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Islamic Economic Sys

Islamic economic system



Islamic economic system

The Quran and Economy

▪ Zakat
▪ Sadqa
▪ Infaaq (spending in the cause of Allah)
▪ Economy and pleasant life
▪ The rights of orphans, widows, etc.(yatama)
▪ The rights of the indigent (masakeen)
▪ Standard of setting salaries
▪ No making of illegal money in an Islamic economy
▪ No hoarding of money in an Islamic economy
▪ What to do with the surplus?
▪ Circulation of Wealth
▪ Qarooniat: Characteristics of an Exploitative Capitalist
 
 

Zakat
The root of the word Zaka(t) is Z-K-W (za-kaf-waw), which leads to the following meanings:
-To increase
-To grow
-To thrive
-To augment
-To increase in the purity of heart; to increase in integrity
-To befit
Primarily the root denotes an increase or augmentation (particularly of a positive, favourable or auspicious thing or virtue). Some also say that it means "to purify". However, in the Quran AZKA has been used along with ATHAR  in 2:232. The root , T-H-R (ta-ha-ra) from which the word ATHAR is derived, has the meanings "to purify" but the meanings "to increase, grow, thrive, augment etc." are the primary significations of the root Z-K-W. TAHARA is a negative virtue which signifies being free from dirt, filth or derogatory things. ZAKA is a positive virtue which signifies positive growth and development. The following phrases further clarify the signification of the root Z-K-W.
Zakat-il-ardh means the land throve or yielded increase
Zakaa-al-ghulam means the boy grew or throve
Al-ilmo yazkoo alal infaaq means the knowledge increases by spending
Zukkoo means he enjoyed or led a plentiful and a pleasant or an easy, and a soft or delicate life. OR he was in a state of abundance of the goods, conveniences or comforts of life OR he enjoyed a life of increase or plenty.
From this:
Zaka means increase or augmentation or growth or development.
The term...