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Basic Principles of the Economic System

The basic economic concept in Islam is that absolute ownership of everything belongs to God alone. Legal ownership of the individual, that is to say, the right of possession, use and transfer of property, is recognized and safeguard in Islam, but all ownership is subject to the moral obligation that all sections of society have a rightful share in all wealth. Part of this obligation is given legal form and is made effective through legal sanctions, but the greater part is secured by voluntary effort put forth through a desire to achieve the highest spiritual and moral benefits for all concerned.

20:117 And when We said to the angels, `submit to Adam', and they all submitted. But Iblis did not. He refused.

20:118 Then We said, `O Adam, this is an enemy to thee, and to thy wife, so let him not drive you both out of the garden, lest thou come to grief.

20:119 `It is provided for thee that thou wilt not hunger therein, nor wilt thou be naked.

20:120 `And that thou wilt not thirst therein, not wilt thou be exposed to the sun.'

2:189 And do not devour your wealth among yourselves through falsehood, and offer it not as bribe to the authorities that you may knowingly devour a part of the wealth of other people with injustice.

4:30 O ye who believe! devour not your property among yourselves by unlawful means, except that you earn by trade with mutual consent. And kill not yourselves. Surely, Allah is Merciful to you.


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