Islam is “a straight path;” and naturally, its economic system is based on very balanced standards.
Islam, in contrary to communism, recognizes the concept of private ownership.
But, in contrary to capitalism, Islam has limited the means of acquiring wealth to prevent the excessive accumulation of wealth in a minor quarter of the society.
The Islamic economic system is based upon the belief that only Allah is the real and actual owner of everything.
But God has also implanted the concept of ownership in our nature; and thus, we are allowed to “own” the wealth of this world. The Qur’an says,
“Whatever is in the heavens and the earth belongs to Allah.” (2:284)
Allah is the owner of the whole universe. It is in this capacity that He has allowed us to own the blessings of this world by saying,
“He has created for you whatever that is in the earth.”(2:29)
However, Islam also wants to prevent the excessive accumulation of wealth in the hands of a few people so the society may not fall into two classes: one is over stuffing, while the other is starving.
May Allah be with us at every step we take. Ameen.
This articel is copied from: FB Aishah JeddaHood.