The article discusses “Economic System of Islam CSS. Salient features of Islamic system. Salient features of Islamic system CSS. Islamic economic system characteristics. Objectives of Islamic economic system. Economic System of Islam CSS.”
Economic System Of Islam CSS
In today’s world the importance of a strong, stable economic system for the development of a nation is undeniable. It not only leads to prosperity but also helps in maintaining balance in society. Economic prosperity does not mean only an increase in output and income of a nation. It in real terms mean the development of a peaceful, prosperous society where every person’s basic needs are fulfilled and his life, property and dignity is secure. An absolute economic policy executes all monetary activities in such a way that not only leads to economic development but also keeps them within limits so the social norms of society remained unharmed. The economic system of Islam is different in many ways from other conventional systems. Some of the basic principles of Islamic economic system have been discussed in below paragraphs.
In Islam religion and ethics are considered integral parts of Islamic economic system. It strongly denounced the notion ‘business is only business’. Muslims are required to obey the injunctions of Holy Quran and Sunnah even in their sales and trade. The Holy Quran says
“[Are] men whom neither commerce nor sale distracts from the remembrance of Allah and performance of prayer and giving of zakāh. They fear a Day in which the hearts and eyes will [fearfully] turn about”. – Al Nur 37
Allah Almighty is the true Lord, Creator and Provider (ٱلْرَّزَّاقُ) of all living beings. He has created them and He nourished them. Still Islam demands hard work and struggle in life. This is because Islam does not like idleness and negligence. The Holy Quran says
“And [yet], do not forget your share of the world.” – Al Qasas 77
Whereas Islam encourages hard work and earning money, it also lays some boundaries in the line of doing so. One such condition is doing business in permitted goods only. The Holy Quran says
“O mankind, eat from whatever is on earth [that is] lawful and good and do not follow the footsteps of Satan. Indeed, he is to you a clear enemy.” – Surah Al Baqarah 168
Another important constraint is the prohibition of Riba (interest). Islam has prohibited usury in all its forms and has called it war against Allah and Prophet Muhammad (S.A.W.). The Holy Quran says
“O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful.” – Surah Al Imran 130
The best part of Islamic economic system is its set of rules, devised for the sale and purchase of goods and services. Muslims are bound to follow these rules in all kinds of trade. These rules include;
- Mutual trust and free consent
- Honesty and reliability
- Trade must be in permissible goods
- Prohibition of hoarding
- Prohibition of all forms of gambling and speculation
- Morality and good ethics
The Holy Quran says
“O you who have believed, do not consume one another’s wealth unjustly1 but only [in lawful] business by mutual consent. And do not kill yourselves [or one another]. Indeed, Allah is to you ever Merciful.” – Surah An Nisa 29
Whereas Islam has denounced and condemned parsimony it also has criticized extravagancy. Islam believes extravagancy ultimately leads to destruction of society and social norms. The Holy Quran says
“Eat and drink, but do not waste. Surely He does not like the wasteful.” – Surah Al A’raf 31
Islam has taken every step to keep wealth circulating within society and do not remain in the hands of few. This is because it creates imbalance in society. The Holy Quran says
“So that wealth may not merely circulate among your rich.” – Surah Al Hashr 7
In this regard Islam has set some rules. Some of which are given below.
- Payment of Zakat
- Charity, Ushar, Khums
- Government can levy tax.
The economic system of Islam not only endorses healthy competition within the market but also promote ethics, reliability, honesty and trustworthiness. The above mentioned characteristics are some of the very basic features of Islamic economic system.
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