Economics Principles of Islam

Economics Principles of Islam

Islam has laid down some principles and prescribed certain limits for the economic activity of man so that the entire pattern of production, exchange and distribution of wealth may conform to the Islamic standard of justice and equity. Islam does not concern itself with time-bound methods and techniques of economic production or with the details of the pattern and mechanisms and equity. Islam does not concern itself with time- bound methods and techniques of economic production or with the details of the organizational pattern and mechanisms.
Such methods are specific for every age and are evolved in accordance with the needs and requirements of community and exigencies of the economic situation. What Islam aims, is that whatever be the form or mechanism of economic activity, the principles prescribed by it should find a permanent and paramount place in such activities under all circumstances and in all ages.

According to the Islamic point of view, God has created for mankind the earth and all that it contains. It is, therefore, the birthright of every human being to try and secure his share out of the world. All men enjoy this right equally and none can be deprived of it. Nor should one man get precedence over another. From the standpoint of Islam, there can be no bar on any individual, race, or class for taking to certain means of livelihood or adopting certain professions. All are entitled to equal opportunities in the economic realm. Similarly, no distinction is valid in Islam which would result in creating a monopoly of a particular means of livelihood for a particular person, class, race or group of people. It is the right of all men to strive and get their share of the means of sustenance provided by God on the earth. Islam ensures that this effort should be made in the context of equal opportunities and fair chances for all.

RIGHT OF PROPERTY

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