Islamic Economy - How Islamic Economic System can create an equity in society

Money is the root of all evil, but it is not true all the time. We can say that in the light of the hadith of the beloved Prophet (peace be upon him). He said, "Poverty leads people to disbelief." (Mishkat: H. 5051) Making money as a believer is an act of worship for every Muslim. In this regard, the Prophet (peace and blessings of Allah be upon him) said, ‘Earning halal wealth is one of the rules must be followed.’ (Mishkat: H. 261) However, earning money is not the main goal of human life. You have to earn it for the needs of life. Islam has given specific principles for success in all aspects of human life. The economy is no exception.

In the Qur'an, it is permissible to earn and use it in a halal way. Besides, a ban has been issued on the acquisition and use of wealth in haraam ways. It is said, ‘O mankind, eat the halal and sacred things of the world. And do not follow in the footsteps of Satan. Indeed, he is an open enemy. '(Surat al-Baqara: 18) It is stated in another verse:' Do not consume other's wealth unjustly and do not sue people to knowingly consume some of the other's wealth unjustly. (Surat al-Baqara: 18)

Just as there is no disagreement about the necessity of wealth and its driving force in public life, there is no disagreement on the legitimacy of some means and the illegality of others. However, it is not easy for the whole human race to determine an effective, acceptable, and precise policy on which they can determine which medium is legal and which is illegal. If only some people of a region try to formulate a specific policy for the progress, development, and success of the world, then it may not be acceptable to any other country or nation. And if a multinational conference were convened to bring together representatives of all ethnic groups, it would not be possible to come up with a definite policy that would be acceptable to all mankind. As a result, this unequal policy will eventually lead to horrible conflicts and fitna. Therefore, it can be sworn that the only correct and reasonable criterion, in this case, can be the principles formulated by Allah in the light of revelation.

The principles that the Islamic Shari'ah has formulated, halal-haram and permissible-not permissible, are determined directly or indirectly in the light of the revelation sent down by Allah. Undoubtedly, this is the only rational, universal and safe policy. The key to the prosperity of people of all countries, races, and religions. In the God-given policy, the necessary and jointly provided items are provided in sufficient quantities free of cost. Such as wind, water, uncultivated vegetation, fire, fruits, crops, etc. of unowned plains and hilly forests. All of these are human rights. It is not lawful to establish a sole proprietorship.

On the other hand, the policy of joint ownership has not been formulated in those cases where the issuance of rules of joint ownership disrupts human life or leads to conflict. The principles of acquisition and transfer of ownership of land or its crops are different. So that no man should be deprived of his necessities, every section of this policy has taken care of this. But every human being has to be diligent in this field and spend as much energy as possible to achieve it. One should refrain from trying to become a capitalist by violating the rights of others. Whether it is the distribution of inheritance after death or the purchase or sale or transfer of ownership of goods in any other way, the transaction must be with the consent of both parties. In the case of wages or any other transaction, it must be completely free from fraud. Not only that, in this case, there can be no room for doubt, which could lead to conflict.

In the case of mutual consent, it is important to know whether the consent was given voluntarily or under duress. Any one of the above errors must be present in all the transactions which the Islamic Shari'ah has declared sinful. The Shari'ah has made certain transactions haram, makrooh, etc., due to the existence of such things as fraud, deception, or exchange of unknown goods or works, diminishing the rights of others or gaining one's profit by harming others. The main reason for the prohibition of usury, gambling, etc., is that it is an obstacle to the protection of collective rights. Some people swell up overnight. On the other hand, the whole society becomes a victim of poverty. These transactions are not permissible even if there is mutual consent as the whole nation is at a loss. The word of Allah: ‘Do not consume one another's wealth unjustly (in an illegitimate manner)’. The point to consider deeply in verse Karima is that 'your wealth' is a subtle hint at the fact that before illegally interfering in the property of others, you need to think once and for all that others love their wealth as much as you love your own. On resources. Even in the case of similar illegal interference in your property, create the feeling that it is your property.

If a person illegally interferes in the property of another, naturally the other person will sit on his property illegally. So illegally interfering in the property of others is the same as putting one's property in such a situation. If we look a little deeper, it becomes clear to us that if there is a tendency for adulteration in essential commodities, and someone makes more profit by mixing oil or fat in ghee, then when he buys milk, the seller will give him water mixed milk. The other person will take that amount of money out of his pocket in the same way. Thus the third person will treat the second person similarly. The fool only saw what he had achieved. But in the end, he did not pay any attention to what happened to him.

The Prophet (peace and blessings of Allah be upon him) made it clear in that statement that if a judge gives a verdict due to some kind of error in which the rights of one person are unjustly usurped by another, then the property will not be halal based on this ruling. Thus, because of this verdict, it will not be haram for the original owner of the property. All in all, the court's ruling cannot make any haraam thing halal, nor can it make any halal thing haraam. If a person seizes the property of another through the court with the help of deception or false evidence, he will be punished in the Hereafter even if he passes away in this world. He should be afraid to stand in front of the reckoning of that day and Alimul Ghaib.

Read More: Quard Hasana - The Benevolent Loan

Islam's view is that economic growth is for the benefit of mankind in both lives. In That Case, Money is a servant of the people. Improvement is not just worldly. A branch of it has reached the Hereafter. The economic education given by Islam is not short-term. Long-lasting and far-reaching. To give the world the gift of a sustainable economy, we must embrace the Islamic economy. Because the only religion chosen by the Almighty, Islam, is the only economy that can present to the world a sustainable economy, and above all, a golden ladder to world peace and prosperity. The world economy is already being forced to realize this fact. So European-American banks have already started introducing the Islamic banking system.