Description

The Shade of the Islamic Economic System. Islam, believes in justice and fairness in the economic field. According to it, the man is God’s viceroy or deputy in overall divine scheme and he has been given limited rights of ownership of means of production. It recognises intervention of state in the economic activity for the purpose of ensuring welfare of its citizens. Abolition of interest, institution of sadaqat and Zakat, concept of lawful and unlawful, equitable distribution of wealth, prohibition of hoarding and stress on circulation of wealth, concern for well being of the poor are the distinctive features of the Islamic economic system