Islam is an entire way of life, and Allah's Guidance extends into all areas of our lives. Islam has given detailed regulations for our economic life, which is balanced and fair.
Basic Principles in Islam for Consumption or Investment of private property are:
Concept of �HALAL� and �HARAM� for earning or in production and consumption of wealth.
A property cannot be used against public interest.
Show much as you have something.
Real/money Capital cannot be used for gain.
Payment of Zakat is compulsory.
These things are not allowed in Islamic System:
Production of drugs, gambling, lotery, music, dance etc.
Lending and borrowing on interest
Black marketing, Smuggling etc.
What is Islamic Economiy?
Islamic jurisprudence (fiqh) has traditionally dealt with issues in terms of determining what is permissible or prohibited according to the scripture of Quran and ahadith, (whether dealing with issues like property, money, employment, taxes, etc. or anything else). On the other hand, economics being a social science studied how to best achieve certain policy goals, such as full employment, stability, economic growth, and improving efficiency, and equity.
Since the 1970s, Islamic economics has been introduced as an academic discipline in a number of institutions of higher learning throughout the Muslim world and in the West
The central features of an Islamic economy are often summarized as: the "behavioral norms and moral foundations" derived from the Quran and Sunnah; collection of Zakat and other Islamic taxes, prohibition of interest (riba) charged on loans.
Islamic movements and authors generally describe an Islamic economic system as neither socialist nor capitalist, but as a "third way", an ideal mean with none of the drawbacks of the other two systems.
Among the claims made by Islamic activists and revivalists for an economic system that will be based on Islam are that the gap between the rich and the poor will be reduced and prosperity enhanced,] by such means as the discouraging of the hoarding of wealth, taxing wealth (through zakat) but not trade, exposing lenders to risk through Profit sharing and venture capital, discouraging of hoarding of food for speculation, and other sinful activities such as unlawful confiscation of land.
Allah Says in Holy Qur'an:
"To orphans restore their property (when they reach their age). Do not substitute your worthless things for their good ones, and do not devour their property by mixing it up with your own. For this is indeed a great sin" (Qur'an 4:2).
"Those who devour usury will not stand....Allah has permitted trade and forbidden usury.... Allah will deprive usury of all blessing, but will give increase for deeds of charity..." (Qur'an 2:275-6).
"O you who believe! Devour not usury, doubled and multiplied. But fear Allah, that you may really prosper" (Qur'an 3:130)
Give just measure and weight, and do not withhold from people the things that are their due. And do not do mischief on the earth after it has been set in order. That will be best for you, if you have faith" (Qur'an 7:85).
Extravagance and waste are strongly discouraged. "[The Servants of Allah are] Those who, when they spend, are not extravagant and not stingy, but hold a just balance between those extremes" (Qur'an 25:67). "O Children of Adam! Wear your beautiful apparel at every time and place of prayer. Eat and drink, but waste not by excess, for Allah loves not the wasters" (Qur'an 7:31).
"And they have been commanded no more than this: to worship Allah, offering Him sincere devotion, being true in faith. To establish regular prayer, and to give zakat. And that is the religion right and straight" (Qur'an 98:5).
"Your riches and your children may be but a trial. Whereas Allah, with Him is the highest reward. So fear Allah as much as you can, listen and obey, and spend in charity for the benefit of your own souls. And those saved from the selfishness of their own souls, they are the ones that achieve prosperity" (Qur'an 64:15-16).
�And measure full when you measure. And weigh with an even balance. This is better and its end is good.� [Al-Bani-Israel: 35].
�They who hoard up gold and silver and spend it not in the way of Allah, unto them give tidings (O Muhammad) of a painful doom.� [Al-Tauba: 34].
�O Believers! Whenever you lend money for a particular period, write and someone among you must write it justly. And the one who can write must not refuse.� [Al-Baqara: 282].
�Allah will deprive usury of all blessing, but will give increase for deeds of charity� [Al-Baqara: 276].
�O believers! Stand firmly for justice, giving witness for Allah, may be therein your own loss, or of your parents or of your relations. Against whom you be a witness, he be a rich or be a poor, in any case Allah has more power than anyone over them, therefore follow not passion lest you may be far away from justice; and if you distort or turn your face, then Allah is aware of your doings.� [Al-Nisa: 135]
Those who blame Muslims who give charity willingly and laugh at those who get nothing but with their hard labor, Allah will punish them for their laughing and for them, is the painful. [Al-Tauba: 79]
�Say your prayers (Namaaz) and pay Zakat�. [Al-Muzammil: 20].
