Islam is More than Just a Religion

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Islam is more than just a religion; Islam is a way of life. The Quran and teachings of Prophet Muhammad (pbuh) provide an outline for the daily life of a Muslim. Islam encompasses all aspects of our existence, from lawful food and drink, to ethics and marriage…Islam covers it all. Part of the aspects that Islam addresses is finance, in which Muslims are expected to deal with matters of finance in a precise manner. Islam has its own financial system; this system is founded on justice and faith, rather than a prospect to make additional capital. Within this financial system, Islam addresses matters such as the prohibition of usury, dealings with banks, and redistribution of wealth through Zakat.

One of the current systems used around the world is capitalism. Capitalism can be defined as a system in which a country’s “trade and industry are controlled by private owners for profit, rather than by the state .” In a capitalist economy, those involved with the business are the ones who regulate the rates of the assets, goods or services involved. With capitalism, making a profit is the foremost importance… no matter the consequences.

Another system that is used around the world is socialism. Socialism can be defined as a system that “advocates the means of production, distribution, and exchange should be owned or regulated by the community as a whole .” In a socialistic economy, society is the main concern as opposed to making a profit. The production of goods and services is dependent on the economic demand of society. The production is based on the needs of the society; socialism focuses on the idea of a society run by everyone, rather than a society run by profit driven elites.

When considering Islam, in reality, Islam in neith...

... middle of paper ...

...using this bank a Muslim ensures that they are doing anything that displeases Allah (SWT).

With justice and ethics the main purpose in the Islamic finance system, Muslims can be ensured that what they are doing is not displeasing Allah (SWT). Islam’s system is one that is founded on the submission and worship to Allah (SWT), thus the system follows what is ordered by Allah (SWT) and not profit or societal demands. Islam certifies distribution of wealth in a method that follows Islamic ethics. The best part of the Islamic system that it is one that binds man to Allah (SWT), with no additional conditions or purposes.

Works Cited

en.wikipedia.org/wiki/Capitalism

http://en.wikipedia.org/wiki/Socialism

http://www.newhorizon-islamicbanking.com/index.cfm?section=academicarticle&action=view&id=11249

http://islamqa.info/en/30798

http://quran.com/2/275

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