Islamic economy

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08
Year
1982
Country
Saudi Arabia
Language
English
Abstract

One belief in Islam is that man is God's viceregent in the world. Humans must understand that their wealth actually belongs not to them, but rather to God. The person's role is solely that of a deputy. In Islam, there are property rights. As a total way of life, Islam has guidelines for economic behavior as it does for spiritual behavior. Exploitation is disapproved of, yet lawful business ventures are allowed. There is no maximum amount of wealth that a person can amass, as long as the means of earning the wealth are permissible. Hoarding is forbidden. Fraud and deception are disallowed; earning one's livelihood is encouraged. Zaka must be paid by Muslims with sufficient wealth held for one lunar year. Zaka is distinct from worldly tax, however, in that zaka can lead to a reward from God whereas worldly tax does not return a reward. The government in an Islamic state is entitled to collect both the zaka and additional taxes. Education is free in an Islamic state. Islam has

English
No. of Pages
pp.54-57
Number
11
Volume
9
Select type of work
Name of the Journal
Author(s)
CIS Program Old
CIS publications
No
CIS Thesis
No