Islam's Response to Contemporary Issues — Page 190
190 islam’s response to contemporary issues Prohibition of Hoarding of Wealth Islam rejects every form of exploitation and unfair means like the hoarding of wealth, capital, commodities and supplies, which set in motion spiralling prices and end in general inflation. The Holy Quran states: O ye who believe! Surely, many of the priests and monks devour the wealth of men by false means and turn men away from the way of Allah. And those who hoard up gold and silver and spend it not in the way of Allah—give to them the tidings of a painful punishment. On the day when it shall be made hot in the fire of Hell, and their foreheads and their sides and their backs shall be branded therewith and it shall be said to them: ‘This is what you treasured up for yourselves; so now taste what you used to treasure up. ’ 11 Yet Islam grants freedom to individuals to earn money by any lawful means within the Islamic code of economic behaviour. Thus there is the freedom and right for individuals to possess property and enter into private enterprise. In shaping the economies of their countries, the focus of attention of most governments is on how a member of society earns his livelihood. Taxation is imposed on sales turnover, profit from trade