What Is Economic System as envisaged by Islam ?
Let me quote Quran here for youFair/Honest Dealing in Trading, Buying and Selling :Allaah Says (what means): O you who believe! Stand out firmly for Allaah, as witnesses to fair dealing, and let not the hatred of others to you make you swerve to wrong and depart from justice. Be just: and fear Allaah. For Allaah is well-acquainted with all that you do. [Quran 5:8] Hakim bin Hizam (R.A) narrates that Hazrat Muhammad (S.A.W.W) said, The seller and the buyer have the right to keep or return goods as long as they have not parted or till they part; and if both the parties spoke the truth and described the defects and qualities (of the goods), ...more
A Muslim is enjoined by God to be self-supporting and to stay away from being a liability on anybody. Islam respects all kinds of work for earning ones livelihood so long as there is no indecency or wrong involved. With a clear conscience and due respect from society the Muslim can roll up his sleeves and undertake any kind of work available to provide for himself and his dependents. Prophet Muhammad is reported as having said that it is far better for one even to take his rope, cut wood, pile it up and sell it in order to eat and give charity than to beg others whether they give him or not. According to Islam, the status of honest working men cannot be lowered ...more
* Muslims are not to deal in interest. "Those who devour usury will not stand....Allah has permitted trade and forbidden usury.... Allah will deprive usury of all blessing, but will give increase for deeds of charity...." (Qur'an 2:275-6) "O you who believe! Devour not usury, doubled and multiplied. But fear Allah, that you may really prosper." (3:130) This prohibition is for all interest-based transactions, whether giving or receiving, whether dealing with Muslims or non-Muslims. ...more