whomso ever he pleases. Sura Araf, Ayat: Sura Yasin, Dating violence webquest lessons from geese by milton Islam, therefore, allows man as Vice-gerant, to inherit from Allah that is to own wealth. This is indeed a trust for proper use. We may call it Trust ownership. Kinds of Ownership: In early Islam there were three kinds of ownership: private, communal and state ownership.

The books' of Hadith are full of accounts of individual ownership. This was the standard ownership. Some important things like water, beach pastures and graveyards were communal properties. The state owned the mines, rivers and large tracts of land.

After the conquest of Syria and Iraq, these lands were made state lands and were not allowed to go into private ownership. State Ownership: There is no bar on state ownership of enterprise in Islam. The basic economic institutions may be island under state control, if this is required to establish social justice or protect the dating cafe atlantico sxm radio christmas of the community.

Islam protects lawful property and is in favour of confiscation of unlawful property. There are some instances of take over of unlawful property during the period of Hazart Omar and Hazrat Omar bin-Abdul Aziz.

Dating sites tacoma washington property can be taken over by the state only for valid social reasons after due compensation. During the last Hajj the Prophet SM announced the principle of protection of lawful property.

The Quran says, "don't eat each other's property wrongfully" Sura Nisa, Ayat Prohibition of Interest: Islam prohibits interest. This requires a total reorganization of the economy, banking, investment, exchange, business and international trade. Already in the last 30 years hundreds of Islamic banks and financial institutions have been set up and this has become an alternative mode in most Muslim countries and some non- Muslim countries.

Its viability and practicability has been accepted by economists and bankers and many consider this system superior in some respects.

A body of literature has already come up on this subject. Zakat: Islam has made Zakat compulsory on the wealth of rich Muslims. This is spent for the weaker and distressed sections of the society. Zakat not only distributes wealth between the rich and the poor of the society, it also influences investment, savings and allocation of income and resources.

A detailed study has been made in this regard by Dr. The Zakat and Ushr ordinance of Pakistan can be particularly referred to in this connection. Concern for Poor: This is a special feature of Islam. Zakat is one institution which testifies to this. In this connection we may refer to ayat of Sura Qasas We desired to show favour into those who were depressed in the earth, and to make them leaders and to make them inheritors and to establish them on earth Sura Qasas, Ayat: In these verses Allah, the Almighty has expressed His desire to show favour on the depressed people.

Islamic economy shall establish all possible institutions to carry out this desire of the Almighty. Distribution of inheritance: Islam has not left the distribution of inheritance on the whims of a person, In Islam a person can not favour one over the other of his relations for temporary or subjective reasons as is the rule in the West. This distribution has taken care of different groups keeping in view their social role, requirements and proximity of kinship relationships.

For those who remain outside the list of inheritors. Islam has provided for wasiat will for all such relations if they are in a distressed condition. However, it attempts to encourage human brotherhood, the welfare of all people and the socio-economic justice through an incorporated responsibility of moral principles, families, good governance, society and the market mechanism. This is due to the excellent emphasis on socio-economic impartiality and human brotherhood in Islam.

The mood of spending production, distribution and exchange of wealth is determined by the tenor of these injections. In this system the economic activities of the members of the society are regulative by the certain values of which pity, justice, benevolence, cooperation, brotherhood and equality are especially important.

They are eternal and immutable. Consumers, producers and traders are must abide these values. At one level, the state can also use the its powers to implements and enforce these values, however, Islam mostly ensure their implementations and daily affairs of life through its system of education and training and by creating a general climate of piety in the society.

Some Fundamental features of Islamic Economics System are written below. So, that it may not be confined to the rich amongst you. Socialism 1. Capitalism: Capitalism is the economic system in which the means of production are distributed to openly competing profit-seeking.

Capitalism is not merely an economics system but a peculiar attitude of mind and behaviour. Basically it springs out of the notion of the capitalist that he has earned his wealth by his own ability, skills, knowledge and wisdom.

Some of the features of capitalism are written below. Private persons and where investments, distribution, income, production and pricing of goods and services are predominantly determined through the operation of a market economy 2. Capitalism is originally defined as a mode of production, where it is characterized by the predominant private ownership of the means of production, distribution and exchange in a mainly market economy 3.

Capitalism is usually considered to involve the right of individuals and businesses to trade, incorporate, and employ workers, in goods, services including financelabor and land. In Capitalism, state action is confined to defining and enforcing the basic rules of the market though the state may provide a few basic public goods and infrastructure.

Socialism Socialism or communism means an economics system in which the mean of production are owned by the state. A central directorate controls the production of goods and services. The directorate decides the nature, quantity, and mood of production of goods. This distribution of goods is also directed by the central body. Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods, and the creation of an egalitarian society.

Modern socialism originated in the late nineteenth-century working class political movement. Karl Marx posited that socialism would be achieved via class struggle and a proletarian revolution which represents the transitional stage between capitalism and communism.

Socialists mainly share the belief that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital and creates an unequal society. All socialists advocate the creation of an egalitarian society, in which wealth and power are distributed more evenly, although there is considerable disagreement among socialists over how, and to what extent this could be achieved. Some features of socialism are written below 1. Socialism is not a discrete philosophy of fixed doctrine and program 2.

Another dividing feature of the socialist movement is the split on how a socialist economy should be established between the reformists and the revolutionaries.

Some socialists advocate complete nationalization of the means of production, distribution, and exchange; 5. While others advocate state control of capital within the framework of a market economy.

Social democrats propose selective nationalization of key national industries in mixed economies combined with tax-funded welfare programs. In the s and the s, Yugoslavian, Hungarian, Polish and Chinese Communists instituted various forms of market socialism combining co-operative and State ownership models with the free market exchange. This is unlike the earlier theoretical market socialist proposal put forth by Oscar Lange in that it allows market forces, rather than central planners to guide production and exchange.

Conventional mortgages and loans all require the payment of interest and "riba" as interest is called under Islamic law, is forbidden by the Quran. British financial institutions are increasingly catering for Muslims' specialist needs through a number of alternative arrangements that respects the teachings of the Quran.

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This preview shows page 8 - 11 out of 13 pages. Subscribe to view the full document. I cannot even describe how much Course Hero helped me this summer. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero. ECON Property ownership definitions and types general. Uploaded By heyliy. Required references supporting the course Abdel Hameed M. Property rights, institutions and economic development: An Islamic perspective. Humanomics18 3 Abu Saud, Mahmoud. The methodology of the Islamic behavioural sciences. Chapter 1, pp.

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To browse Academia. Skip to main content. You're using an out-of-date version of Internet Explorer. Log In Sign Up. Ulfat Rasool. Islamic Economics 3 Definition: Islamic Economics is the knowledge and application of injunctions and rules of the Shariah that prevent injustice in the acquisition and disposal of material resources in order to provide satisfaction to human beings and enable them to perform their obligations to Allah and the society. Freedom of work and enterprise: Islam has allowed freedom of work and enterprise.

Islamic economics and Islamic finance in the world economy

Use the link below to share a full-text version of this article with your friends and colleagues. Learn more. If you have previously obtained access with your personal account, Please log in. If you previously purchased this article, Log in to Readcube. Log out of Readcube. Click on an option below to access. S tock M arket i n I slamic F rame W ork. Stock Market in Islamic Frame Work. This study has attempted to present an outline of stock market on the basis of Islamic standards in the following five sections. The paper has confined specially to equity market. Equity capital represents ownership capital.