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Advantages of an Islamic Economic Order

  •  The basis of the Islamic economic system is non-concentration of wealth in a few hands. Its objective is that money should remain circulating. Thus Allah (Ta’ala) cautions:

كَيْ لا يَكُونَ دُولَةً بَيْنَ الأَغْنِيَاءِ مِنْكُمْ (الحشر : 7)

(Translation of meaning) [“. . . That it become not a commodity [or monopoly] between the rich among you” (Hashr: 7)].

  • About zakat the Messenger of Allah (sallAllahu ‘alayhi wa sallam) said: It is taken from our rich and distributed among our poor. Thus is created a system of social security which is free of interest and exploitation.
  • The provision for zakat and alms has been made to eliminate poverty and destitution from the society. This is a major problem of the human society leading to the introduction of theory of socialism and communism dividing the human beings into, different conflicting groups on the basis of economic inequity. This division converted the society into a hell after instigating the sense of jealousy and deprivation of the poor. If the people adopt the Islamic economic system in letter and spirit, there will be no gulf of inequity and every rich person will become sponsor of the poor, and this will also create a sense of brotherhood in the whole society.
  • Islam wants to establish a society based on human solidarity and mutual sympathy. The Islamic economic order creates human beings who take care of their fellow-beings instead of exploiting them.
  • Islam dislikes both the extremes of wealth and extremes of poverty. Extremes of wealth may lead to consumerism and ostentation and corruption while extremes of poverty may lead paupers to become disbelievers. Islam strikes a middle path between the two.
  • It is in the sayings of the Prophet (sallAllahu ‘alayhi wa sallam) that alms and charities keep calamity and suffering away from the alms-giver.
  • Allah, the Almighty withdraws his boon from those who desist from paying Zakat and distributing charity and imposes droughts, famines and destitution upon them.
  • Zakat purifies one’s assets. They become safe from plunder or theft. Contrarily one who mixes the zakat money with his assets, loses them (assets) for sure.