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    Economic System of Islam

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    Muhammad Osama
    (1) The economic system of Islam is based on the fundamental principle of sovereignty belonging to God alone. (2) Those in positions of authority are responsible for governing with justice and protecting citizens' lives, honor, and property. (3) The basic goals of Islamic governance are to promote general welfare through a just, representative system where authority is a trust rather than a right.

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    Economic System of Islam

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    Muhammad Osama
    41 views4 pages
    (1) The economic system of Islam is based on the fundamental principle of sovereignty belonging to God alone. (2) Those in positions of authority are responsible for governing with justice and protecting citizens' lives, honor, and property. (3) The basic goals of Islamic governance are to promote general welfare through a just, representative system where authority is a trust rather than a right.

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    (1) The economic system of Islam is based on the fundamental principle of sovereignty belonging to God alone. (2) Those in positions of authority are responsible for governing with justice and protecting citizens' lives, honor, and property. (3) The basic goals of Islamic governance are to promote general welfare through a just, representative system where authority is a trust rather than a right.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views4 pages

    Economic System of Islam

    Uploaded by

    Muhammad Osama
    (1) The economic system of Islam is based on the fundamental principle of sovereignty belonging to God alone. (2) Those in positions of authority are responsible for governing with justice and protecting citizens' lives, honor, and property. (3) The basic goals of Islamic governance are to promote general welfare through a just, representative system where authority is a trust rather than a right.

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    © All Rights Reserved
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    Economic System of Islam

    Sovereignty of Allah and its Implications for Those in


    Authority
    Islam lays the foundation of all its systems, whether political, economic, social or any other, on one
    fundamental principle—that the ultimate sovereignty and ownership belongs only to God Almighty. That
    is, greatly blessed is Allah to whom belongs the kingdom of the heavens and the earth. Similarly, all that
    is between them is also under His ownership and control. To Him also belongs the knowledge of the last
    Hour—when all of these have served their purpose and the time for them to perish has arrived.
    Ultimately, everything will be brought back to Him. In this verse Almighty God announces that the rules
    over the heavens and the earth and whatever lies between the two is under His ownership and control.
    Furthermore, it is God alone who knows the destined time when every living being, after fulfilling the
    purpose of its creation, must face its end and return to Almighty Allah. In brief, this verse lays down that
    the kingdom of the heavens and earth really belongs to God, and everything that exists therein is
    destined to return to Him. When a person is made responsible for a specific task, or is entrusted with
    something of value, he is answerable to the one who entrusted him with those responsibilities; but a
    person who regards himself free and unanswerable to anyone would be inclined to do whatever he
    pleases. This verse of the Holy Quran is a reminder that all worldly governments, kingdoms and powers
    are under God’s command and are granted to human beings only as a trust. Man must not consider
    himself unaccountable just because he has the power and ownership of material wealth that he is given
    in this world. He may appear to have authority and ownership on the surface, but in truth he is only
    holding a trust from God. Human beings are answerable before God that they rightfully discharged the
    trust that was reposed in them.

    Justice among People and Nations


    That is, O people, Allah commands that when you are in a position to make over the trust of authority to
    someone, you should grant it to those worthy of discharging the responsibility. [Then those who are
    placed in authority are addressed with the admonition that since they have been elected to positions of
    authority by the people, it is their duty that] When you make certain decisions, do so with justice. And
    surely Allah admonishes you! Excellent is that with which Allah admonishes you. Verily Allah is All-
    Hearing, All Seeing. This verse instructs the people that when given the opportunity to choose someone
    as the ruler, they should select the best candidate for the task, who is capable of discharging the affairs
    of the State with integrity and competence. He should be the best leader, committed to promoting
    general welfare.

    Basic Precepts of Governance in Islam


    The economic system of Islam requires a specific governance environment, as no system, however good,
    can be effective outside its appropriate environment. Islam is the first religion of the world that:

    (1) Advocates a system of representative government, with the capability of candidate as the
    fundamental criterion for election.
    (2) Defines authority as a trust, not a right.
    (3) Declares that the basic goal of government must be to protect honor, life and property of
    citizens.
    (4) Enjoins the rulers to judge amongst individuals and communities with absolute justice and
    impartiality, reminding them that they are ultimately answerable before God.

    Philosophy of economic system of Islam


    (1) Concept of Allah
    (2) Concept of Holy Prophet (SAW)
    (3) Concept of faith
    (4) Concept of authority
    (5) Concept of moral purification (Tazkiyyah)
    (6) Equality
    (7) Day of Judgement
    (8) Human as Khalifah

    Principles of Economic system of Islam


    (1) Individual Freedom
    (2) Controlled economic inequality
    (3) The right to own property
    (4) Social Security
    (5) Individual and Social welfare
    (6) Ban on anti-social institutions
    (7) Social justice and equality
    (8) Circulation of wealth and its accumulation

    Implementation of Economic system


    Economic system can be implemented by obeying on the sharia of Islam

     Tauhid
     Khalifah
     Justice
     Equality

    Need of Sharia for implementing economic system


     Maintain and preserve religion
     Keep and preserve Islamic rules for life
     Care and look after their own safety and lives
     Protect and safeguard the property
     Care and maintaining dignity and justice

    Concluding Observations
    It must be kept in mind that we, the Ahmadis, bear enmity to no one;
    we desire the good and well-being of all. Even for our worst enemies we
    do not bear the slightest feeling of ill will. All we wish to see is that good
    character prevails in the world, man’s spiritual life progresses, and the
    Kingdom of God and His Apostle gets established. We desire that
    whatever social, economic, cultural or political system is adopted in the
    world, it should leave to God and His Apostle the sphere of human life
    that rightfully and properly belongs to them; that people who wish to
    live by God’s laws should not be made to deny them. We bear no
    enmity against Russia, or Communism. I personally harbour deep
    sympathy for this great country, and sincerely wish that the Russian
    people, who have been victims of extreme cruelty for centuries, should
    march forward and witness prosperous times. But I or any other
    freedom-loving person cannot bear to watch that a misconceived social
    order and political philosophy become an instrument of subjugating
    other people. As such, we would look upon any system that
    incorporated in itself the Islamic principles in regard to these matters as
    our own and shall endeavour to support it to the best of our ability.
    Otherwise, we are duty bound to oppose systems that seek to push
    religion out of its proper sphere in the life of human beings. Hunger, no
    doubt, involves terrible suffering for those who have to bear its pangs;
    but we are not prepared to sacrifice our religion even for the sake of
    keeping off hunger and want from our hearths and homes.

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