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Shiavault - a Vault of Shia Islamic Books What Is Islam? Beliefs, Principles and a Way of Life Islamic Economics 9- ISLAMIC ECONOMICS Question: Has Islam a special economic system?

Answer: A healthy and free economic system exists only in Islam whereas the economic systems dominant in today’s world are not healthy due to one of these factors: Either the system is corrupt in that it enables some to acquire millions beyond imagination, while others are dragged down to the lowest level of poverty and die in their thousands every day from hunger and nakedness.

Or the system is stifling and repressive since it does away with private ownership with the result that an individual lives in dire poverty. Question: What is an Islamic economic system like?

Answer: The description of an Islamic economy requires several large volumes, so we will simply outline here the general basic principles that Islam has set out for dispelling poverty and need from society and raising the standard of living, which are as follows: 1-The broadening of freedom in all aspects of life: Since people enjoyed freedom under an Islamic government, as was pointed out in the previous chapter, they would work hard and with sincerity and the road to prosperity was open to them.

So they would enrich themselves and rarely would there be found among them anyone in need. This is because, as is well-known, the basic methods of acquiring wealth were permitted in every respect and no taxes or tolls were imposed upon them, nor restrictions or conditions. So everyone would be busy and be working and his work would be his means of sustenance and his income would exceed what he needed.

However under secular legal-systems: The sources of wealth are restricted and profiting from them is not open to all. What is allowed to be profited from is subject to taxes and other dues. The mere making of a profit is bound up with restrictions and conditions. Rarely, therefore, is one able to benefit from the basic sources of wealth and even if one can, conditions and taxes are imposed upon any gain one might make.

Indeed if we say that these restrictions have reduced the level of the creation of wealth to 20% of what it should be, we have not exaggerated. Take the example of Iraq. Under Islamic governments it was flourishing with agriculture and development projects but now under non-Islamic rule only a small part of Iraq is prosperous and the rest of it is in ruin.