The Islamic economic system

There are over 720 million Muslims on the globe today, and thus the movement amongst them towards Islamic economies are consequential for the world in general. Al-Qu'ran does not promote socialism, but the capitalism permitted in Islam is not a total capitalism. Individuals need to avoid dealing with interest, need to pay their zaka , and need to labor diligently in their occupations. Forbidden dealings, such as fraud and the sale of alcoholic drinks, must be eschewed. There must be moderation in consumption. Aleatory contracts are not allowed. One's behavior should not harm others. When Islam's inheritance laws are adhered to, fortunes do not stay undivided in single pairs of hands. While money and personal loans will yield no return in an Islamic system, land investments, stocks, and bank accounts will. The government collects zaka funds, but they must be spent on welfare. In addition, taxes may be levied. In an Islamic economy, saving and investing are closely linked, si