1.4.2 Right to Equality in Islam

 

Economics in Islamics Law

2. All types of unearned income were prohibited: usury, gambling, monopolistic trade practices, speculation, and the meddling of middle-men were ruled out by Qur'anic and prophetic directive. Thus, the Prophet said: "Monopoly is unlawful, do not trade outside the market place, and allow no go-between in urban and rural trade"

3. A tax on the agricultural produce of Muslim, their animal possessions, their merchandise, and their possessions in precious metals, was collected as 'Zakat' (which has a double meaning: purification and increment in moral sense(. Eight categories of deserving people were the recipient of 'Zakat'. This established a welfare system.

4. Land conquered by force was distributed on the same basis as other spoils of war, with a fifth for the state and the rest for the warriors,. Land which came under Muslim control without war was not divided but because state property. The state could, land did, allocate land to individuals who could, therefore, own land in the following ways: by allocation, as share in spoils, and... if they cultivate it... dead land which no-one else possessed. Individuals could then exploit their land either directly or indirectly through rent (Ijara), water partnership (Musaagah), or crop partnership (Musarah)..