Tuesday, June 28, 2016

Islamic economic system: from principles to microeconomics and macroeconomics fields (50)

Continuation
They are also bound to pay to the government other taxes at time of need.
In the same way the Muslims are also asked to pronounce their wealth as Waqf (Trust) in the way of Allah.
That will be spent on the:
o   poor;
o   and the needy.
Their wealth is also subject to further distribution as inheritance among their heirs after death.
All these facts clearly show that Islam does never want the concentration of wealth in a few hands.
It should remain rotating in the whole society so that everyone be saturated from it.
The holders of wealth have greatly been warned with severe punishments in the Quran.


Used from paper of Abdul Ghafar Ismail and  Noraziah Che Arshad

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