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Shiavault - a Vault of Shia Islamic Books What do You Know about Islamic Economics? Conclusion: What do Islamic Economics Lack?

I do not know why those who deny the existence of Islamic economics are so generous in granting the label "economic doctrine" to capitalism and socialism while being so stingy in granting the same to Islamic economics, preferring to term the latter as "a collection of ethical codes." We have the right to ask them, "What has made both capitalism and socialism worthy of being called economic doctrines which Islamic economics do not have?" We can observe the fact that Islam has dealt with the same subjects as capitalism has, and on the same level, assigning to them injunctions derived from its own viewpoint which differs from that of capitalism.

There is no justification at all, therefore, to say that capitalism is a doctrine while Islam is preaching, that is, an ethical code. Let us provide you now with two examples which testify that Islam has provided its views on the same level the other economic doctrines have: The first example is related to ownership which is the focal point of difference among all economic doctrines. Capitalism considers private ownership as the rule, and general ownership as the exception.

This means that every sort of wealth, and every natural resource, allows private ownership unless there is a specific need that necessitates its nationalization which brings it out of private ownership.

Marxism considers common ownership as the basis and the rule, and no private ownership is allowed for any sort of natural resource or means of production unless there is a particular necessity which enforces the opposite; it is only then that private ownership becomes permissible, within the limits of the necessity, and as long as such necessity exists. Islam, on the other hand, is different from both doctrines in its treatment of this subject.

It calls for the principle of "combined ownership," that is, diversified ownership, considering both common and private ownerships to be on one and the same footing, each having its own scope. Does not this Islamic attitude express an Islamic viewpoint on the doctrinal level of the capitalist and socialist positions?