After examining the economic colonialism of Western countries on the Middle East and mostly Muslim countries, we will now evaluate the advantages and economic features of Islam.
In fact, the religion of Islam, since it is a natural and saving religion for humanity, has very important and saving plans in the economic dimension.
From the Islamic perspective, economics is a significant part of human society and its needs and complements. It should not fall into excess or neglect. Instead, it should be observed with moderation and balance, so that it benefits both the individual well-being and economic growth while also contributing to social justice and the establishment of economic standards for the community.
Therefore, and considering the importance of this topic, we examine the principles and foundations of Islamic economics below.
1- The divinity of the foundations of the economic system of Islam
The most significant superiority that distinguishes the Islamic economic system from others and gives it complete maturity is its adherence to the laws set by the Allah (SWT), who has special knowledge and understanding of the fixed and variable needs, capabilities, and apparent and hidden strengths and weaknesses of His creatures, as well as their past and future.
In fact, this superiority is a guarantee for its foundations to be free from all the defects and shortcomings of the established human systems.
2- Belief in individual and public property
Islam believes in private ownership and allows individuals to engage in trade and wealth accumulation freely. However, this freedom is not like that in the capitalist system, where individuals are entirely free to do whatever they want to pursue their personal interests. Instead, Islam imposes constraints on individuals, including divine, moral, and governmental prohibitions.
Divine prohibitions
First and foremost, it should be known that the religion of Islam has established permanent and enduring prohibitions on economic activities that are always in effect. These include usury, gambling, speculation, wealth accumulation, hoarding, and other invalid transactions.
These practices are entirely forbidden because they often lead to monopolies and economic chaos. They also involve trading, producing, and selling things that lead society into lawlessness, stimulate people’s internal desires, and make it easier for them to earn income through forbidden means.
Government prohibitions
In addition to its eternal prohibitions, Islamic law also recognizes temporary governmental prohibitions that may apply in specific circumstances. For example, Islamic jurists have stated that when a disease-like diarrhea becomes widespread, the government can declare a prohibition on the buying and selling of watermelons, and this prohibition is binding until the disease subsides.
Moral prohibitions
Islam is not just an economic system; it is a religion. Its teachings, like other aspects, are relevant to the economic sphere. From the perspective of this religion, worldly life is limited and temporary, and it is followed by an eternal and endless life. The primary goal of human existence in this life is to consider worldly life as a ladder to reach the life in the hereafter and to strive for its improvement.
Therefore, accumulating more wealth than others cannot be the highest achievement for a person. True success lies in striving to serve and benefit others. This is why Islam sometimes does not give mandatory directives in the economic domain but recommends them. This aspect forms the ethical dimension of Islamic economics.
In Islam, there is no room for the tyranny of the capitalist system that would allow individuals and small groups, protected by the law and seeking to manipulate the rights of others, to exploit them. They cannot use cunning and manipulation to take advantage of the efforts and hard work of others, benefiting from their labor at a cost lower than what they rightfully deserve, or engage in economic deception to embezzle their wealth.
Islam also believes in public ownership and has given it due respect, but not in the way that the socialist and communal economic systems advocate, where they consider the public as shareholders in individuals’ property. Instead, Islam, through concepts like almsgiving (Alms), tithe (khums), alms (zakat), and more, has allocated a share for the public within the wealth of individuals.
In Islam, the elements found in communal economic systems, such as confiscating individual property and eliminating ownership, are not present. Islam does not undermine individual rights, diminish personal motivations, or lead to a society divided into powerful kings and subservient slaves in the name of providing basic necessities.
3- Being subject to the law of supply and demand
Islam has delegated the determination of prices and costs to the consent of the parties involved in the transaction, which serves as an indication of the validity of the law of supply and demand and considers it the basis for price determination. The Prophet Muhammad (PBUH), stated, «إنالله هو المسعر القابض الباسط الرازق»؛ “Indeed, Allah is the One who sets prices, holds back, and bestows sustenance.”
Additionally, during the time of the Prophet Muhammad (PBUH), there was a rural individual who would bring his agricultural produce from the village to the city for sale. One of the city residents intended to purchase the produce from him to sell it later at a higher price. The Prophet (PBUH) discouraged such practices and advised, «دعو الناس یرزق الله بعضهم من بعض»؛ “Let the people earn, and Allah provides for them through one another.
The Prophet (PBUH) discouraged the intervention of a third party between the seller and the buyer for several reasons. One of them was to preserve the balance of “supply” and “demand” in the market.
If the villagers themselves sold their produce, they would do so fairly, considering the benefit of their community, and they wouldn’t hold onto the goods for an extended period. In this way, the goods would be sold reasonably and without undue delay. However, if a third party intervened and hoarded the goods, they could create an artificial scarcity of the product, disrupting the natural supply and demand equilibrium. Therefore, the Prophet advised against such practices to ensure that market forces operated fairly and transparently.
By admin2
