Economic System in Islam Compared with Capitalism and Socialism
A Final Note
The Economic System in Islam is part of a complete set of codes for the whole life. With this view kept in mind always, we should examine and analyse. It is not possible to isolate the Economic system from other parts of Islam because they are interconnected. For example, (Zakat) is viewed as purifying act, beside its economic value and importance. It is the spiritual attitude which the Muslim reflects in life and the great care for morality.
Islam does not believe in radical changes of the relations of production as a result of changes in the nature of production, as Socialism claims. Islam starts from man and not from production. The needs of man are of two kinds, one is basic, while the other is changing with time.
There must be a permanent set of standards to ensure the satisfaction of the first kind of needs. Also there must be a changing set of standards which adapts the progress in the means of production.
Islam has a very important advantage which other principles do not have. Islam binds man to God. It makes him think of God's satisfaction, reward, and punishment too. Islam starts from the depths of the human conscience, and proceeds in its endeavours to secure a happy life for all.