Maeeshat O Tijarat K Islami Ahekaam by Hafiz Zulfiqar Ali

So far as my study goes, the following was the original economic system, in its pure form, as derived from the teachings of the Holy Qur’an and explained in his ahādīth by the Holy Prophet . This system continued in this original form till the death of the Second Caliph Sayyidina ‘Umar . Later on that the capitalist rends began to creep into it and this has unfortunately continued to this day, corrupting it almost beyond recognition. Again, what is still more important is that this is the only system wherein there is no place for usury (Ribā) which Islam has condemned out rightly and so severely.

Islam has offered an economic system which, if followed sincerely, will provide a remedy for all the economic ills which the world is facing since long. The fundamental principle of this system has been laid down in the chapter The Cow (baqarah) in the verse: “... They ask thee how much they are to spend; Say: ‘What is beyond your needs’. Thus doth Allah make clear to you His signs..This verse is rich with meaning and if it is properly understood and honestly followed, most of economic ills will be remedied and the result will be a truly equitable and just society: a welfare society. According to this verse, there is no justification for possessing any additional property to be let or leased out for any pecuniary gain; each to possess only that much which is necessary for his personal needs and for the needs of his family, and whatever is beyond that is illegitimate.

The Qur’an uses the word “‘afw” in the said verse which literally means “what is in balance” which makes clear that nothing in excess to personal and family needs can legitimately be possessed. The Prophet of Islam himself practiced this principle in his life. ‘Ā’ishah said that during the illness of God’s messenger she had six or seven dinars belonging to him which he ordered her to distribute, but she was kept busy administering to his suffering. He asked her what had happened to the six or seven dinars, and when she replied she had done nothing about them because she had been kept busy administering to his suffering, he called for them, and placing them in his hand he said, “What would God’s prophet think if he were to meet God Who is great and glorious while possessing these?” (Aḥmad transmitted it).

This principle was not meant for the Prophet himself only. ‘Abū Huraira said that when the Prophet once visited Bilāl and saw he had a heap of dates, he asked him what it was. On his replying, “It is something I have stored up for tomorrow,” he said, “Are you not afraid of tomorrow you may see on account of it steam in the fire of jahannum (Hell) on the day of resurrection? Spend it, Bilāl, and do not fear poverty from the Lord of the Throne”.Such episodes which are many in Islam show that the said verse is the corner-stone of the economic system which Islam has enunciated.

A deeper analysis of the lesson contained in it will suffice for evolving an economic system which has a universal import and can salvage all the ills and problems the humanity is facing today. It may be added here that the word “needs” includes his financial commitments in business and industry also. What Islam discourages is the uncalled for accumulation of wealth which is not put to any proper use and is just stagnating in the coffers of a person.

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