The Contribution of Islam to the Solution of World Problems — Page 22
22 Islamic Economic System The object of the Islamic economic system is that there should be equitable distribution and constant circulation of wealth, and that there should be no holding back: … that it may not circulate only among those of you who are rich. ( Ch. 59: V8 ) Behold, you are those who are called upon to spend in the way of Allah; but of you there are some who are niggardly. And whoso is niggardly, is niggardly only against his own soul. And Allah is Self - Sufficient, and it is you that are needy. ( Ch. 47: V 39 ) Spending in the way of God means spending in the service of man. The object is further advanced by the prohibition against hoarding ( Ch. 9:V34 ) and against the lending of money on interest. ( Ch. 2: V. 276 ) Inheritance The Islamic system of inheritance also tends in the same direction. A Muslim may dispose of the whole of his property as he may wish during his lifetime, but he may not dispose of, even for charity, more than one third by testamentary disposition. The rest of the property must be distributed according to the prescribed rules of inheritance. Under these rules all children, the widow or the widower as the case may be, and either or both