Author: Mohammad Asem Esmailzahi
Capitalism (part 8)
Capitalism from the Islamic Perspective
Islam’s view of property and capital is highly positive. Wealth and all kinds of goods that, in one way or another, fulfill human needs are regarded in Islam as vital matters—factors for the survival and establishment of society, a means for the continuation of human life, and for the growth of religion and religiosity.
This concept is clearly observable throughout Islamic teachings, where, through various expressions, the necessity of enjoying the provisions of life and the vital nature of wealth and goods are emphasized, and the fundamental role of “property” within human society is explained.
Contrary to the belief of some who assume that Islam is entirely opposed to capitalism and capital, this notion is incorrect. Islam emphasizes the necessities of life, the vital role of wealth, and its proper management for the development of individual and social capacities. The Qur’an considers wealth a means of stability and divine support and holds that property and capital should not be entrusted to ignorant and foolish individuals. [1]
In the Noble Qur’an, wealth is regarded as a means of stability and divine support: وَلَا تُؤْتُوا السُّفَهَاءَ أَمْوَالَكُمُ الَّتِي جَعَلَ اللَّهُ لَكُمْ قِيَامًا Translation: “And do not give your wealth—which Allah has made a means of sustenance for you—to the foolish…” [2]
وَأَمْدَدْنَاكُمْ بِأَمْوَالٍ وَبَنِينَ Translation: “And We supported you with wealth and children.” [3]
Islam does not reject capital and wealth that are acquired through lawful means. Rather, Islam rejects the form of capitalism that we observe in the West, in oil cartels, and in monopolistic domination by economic giants in the global economy.
Mass production, business development, knowledge-centered growth, a knowledge-based economy, earning lawful sustenance, charity, assistance, and the expansion of capital through supporting the oppressed and alleviating poverty do not contradict the ideals of Islam or other divine religions. [4]
Islam also emphasizes achieving economic growth, cultivating lands and territories, and benefiting from natural resources and capital:
In the Noble Qur’an it is stated: هُوَ أَنْشَأَكُمْ مِنَ الْأَرْضِ وَاسْتَعْمَرَكُمْ فِيهَا Translation: “He brought you forth from the earth and settled you in it to cultivate and develop it.” [5]
In verse 27 of Surah Al ‘Imran, Allah the Exalted states that He grants provision without measure to whom He wills: اللَّهُمَّ مَالِكَ الْمُلْكِ تُؤْتِي الْمُلْكَ مَنْ تَشَاءُ وَتَرْزُقُ مَنْ تَشَاءُ بِغَيْرِ حِسَابٍ Translation: “Say: O Allah, Owner of all sovereignty! You grant authority to whom You will… and You provide sustenance to whom You will without account.” [6]
Islam opposes economic liberalism and, in general, holds that anything which diverts a person from the remembrance of Allah and His path is unacceptable.
Islam opposes that aspect of capitalism which promotes excessive desire, greed, avarice, the superiority of the wealthy over the poor, arrogance, and indulgence in gluttony. [7]
In the Glorious Qur’an, productive investment and avoidance of hoarding and immobilizing wealth are also emphasized: وَالَّذِينَ يَكْنِزُونَ الذَّهَبَ وَالْفِضَّةَ وَلَا يُنْفِقُونَهَا فِي سَبِيلِ اللَّهِ فَبَشِّرْهُمْ بِعَذَابٍ أَلِيمٍ Translation: “And those who hoard gold and silver and do not spend it in the way of Allah—give them tidings of a painful punishment.” [8]
Accumulating gold and silver (which in earlier times served as a medium of exchange and formed the basis of currency) and excessive, concentrated wealth constitutes hoarding, whereas any form of public use, investment, charity, and service to people is considered rightful spending and service to humanity.
Therefore, based on these teachings—which represent only a small sample of Islamic financial principles—it becomes clear that Islam views wealth and capital with a principled and highly positive outlook, and that wealth holds a special position within Islamic society. [9]
Continues…
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References:
[1]. Kahf, Monzer, Religion and Economy: The Economic System of Islam and the Science of Islamic Economic Analysis, p. 67, translated by Sayyed Hossein Mir-Mo‘ezi, Summer 2005, Qom, Iran.
[2]. Surah An-Nisa’, verse 5.
[3]. Surah Al-Isra’, verse 6.
[4]. Kahf, Monzer, Religion and Economy: The Economic System of Islam and the Science of Islamic Economic Analysis, p. 77, translated by Sayyed Hossein Mir-Mo‘ezi, Summer 2005, Qom, Iran.
[5]. Surah Hud, verse 61.
[6]. Surah Al ‘Imran, verse 7.
[7]. Sargolzaei, Mohammad Reza, The Madness of Power and Illegitimate Power: On Fascism, Totalitarianism, and Capitalism, p. 792, published 2019, Qatreh Publications.
[8]. Surah At-Tawbah, verse 34.
[9]. Hoppe, Hans-Hermann, Democracy: The God That Failed (Aristocracy, Monarchy, Democracy), p. 241, translated by Soleiman Abdi, published 2017, Donya-ye Eqtesad Publications.
