Islamic economic system

[1 ummah]

It is only in the Islamic economic system where all the indirect taxes like GST, income tax, business tax, customs, excise, surcharge, additional surcharge, petroleum development levy, etc are haram. Direct taxes are collected from the rich while the poor are not subjected to any tax. Thus Zakat is paid by the owner of Nisab, Kharaaj is imposed on the owner of land, Usher is collected from the one who has the agriculture produce, Riqaz is levied on the one who found the treasure and Jizya is collected from the non-Muslim who can pay.

Islam has fixed taxes and the government cannot impose any tax by their own or under the diktats of the colonial organization of the like of IMF.

Islam only allows, in an emergency situation, the imposition of tax on the wealth (not income) of the rich people, that too is for a limited time. And the state is not authorized to spend this amount on development expenditure.

Furthermore, Islam declared all the oil, gas, minerals and such other resources as public properties and these can not be handed over to some businessmen or multi-national companies under the guise of privatization. Moreover, it is the duty of the state to provide these resources to all the people on which they government cannot earn exorbitant profit.

Thus in the Khilafah, electricity, oil and gas etc are available at a cheap and affordable price which will help illuminate poverty. Similarly, it is the responsibility of the Khilafah to fulfil the basic needs of the weak, handicapped and the poor. The capitalist state has also failed like the communist. This system failed to solve the problems of the US and EU than how can it solve the problems of the people of Pakistan?

 

[Ahmad]

Jizya is collected from the non-Muslim who can pay.

will these guys have to pay usher and other tax(if they are wealthy) on top of Jizya?

second thing, i personally believe that the Mozaribat system should also be encouraged by the gov alongside the present system for loans. i have a question about Mozaribat. Yes, the benefit and loss will be shared by both the lender and borrower instead of having interest paid, how will this work in much bigger scales? allso,if i want to buy a house to live, i borrow money from bank and pay them every month, the capital plus interest. what is the details of it in Muzaribat? how does that work?

 

[T-Faz]

Ok, so who is going to implement this?

Who is going to uphold this system in such an environment?

Can this work in such a globalized economy?

Will the system change the people or the people need to bring the change themsleves?

Many questions.

 

[CaptainJackSparrow]

Doesn't sound much different from Communism. Communism is also a romantically idealistic philosophy quite similar to the one under consideration.

BTW, I'm sure an entire economic system cannot be described in mere 20 lines.

Marx's Das Capital is in three volumes and totals nearly 1600 pages, for example.

 

[1 ummah]

BOOK: The Quest for Economic Progress - An Islamic Blueprint for Pakistan

a ruler who fears ALLAH and understands purpose of islam,i.e imlementing it and spreading it will not only implement the islamic eco system but also education,social,legislation,foreign policy etc according to quran n sunnah...people need to ask for this system,reject the current 1, and INSHALLAH then system will change as ALLAH says
024.055 God has promised, to those among you who believe and work righteous deeds, that He will, of a surety, grant them in the land, inheritance (of power), as He granted it to those before them; that He will establish in authority their religion - the one which He(Allah) has chosen for them; and that He will change (their state), after the fear in which they (lived), to one of security and peace: 'They will worship Me (alone) and not associate aught with Me. 'If any do reject Faith after this, they are rebellious and wicked

 

[1 ummah]

will these guys have to pay usher and other tax(if they are wealthy) on top of Jizya?

second thing, i personally believe that the Mozaribat system should also be encouraged by the gov alongside the present system for loans. i have a question about Mozaribat. Yes, the benefit and loss will be shared by both the lender and borrower instead of having interest paid, how will this work in much bigger scales? allso,if i want to buy a house to live, i borrow money from bank and pay them every month, the capital plus interest. what is the details of it in Muzaribat? how does that work?

WILL TRY 2 find n tell ANS soon brother

 

[flameboard]

This morning I woke to see people who have completely misunderstood Islam on this website, I am alarmed. I knew people had twisted thinking but not this much.

Please go see a proper person of religion, I would explain this but I know I'm only wasting my time on you guys so ask around and remember to cross reference.

 

[SAUD-404]

Ok, so who is going to implement this?

Who is going to uphold this system in such an environment?

Can this work in such a globalized economy?

Will the system change the people or the people need to bring the change themsleves?

Many questions.

i recently did some research on MSC in economics from some western universities and i have seen many business schools and universities offer MSC in Islamic economic systems and future more i Know a PhD professor who came from USA and he told me that free market economic system is failing because it is based on interests and stuff and these western countries are now slowly but surely moving towards Islamic economic system, So answer to all of your question is what i think is that these western countries will implement this system for us...

 

[CaptainJackSparrow]

i recently did some research on MSC in economics from some western universities and i have seen many business schools and universities offer MSC in Islamic economic systems and future more i Know a PhD professor who came from USA and he told me that free market economic system is failing because it is based on interests and stuff and these western countries are now slowly but surely moving towards Islamic economic system, So answer to all of your question is what i think is that these western countries will implement this system for us...

So the west will become Communist...

 

[Leader]

well 1 Ummah I am sorry to inform you that taxes are not HARAM. its creation of your own mind I guess. however the role of government in determining the market forces is limited, a sort of free market. but by all means government can collect any tax it feels necessary.

 

[Leader]

Ok, so who is going to implement this?

Who is going to uphold this system in such an environment?

Can this work in such a globalized economy?

Will the system change the people or the people need to bring the change themsleves?

Many questions.

it requires intellectuals with Islamic mindSet....who are genius, wise and above all CREATIVE.

 

[Leader]

Doesn't sound much different from Communism. Communism is also a romantically idealistic philosophy quite similar to the one under consideration.

BTW, I'm sure an entire economic system cannot be described in mere 20 lines.

Marx's Das Capital is in three volumes and totals nearly 1600 pages, for example.

its rather quite different from what you are thinking... one view of Islamic Economic system is definitely capitalistic in its outlook where owner can earn as much as it wants with definite responsiblities to the community benefit...

 

[CaptainJackSparrow]

its rather quite different from what you are thinking... one view of Islamic Economic system is definitely capitalistic in its outlook where owner can earn as much as it wants with definite responsiblities to the community benefit...

Communism is Capitalism? What've you been smoking?

May be you didn't get my point,

Your 'Islamic' economic system sounds very much like Communism to me.

Differentiate...

 

[Leader]

Communism is Capitalism? What've you been smoking?

May be you didn't get my point,

Your 'Islamic' economic system sounds very much like Communism to me.

Differentiate...

ah I said its more like Capitalistic rather than Communist. it allows you to own land, gives the concept of free market, but on the other hand, to create balance in distribution of wealth, imposes tax on earning,imports,exports, and have other socially associated division of wealth that is inheritance, Zakat etc. it aims to create a balance between humans and distribution of wealth...many a economists consider it to be socially just capitalistic economy.

 

[CaptainJackSparrow]

ah I said its more like Capitalistic rather than Communist. it allows you to own land, gives the concept of free market, but on the other hand, to create balance in distribution of wealth, imposes tax on earning,imports,exports, and have other socially associated division of wealth that is inheritance, Zakat etc. it aims to create a balance between humans and distribution of wealth...many a economists consider it to be socially just capitalistic economy.

I don't see how it's very different from Capitalism.