In Islam real ownership belongs to Allah, man holds property in trust mobilization to Him, in accordance with rules clearly laid down in the Shariah and the economic philosophy. Acquisition of property as well as its uses and disposal are subject to limits set and should be guided by the norms laid down by Allah. Absolute ownership of man is a concept alien to Islam, as it belongs to Allah alone. The rule in Islam is that all rights belonging to Allah are for the good of the individual ads well as the society.
The individual, the society and the state each have claim on property rights in view of the principle that the Islamic State has a Jurisdiction over individual rights being the embodiment of God's vicegerent on earth and representative of the people. The Jurisdiction is, however, functional, depending upon the values and objectives cherished by Islam". Islamic state has the right to intervene in private property by regulating it, putting ceiling or confiscating after the compensation when the owner deviates from the basic role of property that it should be an instrument of service of the society".
Economic relations, especially those in production and exchange the wealth, should be co-operative in nature. "Rivalry and cut-throat competition make no sense in this context" (73:27). Co-operation is seen as the basic value in Islam's economic philosophy (8:36:37, II:199,10:27). Aiming at, what is the best for the society and high quality produces and the consumers. The Islamic view of co-operation does not rule out free fair competition in the market, provided all economic agenys adhere to Islamic morality.
Islam's economic philosophy creates a powerful drive for development. A true Muslim looks upon the developmental efforts as striving in the cause of Allah 'jihad-fisabil' Allah (595:1285;477:36;48). The Muslim society orients its policies in order to ensure sufficiency and peace for all and any relaxation in this regard is looked upon as rejection of the bounties of Allah (77:1:6-9), social justice and peace go together in an Islamic State.
The individual, the society and the state each have claim on property rights in view of the principle that the Islamic State has a Jurisdiction over individual rights being the embodiment of God's vicegerent on earth and representative of the people. The Jurisdiction is, however, functional, depending upon the values and objectives cherished by Islam". Islamic state has the right to intervene in private property by regulating it, putting ceiling or confiscating after the compensation when the owner deviates from the basic role of property that it should be an instrument of service of the society".
Economic relations, especially those in production and exchange the wealth, should be co-operative in nature. "Rivalry and cut-throat competition make no sense in this context" (73:27). Co-operation is seen as the basic value in Islam's economic philosophy (8:36:37, II:199,10:27). Aiming at, what is the best for the society and high quality produces and the consumers. The Islamic view of co-operation does not rule out free fair competition in the market, provided all economic agenys adhere to Islamic morality.
Islam's economic philosophy creates a powerful drive for development. A true Muslim looks upon the developmental efforts as striving in the cause of Allah 'jihad-fisabil' Allah (595:1285;477:36;48). The Muslim society orients its policies in order to ensure sufficiency and peace for all and any relaxation in this regard is looked upon as rejection of the bounties of Allah (77:1:6-9), social justice and peace go together in an Islamic State.
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