�Establish Prayer and dispense the Purifying Alms (Zakat) and bow in worship with those who bow�. [Al-Baqara: 43].
�Establish Prayer and dispense the Purifying Alms (Zakat) and bow in worship with those who bow�. [Al-Baqara: 43].
Prophet Muhammad (pbuh) has said that:
�Almighty Allah�s mercy descends on one who is gentle at the time of buying, selling, and requesting payment.� [Tirmizi].
Prophet Muhammad (pbuh) said: �whosoever sells a defective product without disclosing its defect to the purchaser, shall earn the permanent anger of Almighty Allah and the angels continuously curse such a person.� [Ibn-e-Maja].
Prophet Muhammad (pbuh) said: �The seller and the buyer have the right to keep or return the goods as long as they have not parted or till they part; and if both the parties spoke the truth and described the defects and qualities [of the goods], then they would be blessed in their transaction, and if they told lies or hid something, then the blessings of their transaction would be lost.� (Bukhari, No: 1937)
Prophet Muhammad (pbuh) has exhorted that we should refrain from taking oaths unnecessarily; for although, it helps in the sale of one�s products, it reduces the blessings. [Bukhari; also in Muslim].
Abu Huraira narrated that the Prophet said: �Wealth is not in having vast riches, it is in contentment.� [Bukhari; also in Muslim].
Abu Qatadah related that the Prophet said: �If anyone would like Allah to save him from the hardships of the Day of Resurrection, he should give more time to his debtor who is short of money, or remit his debt altogether.� [Muslim]
Prophet Muhammad (pbuh) said: �May Allah�s mercy be on him who is lenient in his buying, selling, and in demanding back his money [or debts].� (Bukhari, No: 1934)
Abu Huraira narrated that the Prophet said: �A time will come upon the people when one will not care how one gains one�s money, legally or illegally.� [Bukhari].
It is reported by Jabir that the Prophet said: �The flesh and body that is raised on unlawful sustenance shall not enter Paradise. Hell is more deserving to the flesh that grows on one�s body out of unlawful sustenance.� [Ahmad].
Abu Said related that the Prophet said: �The truthful and trustworthy businessman will be in the company of Prophets, saints and martyrs on the Day of Judgment.� [Darimi, Tirmidhi].
Abu Huraira reported that the Prophet of Allah (swt) said, �And what is most likely to send people to Paradise? Being conscious of Allah and good manners.� [Bukhari, Tirmidhi & Ahmed].
The Apostle of Allah (pbuh) cursed the one who pays bribes and the one who takes bribes. [Abu Dawud, Hadith no 3573].
Trying to buy commodities before they reach market is prohibited because market will decide the price [Muslim: 1517].
Prophet Muhammad (pbuh) said: �Those are your brothers [workers under you] who are around you; Allah has placed them under you. So, if anyone of you has someone under him, he should feed him out of what he himself eats, clothe him like what he himself puts on, and let him not put so much burden on him that he is not able to bear, [and if that be the case], then lend your help to him.� (Bukhari, No: 2359)
Prophet Muhammad (pbuh) said: �I will be foe to three persons on the Last Day: one of them being the one who, when he employs a person that has accomplished his duty, does not give him his due.� (Bukhari, No: 2109)
Abu Said Khudri related that the Prophet said: �There are two habits which are never present together in a believer: miserliness and bad manners.� [Tirmidhi].
Abu Huraira related that the Prophet said: �When someone is made rich but he does not pay Zakat for his wealth, then on the Day of Judgment his money will be turned into a poisonous snake with two black spots on its head. It will coil around his neck and bite his cheeks and say: �I am your wealth, I am your treasure�. Then the Prophet recited verse Al Imran: 180.� [Bukhari]
Abu Huraira narrated that the Prophet said: �The best charity is that which is practiced by a wealthy person. And start giving first to your dependents.� [Bukhari].
Salman Ibn Amer reported that the Prophet said: �To give something to a poor man brings one reward, while giving the same to a needy relation brings two: one for charity and the other for respecting the family ties.� [Ahmad, Ibn Majah, Nasai, Tirmidhi].
