Islam's Response to Contemporary Issues — Page 165
Chapter Four Economic Peace Economic Philosophies of Capitalism, Communism and Islam The Islamic economic order neither belongs to capitalism nor to scientific socialism. The economic philosophy of Islam is scientific without being mechanical. It is disciplined without being over- restrictive. It allows private possession and private enterprise but does not promote greed and the amassing of wealth in a few hands whereby a large section of society turns into destitute, serfs and slaves to a cruel and relentless system of exploitation. There are three fundamental differences in the economic philosophies of capitalism, communism and Islam. Capitalism In capitalism, capital is rewarded with interest. It is intrinsically accepted in principle that capital has a right to grow. Interest plays the