The Islamic Economic System

Economy runs by a defined and complex system called economic system. Today’s economic system is so complex that it is virtually impossible to understand the different methods of measurements applied to measure the growth.  It is misleading to the extent that people are made fool and their money is snatched by calling it the economic growth.

No matter how much a country is economically strong, the poor people still exist there who sleep on streets and eat from garbage. This is so because today’s economic system is developed by those evil brains who worship devil and their sole purpose of living is to wage war against ALLAH. This was called conspiracy theory once but as the time passes we see more and more coming before our eyes as a truth which was once rejected as a false.

The Islamic economic system is exactly opposite and easiest as compared to the modern day economic system. Today’s economic system is based on taxes. But the Islamic economic system is based on zakat. Zakat, which is a very small part of a yearly income and that, can be paid easily and only by those who are sahib-e nisab. Thus in the Islamic economic system is based on a very minute amount from people and the modern economic system is based on a very huge amount from people.

In the economic system of islam, people cannot expropriate other people’s rights by charging extra amounts on the money earned by them with hard work. The economic system of islam encourages the equality of people with respect to their status in the society. This system gives the maximum relief to the poor people and it does not let the rich people accumulate the due share of poor too. This system ensures that the flow of money remains constant and from top to down in the society.

The circulation of money and the trade gets easy in the economic system of islam. In the modern day systems, the payments are made after the contracts and even the actual assets are transferred but n the economic system of islam, payments are made in advance hence the opposite party is saved from any chances of default risk hence improving the economic image of the state in the world.

Unlike the modern day selfish system of economy, Islamic economic system promotes even morals. People fear ALLAH even in their daily transactions; they cannot misrepresent or make false statements related to their businesses. They cannot hide their businesses details and they cannot simply run away or eat up  the shares of the people who work with them. Unemployment is only a dream in the economic system of islam because the system promotes the growth of business which in turn generates more and more jobs.

There are countless positive aspects of the Islamic system of economy but there are no chances of eating up other’s shares this is why, modern system does not allow even a single clause from the Islamic system to run the economy.
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