As a complete way of life, Islam has provided guidelines and rules for every sphere of society. God (Allah), the Creator of all, knows that people love to gather material possession, and that much of their effort are for the sake of gathering the various material means of the world. The relationship between economics and religion only has a very solid ground in Islam.
Ibn Khaldun wrote about the economic system in Islam in the 15th century. The Islam economic system has its own principles and philosophies, and the only way to understand them is to refer back to what is called the primary sources of learning about Islam and its principles. These are mainly The Holy Qur'an, which is viewed by moslems as the word of God, and The Prophetic tradition which explained and elaborated upon how to apply those principles.
Look at this fact: First, Islam seeks to guarantee the freedom of property owners to spend, give away, and invest it as he or she deems fit. Then, Islam has set some standards, based on justice and practicality. Earnings should not be based on cheating and sweandling. The Islamic ideal is based upon absolute justice on the personal as well as the societal level.
Second, Islam is concerned with the spirit of the economic system. There is no monopolization of necessities. Wells and other sources of water, for instance, are unlawful to use and monopolize as personal property, thereby eliminating another potential for oppression.
Third, Islam teaches that God has created provision for every person, who God has brought to life. Interest (riba) is strictly forbidden. Interest is defined as a set return on a loan, and as such implies a profit based on no risk and effort.
Fourth, Islam encourages investment and loan given as a means of charity. Interest has crumbled empires, while making oppressors out of others. The true moslem realizes that the wealth in his or her possession is in actuality in the possession of God. Through such measures, The Prophet Muhammad (peace be upon him) sought to reduce the gap between rich and poor.
Ibn Khaldun wrote about the economic system in Islam in the 15th century. The Islam economic system has its own principles and philosophies, and the only way to understand them is to refer back to what is called the primary sources of learning about Islam and its principles. These are mainly The Holy Qur'an, which is viewed by moslems as the word of God, and The Prophetic tradition which explained and elaborated upon how to apply those principles.
Look at this fact: First, Islam seeks to guarantee the freedom of property owners to spend, give away, and invest it as he or she deems fit. Then, Islam has set some standards, based on justice and practicality. Earnings should not be based on cheating and sweandling. The Islamic ideal is based upon absolute justice on the personal as well as the societal level.
Second, Islam is concerned with the spirit of the economic system. There is no monopolization of necessities. Wells and other sources of water, for instance, are unlawful to use and monopolize as personal property, thereby eliminating another potential for oppression.
Third, Islam teaches that God has created provision for every person, who God has brought to life. Interest (riba) is strictly forbidden. Interest is defined as a set return on a loan, and as such implies a profit based on no risk and effort.
Fourth, Islam encourages investment and loan given as a means of charity. Interest has crumbled empires, while making oppressors out of others. The true moslem realizes that the wealth in his or her possession is in actuality in the possession of God. Through such measures, The Prophet Muhammad (peace be upon him) sought to reduce the gap between rich and poor.
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