The Concept of Economics In Islam economic progress is desirable for humans and in Islam earning a halal livelihood is a religious requirement however economic progress should not be the goal or objective of Muslims in Islam economic activity is a means to an end and not an end in itself.
This difference in purpose is fundamental and is the basis for all other differences between Islamic and Western views on Economic Affairs Sharia in all spheres is built to promote a community feeling and cooperation among all members of society.
why economics is important in Islam Let us understand the importance of economics with the help of the following hadith which defines the five basics.
NUMBER ONE:
The number one is to understand by Quranic Verse:
“On the day of judgment, the son of Adam will not pass away from Allah until he has asked about five things how he lived his life and how he utilized his youth what means he earned his wealth how he spent his wealth and what did he do with his knowledge.”
one may notice that two out of five of these queries are about wealth which is what means city earnest wealth and how he spent his wealth so every earning must come from halal means and must be spent on halal categories of expenditure.
the Quran has not written a special chapter under the heading economic order because it’s a universal philosophy and all comprehensive revolution the Quran is interested not only in human economic life but also gives guidance in all spheres and subjects of life including the spiritual the ethical as well as the political.
For example, in chapter 8 verse 62 of the Quran:
Quran Allah says: “Nobody knew I mean but if they intend to deceive you then sufficient for you as Allah it is he who supported you with his help and with the believers”.
Principles of a good economic system The economic system is necessary for humans and here are the four principles of a good economic system number one it must suffice for every individual in society
Number Two:
Must destroy all such cases and means that lead to Corruption. Like Remembrance of food, controlling the price of daily household needs, and unwanted taxes for people due to corruption of government machinery
Number Three:
It must discourage the concentration of wealth in the hands of an individual or a group. just like capitalism where wealth is a circle in only a few people and the rich become richer and the poor become poorer.
Number four: it must bring a proper balance between capital and labor what makes an economic order good or bad. if an economic order is good or corrupt it depends on whether the incentive and objectives are good or not if the mind working behind it and incentives are corrupt the order will be proportionately corrupt or vice-versa.
for example, in capitalism, only the rich get richer while the rest of humanity remains in the squalor of poverty and misery.
however, the objective and incentive of a good economic order should not be profit-making but the complete satisfaction of human needs key features of an Islamic economic order Islam exposes the human needs of the individual and society there is the largest possible number of earners who are encouraged to spend and it includes all the good aspects of other economic systems.
Economic order in the light of the Quran According to the Holy Quran the principles of economics cover equality and the infamous ability of hoarding and accumulation didn’t make humans equal in grades of economic subsistence
According to the Quran ALLAH SAID:
“Allah has commanded that you spend on the beggars and the needy and the orphans and the relatives in order that the wealth may not become concentrated among the wealthy.” rights of the poor in Islam according to a B’nai Haslam are Jiri it is the duty of the rich of every habitation they look after the economic needs of the poor and needy they should arrange at least their daily bread and clothing according to the season and a house to shelter them from the elements of the weather and floods.