Modern economic problems and the Holy Quran

Since man has sent down on this earth of Allah, two points of view have been before him:

 One is that man’s life begins in the womb of his mother and ends in the womb of the earth. You can call this the “material concept” of life.

   The second point of view is that this worldly life is not the whole life; rather, it is a small part of the whole life. We can call it the “religious concept” of life.

  According to the first point of view of life, i.e. the “material concept”, man will give importance to only those things that he needs in this material life.

   Among these worldly things, the issue of livelihood is the most important issue for him.

   According to the “religious concept” of life, the basic issue of man in all the issues of life is to purify his soul from wrong desires and make it subject to the commands of Allah.

  Islam neither calls for renunciation of material needs, nor does it differentiate between matter and spirit, keeping them separate, and suggest separate paths for their development; rather, it sets a highway on which both spirit and matter can travel together and take man to his destination.

 This system of life guarantees the proper construction of humanity and its complete development. Each and every component and every part of this system is a servant of the original goal.

    Economy and economics are also a part of this system  Islam has structured the economic and financial system in such a wise way that it becomes a natural means of self-purification for man and a means and ladder for the development of humanity.

The Place of Wealth in Islam

    Islam is a religion whose aim is to show man how to live according to the will of the Creator of the universe and to use all the powers He has bestowed upon him correctly and thus make his life spread across the vastness of both worlds pleasant and meaningful.

 Thus, Islam considers wealth and wealth as a means of sustaining life and a blessing from Allah and commands its earning.

The holy Quran states:

اَمْوَالَکم التی جَعَلَ اللہُ لَکُمْ قیاماً․

Translation: Your wealth which Allah has made a means of sustaining your life.

The Common Reserve of Sustenance for Humanity

   Allah Almighty has created all this wealth to meet the needs of life for all mankind, whatever is on the earth and in its belly; so that the means of sustenance and the necessities of life may be provided for Allah’s creation.

Allah says:

خَلَقَ لَکُمْ مَا فِی الْأرْضِ جَمِیْعاً.

Whatever is on the earth is created for you all.

   And not only on the earth; but whatever is in the heavens is also for all mankind.

It is as if the entire world and its resources are the common capital of all the people of the world and every individual has the fundamental right to share in it.

 How does every person obtain this fundamental right? The economic system of Islam is the answer to this question.

The economic system of Islam

   The wealth that Islam has given so much importance to that it has declared it a blessing from Allah, it has also made the system of acquiring and distributing it worthy of its dignity.

   It is a fact that not all people have the same earning capacity and the conditions are not favorable for everyone; therefore, some people do not earn a living even according to their needs.

  And one class is the one who is able to earn according to their needs.

  The third class is the one who earns more than their needs.    A good economic and financial system is one that does not allow economic differences to go beyond the limits of moderation and does not allow a situation to arise where the other class remains in a state of deprivation.

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Rules of Economic Rights in Islam

The real basis of the economic and financial system of Islam is morality; but Allah Almighty knows that man is not an angel, and that the highest values ​​of life do not always remain in his eyes; therefore, Islam did not leave the task of fulfilling the needs of the needy people of society to the sense of responsibility of the wealthy alone; rather, it presented a comprehensive system that contains a satisfactory solution.

   The code of economic rights that Islam has established consists of the following provisions:

     1- Open freedom of earning a living for all people.

  2- Those who acquire more resources due to their abilities and favorable circumstances have two types of responsibilities:

    One responsibility is that the wealthy must necessarily give a part of their income to their poor brothers.

   Secondly, those methods of earning and spending wealth that create wealthism in the world will be prohibited.

  3-   No person or institution can create wealth from wealth, that is, it cannot invest its wealth in it, whether through interest, whether through a bank or a commercial bank. In the eyes of Islam, interest is a very serious crime and the one who takes interest is deserving of curse, along with the one who gives interest, the one who writes the document of interest transactions and its witnesses all share in this curse.

  4-  Things that are not in the control of the beholder cannot be sold simply by his own will, such as flying birds, fish in a pond under his ownership, petrol, coal, copper, gold, silver, any mineral substance under the ground; because that land is your property, you cannot sell it and no one can buy it from you.

  5- Hoarding is prohibited, whether it is done by a merchant or an industrialist

  6- Gambling, betting, and promise deals that foster the mentality of accumulating money without hard work.

   7- The making and selling of luxury goods, which are absolutely forbidden, is absolutely prohibited.

     8- Islam keeps the relationship between labor and capital free to a certain extent.

  The biggest problem in the modern economic system is that the entire system is based on interest, and banks operate on the interest system.

 Although banks are an important necessity of today, banks protect our capital and perform many other services, there are some functions of banks that do not involve interest, which can be benefited from. Efforts are also underway to make banking in accordance with the concept of Islam.

  There is no concept of interest in Islamic banking; therefore, the cost of production is low and more capital is generated.

The secret of prosperity is to accelerate the circulation of capital, capital is like the blood running through the veins that gives strength to every part of the body or like the flowing water that irrigates the earth and brings freshness; therefore the Quran says:

            اَحَلَّ اللہُ البَیْعَ وَحَرَّمَ الرِبوا.

Translation: Allah has made trade lawful and interest unlawful.

Summary

                The economic system as described in the Holy Quran is the guarantee of the economic welfare of humanity; but it should also be kept in mind that the economic system of Islam is a part of the entire Islamic system of life and the benefits of this part cannot be fully realized until this part is placed in its appropriate place within its whole.