2. Introduction
๏ต Capitalism views : Assets are obtained from the
results of a person's hard work so that he is fully
entitled to the expenditure of the assets he owns.
๏ต Capitalist system : high degree of wealth inequality
between the richer group of the society and the
poorer one
3. Introduction
๏ต Socialism views : property is something that must be
owned jointly by members of society in one country.
๏ต The socialist system gives the state or community
associationโs ownership of most productive resources, and
limit individual ownership and economic freedoms.
4. Introduction
๏ต Ownership of these wealth has an impact on the
social status of the community. And this difference in
social strata creates conflict among them.
๏ต Both of these views (Capitalism & Socialism) put
wealth as the main objective in economic activity.
Wealth is a fundamental focus on materialism. All
economic activities are focused on controlling larger
assets. Both of these ideologies are free from
religious values. It is focussed on rationality which
tend to be secularism.
5. Position of Wealth in Islam
Godโs Ultimate
Ownership
Represents the
will of God
Stateโs Role
โข Private Property
โข Public Property
โข State Property
6. Approach of Property Rights in Islam
Laissez faire
approach
(Al Faruqi,
Abdul Rauf
etc)
Populist
approach (Abu
Sulayman)
Populist-
state
control
(Sadr)
8. Populist Approach
Tawhid: Allah
is the creator
and men are
equal
partner
Acknowledge
individual
ownership
No one
should be
without
property
Certain
ceilings on
private
ownership
More tax
9. Populist-state control (Sadr)
Allah provides
natural
wealth for all
mankind
Three forms
of ownership:
state, publin
and private
Restrictions
on economic
activities to
maintain
social balance
Large
enterprises
must be
controlled by
state
10. Ownership in Islamic
Perspective
Private Ownership Public Ownership State Ownership
๏ง Working
๏ง Inheritance
๏ง Hibah
๏ง Other resources
๏ง All of facilities which are
really needed by many
people (categorised
water, pastures, fire)
๏ง Natural resources which
are forbidden to be
owned by individual or
certain group
๏ง Unlimited mining
๏ง Ghanimah,kharaj,
ushur, taxes
๏ง properties which are
less -ownership
๏ง unusable land
States owned enterprises which operate in this interest are
not allowed to be privatised
11. Limits to private property
๏ต Hoarding
๏ต Zakat and charity
๏ต Sell the hoards at fair value
๏ต Unused capacity of production as hoarding
๏ต Riba
๏ต Usury
๏ต Fair exchange value
