Characteristic and Analysis of Islamic economic system

Economy is the driving force and keystone of any state and for its prosperity. Presently all states are in opposition to found their economies to play their conclusive role in the global businesses. Presently, it is the only economy not military or arms which makes a country super power and industrialized country. There are some financial schemes present in the world implemented by states. Each and every economic organization has its own distinctive features. All economic schemes are noticeable and familiar due to their specific aspects. Contemporary capitalism come in exist due to fast mechanization. It depends on unrestricted market economy. This scheme of economy is permitted from interference of state in economic matters, banking and welfares. Socialism is another scheme which appeared against capitalism. It expresses about complete control or supremacy of state on all economic matters. Feudalism is all about possession of land by few persons and rent other people for employed on their domains.rnIslamic economic system is overall dissimilar from other organization. Justice and equality is the motto and main aspect of economic organization. Man is viceroy of Allah and has selected some reserved rights of ownership of means of manufacture. For safeguarding the improvement of civilization, Islamic economic system permit interference of state in the financial businesses. Abolition of interest, suggestion of sadaqat and Zakat, change between legal and illegal, equitable distribution of wealth, anticipation of hoarding and pressure on movement of wealth, concern for coziness of the poor are the distinctive features of the economic classification of Islam. Islam always promote love, peace and harmony and rejects all Peril of Sectarianism. One of the main representative of Islamic financial system is the inkling that Allah Almighty, The Maker of universe, is the only sustainer. Allah brings living and existence to all of His creatures in the world. It is Allah who has fashioned all possessions and proceeds through which man makes his living. Allah, in fact, has devoted Himself to nourish, uphold and nurture all beings including human beings. According to The Holy Quran, it is Allah who increases or confines Rizq.rnThis perception of Allah’s nourishment does not approve that man must sit lethargic and look for sustenance which would come to him impulsively. In its place of concession of struggle, Islam rather stimulates a person to prepare his greatest in order to produce his revenue by overwhelming all lawful (Halal) and reasonable incomes. Hadith of Prophet Muhammad (Peace Be Upon Him) also highlight the location of try and hard work for creating living for oneself and one’s household.rnEverything exists in the universe like the sun, the earth, the moons, the globes and other galaxies belong to Allah Almighty. He is the only and real proprietor and chief of the whole thing. Though, man has given some imperfect rights and controls to use some things in order to live on the ground. All these rights and powers are incomplete. Man is just a assistant and receiver of Allah’s influence and possessions.