A Letter to a Dear One — Page 98
98 Letter to a Dear One In short, such wholesome principles have been given that their application can truly make this life paradisiacal. You should study these principles in detail and should act upon them. Economic System I shall briefly talk about a few principles of the Islamic economic system. There is much discussion about these aspects in the West these days. People go to extremes in these matters and our young people adopt certain ways without reflecting on the Islamic teachings. This has a very detrimental effect on their lives. The first point to instill in one’s mind is that Islam has appointed a golden rule for all affairs; moderation is best in all matters. In economics, Islam neither totally supports individuality nor partnership. Islam recognizes individual ownership to a certain point. Certainly, different people have different capacities and some individuals make correct use of these capacities whereas some do not. There are degrees of this usage. Different people work on different standards and put in varied effort. It is therefore essential that they be rewarded on different measures. It is human nature not to put in maximum effort unless there is aspiration of individual ownership and reward. However, having recognized individual ownership, Islam has laid down all sorts of restrictions. As a result, the bad effects stemming from an extreme employment of this principle are revoked. It is a fundamental principle of Islamic economic system that in creating wealth, apart from the capitalist and the worker, others have a share as well. Obviously the true ‘capital’ of this world, which in essence creates all wealth, is the earth and all its treasures. The air and the heavenly bodies all belong to Allah that He has granted to mankind. Therefore, in creating wealth, along with the capitalist and the workers, all humanity is included, for whose service this universe is created. As a result, all mankind has a share in all wealth produced. Islam calls this ‘share’ Zak ā t. By definition, the word Zak ā t means purifying. Therefore, if this share is not taken out, the wealth does not remain pure and wholesome. As this wealth has a share that needs to be paid out, it remains an unfair system. As it is at times considered, Zak ā t is not a charity or alms. It is a tax levied on capital and income and its payment is an obligation on one who owns property. The Holy Qur’ ā n has