Main ideas of Islamic economic system (4)

-      Welfare states allow provisions to prevent exploitation of the workers and to provide for the basic needs of each citizen.

-      Islam is “a straight path;” and naturally, its economic system is based on very balanced standards.

-      Islam, in contrary to communism, recognizes the concept of private ownership.

-      At the same time, in contrary to capitalism, Islam has limited the means of acquiring wealth to prevent the excessive accumulation of wealth in a minor quarter of the society.

-      The Islamic economic system is based upon the belief that only Allah is the real and actual owner of everything.

-      But God has also implanted the concept of ownership in our nature; and thus, we are allowed to “own” the wealth of this world.

-      The Quran says, “Whatever is in the heavens and the earth belongs to Allah.”

-      Allah is the owner of the whole universe. It is in this capacity that He has allowed us to own the blessings of this world by saying, “He has created for you whatever that is in the earth.”

From the article by Sayyid Muhammad Rizvi, www.imamreza.net