The Economic System of Islam

Table of Contents Title Copyright Foreword Publishers’ Note The Economic System of Islam CHAPTER 1 - Importance of the Subject CHAPTER 2 - Sovereignty of Allah and its Implications for Those in Authority Authority Emanates from Allah Injunctions for Those in Authority Justice Among People and Nations Basic Precepts of Governance in Islam Historical Illustrations of Islamic Precepts of Governance - Prayer of Malek Shah Anguish of Hazrat Umar(ra) at His Deathbed CHAPTER 3 - Types of Economic Systems in the World CHAPTER 4 - Teachings of Islam for Establishing a Just Society Basic Precepts of Islam Regarding Wealth Islamic Injunction on the Use of Wealth Exhortations for Uplifting of the Poor as a Necessity for National Progress Emphasis on Ameliorating the Conditions of the Poor in Early Islamic Teachings CHAPTER 5 - Measures to End the Institution of Slavery Role Played by Slave Labour in World Economy Prohibition of Unjust Forms of Slavery Exhortations for Freeing the Prisoners of War Fair Treatment of Prisoners Slavery and Economics CHAPTER 6 - Impact of Religion Upon the Economic Systems CHAPTER 7 - The Islamic Economic System Upholding Individual Enterprise Voluntary Efforts to Rectify Inequities Wealth Created by God for the Benefit of All Balance Between Individual Freedom and State Intervention Control Over the Incentives for Accumulation of Wealth Improper Use of Wealth Forbidden Extravagance Forbidden Spending Money to Gain Political Power Forbidden Greed for Wealth Accumulation Curbed Further Steps to Control Those of Weaker Nature CHAPTER 8 - Barriers to Illegitimate Accumulation of Wealth in Islam Prohibition of Interest (Riba)Withholding Supplies from the Market Forbidden Injunction Against Artificial Lowering of Prices CHAPTER 9 - Measures Adopted in Shariah to Achieve a Just Economic System Zakat Khumus - One-Fifth Royalty on Mining Voluntary Charity Islamic Law of Inheritance CHAPTER 10 - Responsibilities of the Government Curb on Spending in Favour of the Rich State Obligated to Provide for Primary Needs of All CHAPTER 11 - Communism Fundamental Difference Between Islam and Communism CHAPTER 12 - Objections Against Communism on the Basis of Religion No Scope of Voluntary Efforts Communism Interferes with Property Rights Right to Own Land Islamic Approach to Reduce Landholdings as Compared with Communist Approach Communism Stifles Growth of Knowledge Force Needed to Uphold Communism Interest, a Part of Communist Philosophy Adoption of Prevailing Exchange Rate System Compulsion in Economic Matters Communism Destroys Family Relations Communism Undervalues Intellectual Excellence Rigid Control over Economy Focus on National Interests Instead of Universal Welfare CHAPTER 13 - Prospect of Russia Emerging as Global Economic Shock Experience of Other Imperialist Powers Absence of Equality in Russian Occupied Territories State Capitalism More Dangerous Than Earlier Imperialists Russian Claims of Equality Among Nations Belied by its Actions Barriers to Foreign Influences in Russia Russian Claims of Practising Equality Among its Citizens are Not Credible Unanswered Questions About Claims of Equality CHAPTER 14 - A Proper Economic System CHAPTER 15 - Responsibilities of Rich Towards Poor CHAPTER 16 - Prophecies About Russia A Prophecy of More than Two Thousand Years Ago Ezekiel Chapter 38 Ezekiel Chapter 39 The Prophecy of More than Two Thousand Years Ago Prophecy of the Promised Messiah(as) Regarding Russia A Dream Bearing upon Destruction of Communism Concluding Observations Glossary