Economy under Islam

Capitalism and communism have flawed economic systems. Though some might feel that there is no alternative to these two systems, there is an Islamic method that Muslims should adopt Islamic socialism. Muslims must not neglect the economic ordinances of their religion. Islam allows material improvement but does not insist that wealth be the ultimate aim of an individual's life. Zakat is a central aspect of Islam. After having collected and pooled the society's Zakat, the Zakat administration ought to give out interest-free loans (Qard hasan). Such loans will help the economy. Granting business loans is a wise use of Zakat funds.