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The Islamic Economic System and Socialisim

In: Business and Management

Submitted By MohammadNaquib
Words 838
Pages 4
The Islamic Economic System and Socialism

The last 500 years, Islam could not be brought in the public affairs of social, political and economic domain and remained in the religion sphere, the foundation of Muslim’s getting in troubled water and finding no way out to reach to its shore. In the absence of Islamic economic system, the West – devoid from the moral and spiritual foundation- has taken over to steer the world economy. That is resulting in unprecedented human misery to the world economy starting from economic derailment to collapse economic system of many world giants flexing economic muscle.

The felt need is to touch the facts lurking below the surface of the present economic order - source of unforgettable human suffering across the world, resulting even losing of human lives. Lacs of jobs are curtailed and people are getting jobless and find no social and economic patronage. Companies are being bailed by the public paid taxes to protect existence of multi nationals with the common people’s hard earned money. Even the economists are not sure the depth of deficiency and how long it will take come on track.

Islam puts a different economic system which categorically forbids charging the interests for loans. The Quran says, “The interest which imposes seeking to increase your health will not bring about any increase in sight of God. Rather it is zakat which you pay for the sake of God alone, that brings about such increase of your fortune”.

The Quran advocates of prohibition of interest in the affair of economy that leads to safeguard the happiness of mankind. There is no iota of doubt that interest is a system which enables the unproductive man to share in the fruits of someone else’s labour for no reason that he provided the money. Advocate of western economic system has a place to argue that the producer would have not earned the money, had the lender not given it. On the reverse side of coin raise itself question that were the money lender capable of usufructing his money for himself, he would not have lent it so someone else. The capitalist allows another person to use usufruct his money, playing a trick on the needy to be entitled the share of fruits having multiplied by a definite interest charge of his money.

The capitalist should own share in the profit of the business operation and should share a burden in case of failure or loss. But charging a definite interest for the use of capital regardless of whether or not the use of capital has been profitable is tantamounts to exploitation.

The possibility cannot be ignored that a man may be in need of money to feed himself and his family and charging a definite interest is surely a heinous a crime. The capitalist- shrewd in the management of their own affairs – tempt and trap a common man that lead them to shackles of debts that never gives them freedom. It will shock human sensibility in the last 10 years(2007-1997), 10 lack farmers commit suicide in India in the hope that the debt will be waived in case of their depth. The height of the surprise is that highest rate of committing suicide is the most developed its states and the most backward state are the safest. It reflects that the people who are exposed to consumerism are lured and trapped and leading to losing their most costly assets – life.

From the colonial era to the present global one, the capitalists have designed the system of economy with the aim of gaining control over its sources. They have imposed its rule to deprive them from their liberty and establish their control on the resources whatever God has given them from His bounty. Happiness is ceased. Misery, suffering and poverty chase them to the end of their last breath sleeping in mud of darkness.

The closure we go to the Quran, the socialist fabrics appear to be very crystal, which has never been subject of research. Opposite to the Western socialism based on competition or war class, Islamic socialism is based on the principle of fraternity between classes and fostering mutual cooperation. These socialist fabrics are woven in the Islamic zakat and charity. The humanist approach of Islam is to support the needy by way of nourishment, clothing, shelter, education, sympathy and upbringing them, without even making them feel that they have been object of charity. Islam touches the highest pinnacle of human brotherhood when goes on saying that a person’s iman is not regarded as complete until that person has wished for his fellow that which he wishes for himself.

The Muslim should wake up and develop the depth understanding about the book of the God and implement it the different facets of life – legislation, management, social life and economy – bringing the past of enjoying the intellectual prestige in the human political and social civilization.

Mohammad Naquibur Rahman Ph.d, MBA Marketing, LLb
Assistant Professor
Umm Al Qura University
Makkah Al Mukarrmah

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