BOOK: The Economic System of Islam
This book of the economic system in Islam is a precious intellectual Islamic fortune, rarely matched. It is the first book which crystallizes, clearly and obviously, in this century, the reality of the economic system of Islam in this period in an explicit fashion.
It explains the Islamic view of the economy and its objective, how to own property and increase it, how to spend and dispose of it, how to distribute the wealth amongst the citizens in society and how to establish a balance within it.
It explains the types of properties (private, public and State property) including the property due to the Bait ul-Mal and the areas over which it is spent.
It explains the rules of lands, whether ‘Ushriyya or Kharajiyya, and what is obliged in them of the tithe (‘Ushr) or land tax (Kharaj) and how to utilise, cultivate and allocate and also how to transfer them from one owner to another.
It also discusses the different types of currencies (Nuqud) and what occurs in them of Riba, exchange and what is obliged from them of Zakat.
Finally it discusses the foreign trade and its rules. The sole sources in adopting the rules mentioned in this book are the Book of Allah and the Sunnah of His Messenger and what they directed to, namely analogy and Ijma’a as-Sahabah. No other source is taken in adopting these economic rules.
The book introduces the reality of the capitalist and socialist, including (communist) economic systems and their refutation, explaining their defects and contradiction with the economic system of Islam.
