Notions of private property in Islamic economics in contemporary Iran: a review of literature

Early Shiite jurists believed that Islamic economics stipulated the private ownership of property and the means of production. Since the early 1970s, however, 'radical' interpreters have conceptualized a system akin to Marxism, while 'reactive' interpreters have reacted against this understanding. 'Radical' interpreters believe God to be the true owner of all property and divide property in three categories -- private, public, and governmental. 'Reactive' elements identify human labor as the root of wealth and property. Islam embraces private property. The 'reactive' understanding of ownership has weak roots in Islamic scripture.