Guidelines of Islamic Economy
Before explaining the guidelines of Islamic economy it appears to be necessary to keep in view two points regarding economics and its general importance.
Whatever be his circumstances, man always needs food, clothing, accommodation and other necessities of life, and commensurate to his intellectual and social growth, he tries to secure them in the largest possible quantity and the best possible quality in the easiest possible way.
As far as we know, the question of securing the means of living has always and everywhere been considered and is still considered to be an important and essential problem of human life. In all periods of human life it has been one of the main problems which have attracted the attention of the individuals as well as the nations.
One of the prominent features of the present age also is the attention to the economic questions. On the one hand everyday new efforts are being made to find and preserve the natural resources and to explore new sources of wealth to be utilized in increasing and improving production to the maximum possible extent; and on the other action is being taken not only to meet the economic requirements in the easiest and the quickest possible manner but also to create even new requirements. The methods of distribution and consumption are being continuously revised.
Hence such topics as ownership, capital, enterprise labour and other related questions are the problems which are studied and discussed from various angles in a scientific way.
Contrary to what is claimed, economy is neither the source of all social affairs, nor the basic of all moral and doctrinal questions. Anyhow, it cannot be denied that it has great impact on the culture, customs, usages and the events of the daily life of the individuals as well as the nations. The impact is so multilateral and subtle and sometimes so complicated that it is not easy to identify it. It is only through a scientific study of the economic and social factors that it is possible to determine it.
From a study of the Islamic teachings in the economic field we come to the conclusion that this divine system has paid profound attention to the effective role of economic questions in human life and has taken precautionary measures against the harmful effects of economic injustice.
Before entering on the detailed discussion of Islamic economy, we would like to draw your attention to a few points deduced from the Islamic texts:
Man should always maintain his freedom and should see that his human dignity is not hurt. Imam Ali (P) says:
"Do not be a slave of others because Allah has created you free".
(2) The divine teachings always revolve round the principles of justice, virtue and benevolence to the kindred. They are at war against all that is nasty, undesirable and unjust.
The Qur'an says:
"Surely Allah enjoins justice, kindness and giving to kindred, and He forbids indecency, wickedness and oppression. He exhorts you so that you may take heed ". (Surah al‑Nahl, 16:90).
Hence the general spirit, which governs all Islamic teachings, consists of support to justice and fair‑play, doing good to others, care of the kindred and fight against injustice and corruption. This is the basic criterion for judging the true teachings of Islam in all fields.
(3) The earth and all that is in it belongs to all the people and not to any particular group or class.
The Qur'an says:
"He has laid the earth for His creatures. On it there are fruit and blossom‑bearing palm trees, chaff‑covered grain and fragrant herbs". (Surah al‑Rahman, 55:10 ‑ 12).
(4) Allah has entrusted the task of reclaiming the land to human beings:
"He brought you forth from the earth and has made you husband it". (Surah Hud, 11:61).
(5) Allah does not like that the economic benefits may be monopolized by a particular class or that wealth may circulate only among the affluent:
"So that wealth may not become exclusive for the rich among you ". (Surah al‑Hashr, 59:7).
(6) To live on the labour of others and to be a burden on them debars one from the favour of Allah:
The holy Prophet has said:
"Accursed are those who put their burden on the people".
(7) Wealth should be acquired by lawful and not by unlawful means:
The Qur'an says:
"Do not usurp one another's property by unjust means". (Surah al‑Baqarah, 2:188).
The profit of an individual or a group should not involve the loss to others:
The holy Prophet has said:
"In Islam there is nothing causing damage to the people or allowing anyone to cause damage to others".
These are some of the general principles which should always be kept in mind while identifying practical systems of Islam including its economic system.
This book belongs to Ahmad'. What do you understand from this sentence?
Do you not understand from it that there is a relation between this book and Ahmad on the basis of which he has a right to use it, to keep it for his use, to sell it, to lend it to others and to receive it back from a borrower. This relationship between the book and Ahmad which entitles him to dispose it of and carry it from one place to another is called the bond of ownership.
There are three kinds of ownership:
(1) Absolute ownership
(2) Public ownership
(3) Private ownership
Absolute ownership is that bond which entitles the owner to do whatever he likes with his property without any restriction or restraint.
From the Islamic point of view this kind of ownership belongs to Allah only. He alone can do whatever He likes with all the existing things of this world. He can bring and can take away. He can give life and can take it. He can make ill and can cure. He can give and can take. He can punish and can forgive. And so on and so forth. No external restriction exists in His case, for everything rightly belongs to Him.
The Qur'an says:
"Whatever is in the heavens and the earth belongs to Allah ". (Surah al‑Najm, 53:31).
It may be noted that all the dispensations of Allah have the nature of mercy, bestowal, conferring and granting perfection and not that of using, exploitation or taking advantage. He disposes of what really belongs to Him, for it is He who has brought everything into existence. This world and everything in it belongs to Him and is sustained by Him. Nothing is self‑existing. Hence everything is owned by Him.
The ownership of everyone else, whosoever and whatsoever he may be is only relative, that is of that kind which entitles the owner to deal with his property within the framework fixed for him, without any right of going beyond its limit.
When a man works, exerts himself and earns money, he is recognized to be its owner. But he is not the absolute owner of it. He is only the relative owner of it. He cannot dispose of the money earned by him absolutely according to his will. He cannot throw his money into the sea and that it is his money and hence he can do with it whatever he likes. His right of ownership is limited. For example, he cannot squander and waste it, for that is not a financial proposition.