Monday, 15 October 2012

Posted by Muhammad Adam bin Roslan |
Assalamu'alaikum. For this entry, I'll write in English. Maybe short entry because I'm not usually write in English. Nowadays, almost all countries in the world use the mixed economy system which combine the capitalism and socialism economy system. Do you ever heard about the capitalism or socialism? To make you easy to understand, capitalism is the economy system which the consumer become the King in the market, they are freely to make business, trading and investing with no intervention of government. Socialism is the economy system which the government become the King and they control everything. The profit which generated by firm or producer must be given to government because this is the main characteristic of this type economic system(ownership).

Alhamdulillah. Islam has its own economy system which not declaring neither consumer nor government to become the King in the economy. All resources are owned by Allah for the utilization of human. What is the goal of Islamic economy system? It is simple, the answer is to gain Al-Falah(felicity,prosperity). In other word, to gain profit in the world also in the hereafter. Besides that, Islamic economy system has socio-economy justice as its primary objectives, which you can refer to this verse in Al-Quran:

And they will approach one another, inquiring of each other. (Surah At-Tur[52:25])

What is another objectives of Islamic Economic System?
1. Achieve economic and spiritual being
2. Promote the Ukhuwah(relationship) Islamiyyah
3. Mobilization of resources to strengthen and spread the messages of Islam

What is the source of Income for Islamic Economic System?
1. Al-Zakat(Muslim Tax)
2. Al-Jizyah(non-Muslim Tax)- due to gurantees on the protection of lives, prosperities, religious rites offered by Islamic state.
3. Al-Kharaj (land tax)-imposed on lands conquered by the force of arms
4. Al-Ghanimah (Spoils of wars)- property taken by force from infidels during the war. 4/5 of the properties divided among the armies while the rest will be for the benefit to the community. You can refer to this verse:

And know that anything you obtain of war booty - then indeed, for Allah is one fifth of it and for the Messenger and for [his] near relatives and the orphans, the needy, and the [stranded] traveler, if you have believed in Allah and in that which We sent down to Our Servant on the day of criterion - the day when the two armies met. And Allah , over all things, is competent. (Surah Al-Anfal [8:41])

5. Al-Fay(Booty)-property abandoned by the enemy or taken from him without a formal war. According to Al-Quran:

And what Allah restored to His Messenger from the people of the towns - it is for Allah and for the Messenger and for [his] near relatives and orphans and the [stranded] traveler - so that it will not be a perpetual distribution among the rich from among you. And whatever the Messenger has given you - take; and what he has forbidden you - refrain from. And fear Allah ; indeed, Allah is severe in penalty.(Surah Al-Hashr[59:7])

Hopefully this will help you to understand about the Islamic Economy system. Hopefully this system will be applied by all countries in the world especially Islamic countries.

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Azzam Yani said...

Love this...resource allocation through Islam is the best for mankind as per its religion...

Muhammad Adam bin Roslan said...

yes.. we must use this type of economic system

Ayuni Khalib said...

Islam is an entire way of life, and Allah's Guidance extends into all areas of our lives. Islam has given detailed regulations for our economic life, which is balanced and fair.Alhamdulillah.

Yaa, muslims are not to deal in interest, forbidden in earnings from gambling, lotteries, and the production, sale, and distribution of alcohol. But how about Malaysia? The largest government taxes comes from kilang arak, Carlsberg and tempat judi, Genting. Ermm..
Tapi inshaAllah akan ada yang dapat mengubahnya. Siapa? Tepuk dada tanya diri. Jangan pandang orang sana orang sini.

Wallahualam. just thought.

Muhammad Adam bin Roslan said...

that's right ayuni.. :)