Quotations by Western Economists that Correspond to Islamic Economic
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- Fulfilled the material needs of individuals.
- Cleared debts.
- Supported those in need of marriage.
- Reduced the jizya for non-Muslims.
- Generated a surplus in Bayt al-Mal (the treasury) that could be redirected to address emergencies, expand public services, and improve the quality of life.
Islamic Finance Principles
Islamic economy does not accept stimulating “debt growth” at the expense of “wealth growth.” That’s why Islamic economy sets need as a criterion for borrowing when the loan is required as a financing tool. Borrowing can only be for the purpose of obtaining permissible fruits, such as developing funds. The balance between the two elements is achieved by linking debt to real economic activity represented in the production of goods, services, or benefits. Thus, financing on the basis of interest is rejected, because interest is a debt that is not matched by growth in wealth, because even if it is assumed that the activity does not take place, the debtor returns the debt with its interest.
Said About Islamic Economy
Jurisprudential Heritage
Hadith
Islamic economy views poverty as both a material and moral issue. It fights the tendencies of greed and miserliness within individuals, considering these traits as key contributors to the problem. When the wealthy hoard their wealth and fail to meet their financial obligations, money stops circulating, and poverty remains unchanged or even gets worse. This, in turn, broadens social inequality, allowing class divisions to prevail. For this reason, the Qur’an addresses the souls of humans, warning them against stinginess and miserliness, which doubles the extent of the phenomenon. It links psychological and societal success with the fulfillment of various financial rights, as understood from the Almighty’s saying: “So be mindful of Allah to the best of your ability, hear and obey, and spend in charity—that will be best for you. And whoever is saved from the selfishness of their own souls, it is they who are ˹truly˺ successful.” [At-Taghabun: 16]