Concept of �HALAL� and �HARAM� for earning or in production and consumption of wealth.
A property cannot be used against public interest.
Show much as you have something.
Real/money Capital cannot be used for gain.
Payment of Zakat is compulsory.
These things are not allowed in Islamic System:
Production of drugs, gambling, lotery, music, dance etc.
Lending and borrowing on interest
Black marketing, Smuggling etc.
What is Islamic Economiy?
Islamic economic jurisprudence, also Islamic commercial jurisprudence, or fiqh al-mu'amalat, refers to the rules of financial transacting in a Shari'a compliant manner, or economic activity conforming to Islamic scripture (Quran and sunnah).
Islamic jurisprudence (fiqh) has traditionally dealt with issues in terms of determining what is permissible or prohibited according to the scripture of Quran and ahadith, (whether dealing with issues like property, money, employment, taxes, etc. or anything else). On the other hand, economics being a social science studied how to best achieve certain policy goals, such as full employment, stability, economic growth, and improving efficiency, and equity.
Since the 1970s, Islamic economics has been introduced as an academic discipline in a number of institutions of higher learning throughout the Muslim world and in the West
The central features of an Islamic economy are often summarized as: the "behavioral norms and moral foundations" derived from the Quran and Sunnah; collection of Zakat and other Islamic taxes, prohibition of interest (riba) charged on loans.
Islamic movements and authors generally describe an Islamic economic system as neither socialist nor capitalist, but as a "third way", an ideal mean with none of the drawbacks of the other two systems.
Among the claims made by Islamic activists and revivalists for an economic system that will be based on Islam are that the gap between the rich and the poor will be reduced and prosperity enhanced,] by such means as the discouraging of the hoarding of wealth, taxing wealth (through zakat) but not trade, exposing lenders to risk through Profit sharing and venture capital, discouraging of hoarding of food for speculation, and other sinful activities such as unlawful confiscation of land.
Allah Says in Holy Qur'an:
"To orphans restore their property (when they reach their age). Do not substitute your worthless things for their good ones, and do not devour their property by mixing it up with your own. For this is indeed a great sin" (Qur'an 4:2).
"Those who devour usury will not stand....Allah has permitted trade and forbidden usury.... Allah will deprive usury of all blessing, but will give increase for deeds of charity..." (Qur'an 2:275-6).
"O you who believe! Devour not usury, doubled and multiplied. But fear Allah, that you may really prosper" (Qur'an 3:130)
Give just measure and weight, and do not withhold from people the things that are their due. And do not do mischief on the earth after it has been set in order. That will be best for you, if you have faith" (Qur'an 7:85).
Extravagance and waste are strongly discouraged. "[The Servants of Allah are] Those who, when they spend, are not extravagant and not stingy, but hold a just balance between those extremes" (Qur'an 25:67). "O Children of Adam! Wear your beautiful apparel at every time and place of prayer. Eat and drink, but waste not by excess, for Allah loves not the wasters" (Qur'an 7:31).
"And they have been commanded no more than this: to worship Allah, offering Him sincere devotion, being true in faith. To establish regular prayer, and to give zakat. And that is the religion right and straight" (Qur'an 98:5).
"Your riches and your children may be but a trial. Whereas Allah, with Him is the highest reward. So fear Allah as much as you can, listen and obey, and spend in charity for the benefit of your own souls. And those saved from the selfishness of their own souls, they are the ones that achieve prosperity" (Qur'an 64:15-16).
�And measure full when you measure. And weigh with an even balance. This is better and its end is good.� [Al-Bani-Israel: 35].
�They who hoard up gold and silver and spend it not in the way of Allah, unto them give tidings (O Muhammad) of a painful doom.� [Al-Tauba: 34].
�O Believers! Whenever you lend money for a particular period, write and someone among you must write it justly. And the one who can write must not refuse.� [Al-Baqara: 282].
�Allah will deprive usury of all blessing, but will give increase for deeds of charity� [Al-Baqara: 276].
�O believers! Stand firmly for justice, giving witness for Allah, may be therein your own loss, or of your parents or of your relations. Against whom you be a witness, he be a rich or be a poor, in any case Allah has more power than anyone over them, therefore follow not passion lest you may be far away from justice; and if you distort or turn your face, then Allah is aware of your doings.� [Al-Nisa: 135]
Those who blame Muslims who give charity willingly and laugh at those who get nothing but with their hard labor, Allah will punish them for their laughing and for them, is the painful. [Al-Tauba: 79]
�Say your prayers (Namaaz) and pay Zakat�. [Al-Muzammil: 20].
�Establish Prayer and dispense the Purifying Alms (Zakat) and bow in worship with those who bow�. [Al-Baqara: 43].
�Establish Prayer and dispense the Purifying Alms (Zakat) and bow in worship with those who bow�. [Al-Baqara: 43].
Prophet Muhammad (pbuh) has said that:
�Almighty Allah�s mercy descends on one who is gentle at the time of buying, selling, and requesting payment.� [Tirmizi].
Prophet Muhammad (pbuh) said: �whosoever sells a defective product without disclosing its defect to the purchaser, shall earn the permanent anger of Almighty Allah and the angels continuously curse such a person.� [Ibn-e-Maja].
Prophet Muhammad (pbuh) said: �The seller and the buyer have the right to keep or return the goods as long as they have not parted or till they part; and if both the parties spoke the truth and described the defects and qualities [of the goods], then they would be blessed in their transaction, and if they told lies or hid something, then the blessings of their transaction would be lost.� (Bukhari, No: 1937)
Prophet Muhammad (pbuh) has exhorted that we should refrain from taking oaths unnecessarily; for although, it helps in the sale of one�s products, it reduces the blessings. [Bukhari; also in Muslim].
Abu Huraira narrated that the Prophet said: �Wealth is not in having vast riches, it is in contentment.� [Bukhari; also in Muslim].
Abu Qatadah related that the Prophet said: �If anyone would like Allah to save him from the hardships of the Day of Resurrection, he should give more time to his debtor who is short of money, or remit his debt altogether.� [Muslim]
Prophet Muhammad (pbuh) said: �May Allah�s mercy be on him who is lenient in his buying, selling, and in demanding back his money [or debts].� (Bukhari, No: 1934)
Abu Huraira narrated that the Prophet said: �A time will come upon the people when one will not care how one gains one�s money, legally or illegally.� [Bukhari].
It is reported by Jabir that the Prophet said: �The flesh and body that is raised on unlawful sustenance shall not enter Paradise. Hell is more deserving to the flesh that grows on one�s body out of unlawful sustenance.� [Ahmad].
Abu Said related that the Prophet said: �The truthful and trustworthy businessman will be in the company of Prophets, saints and martyrs on the Day of Judgment.� [Darimi, Tirmidhi].
Abu Huraira reported that the Prophet of Allah (swt) said, �And what is most likely to send people to Paradise? Being conscious of Allah and good manners.� [Bukhari, Tirmidhi & Ahmed].
The Apostle of Allah (pbuh) cursed the one who pays bribes and the one who takes bribes. [Abu Dawud, Hadith no 3573].
Trying to buy commodities before they reach market is prohibited because market will decide the price [Muslim: 1517].
Prophet Muhammad (pbuh) said: �Those are your brothers [workers under you] who are around you; Allah has placed them under you. So, if anyone of you has someone under him, he should feed him out of what he himself eats, clothe him like what he himself puts on, and let him not put so much burden on him that he is not able to bear, [and if that be the case], then lend your help to him.� (Bukhari, No: 2359)
Prophet Muhammad (pbuh) said: �I will be foe to three persons on the Last Day: one of them being the one who, when he employs a person that has accomplished his duty, does not give him his due.� (Bukhari, No: 2109)
Abu Said Khudri related that the Prophet said: �There are two habits which are never present together in a believer: miserliness and bad manners.� [Tirmidhi].
Abu Huraira related that the Prophet said: �When someone is made rich but he does not pay Zakat for his wealth, then on the Day of Judgment his money will be turned into a poisonous snake with two black spots on its head. It will coil around his neck and bite his cheeks and say: �I am your wealth, I am your treasure�. Then the Prophet recited verse Al Imran: 180.� [Bukhari]
Abu Huraira narrated that the Prophet said: �The best charity is that which is practiced by a wealthy person. And start giving first to your dependents.� [Bukhari].
Salman Ibn Amer reported that the Prophet said: �To give something to a poor man brings one reward, while giving the same to a needy relation brings two: one for charity and the other for respecting the family ties.� [Ahmad, Ibn Majah, Nasai, Tirmidhi].
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