The Fundamental Principle of Islamic Economics

 

نَحۡنُ قَسَمۡنَا بَیۡنَہُمۡ  مَّعِیۡشَتَہُمۡ فِی الۡحَیٰوۃِ الدُّنۡیَا وَ رَفَعۡنَا بَعۡضَہُمۡ فَوۡقَ بَعۡضٍ دَرَجٰتٍ لِّیَتَّخِذَ بَعۡضُہُمۡ بَعۡضًا سُخۡرِیًّا ؕ وَ رَحۡمَتُ رَبِّکَ خَیۡرٌ  مِّمَّا یَجۡمَعُوۡنَ. (32:43)

We have apportioned them their livelihood in this world [in such a manner that] We have raised some in status above others so that they can mutually serve each other. And better is your Lord’s mercy than what they are amassing. (43:32)

 

 

Prohibition of Usurpation

 

یٰۤاَیُّہَا الَّذِیۡنَ اٰمَنُوۡا لَا تَاۡکُلُوۡۤا اَمۡوَالَکُمۡ بَیۡنَکُمۡ بِالۡبَاطِلِ اِلَّاۤ اَنۡ تَکُوۡنَ تِجَارَۃً عَنۡ تَرَاضٍ مِّنۡکُمۡ.(29:4)

Believers! Do not devour one another’s wealth by wrongful means except through trading by mutual consent. (4:29)

 

 

Prohibition of Liquor and Gambling

 

یٰۤاَیُّہَا الَّذِیۡنَ اٰمَنُوۡۤا اِنَّمَا الۡخَمۡرُ وَالۡمَیۡسِرُ وَ الۡاَنۡصَابُ وَ الۡاَزۡلَامُ رِجۡسٌ مِّنۡ  عَمَلِ الشَّیۡطٰنِ فَاجۡتَنِبُوۡہُ لَعَلَّکُمۡ تُفۡلِحُوۡنَ. اِنَّمَا یُرِیۡدُ الشَّیۡطٰنُ اَنۡ یُّوۡقِعَ بَیۡنَکُمُ الۡعَدَاوَۃَ  وَالۡبَغۡضَآءَ  فِی الۡخَمۡرِ وَ الۡمَیۡسِرِ وَیَصُدَّکُمۡ عَنۡ ذِکۡرِ اللّٰہِ وَعَنِ الصَّلٰوۃِ ۚ فَہَلۡ اَنۡتُمۡ مُّنۡتَہُوۡنَ.(5 :90-91)

Believers! This liquor, gambling, idols and these divining arrows are filthy works of Satan. So, stay away from them that you may succeed. Satan seeks to stir up enmity and malice among you by means of liquor and gambling and to keep you from the remembrance of Allah and from the prayer. So, will you not stay clear of them? (5:90-91)

 

 

Prohibition of Interest

 

اَلَّذِیۡنَ یَاۡکُلُوۡنَ الرِّبٰوا لَا یَقُوۡمُوۡنَ اِلَّا کَمَا یَقُوۡمُ الَّذِیۡیَتَ خَبَّطُہُ الشَّیۡطٰنُ مِنَ الۡمَسِّؕ ذٰلِکَ بِاَنَّہُمۡ قَالُوۡۤا اِنَّمَا الۡبَیۡعُ مِثۡلُ الرِّبٰوا ۘ وَ اَحَلَّ اللّٰہُ الۡبَیۡعَ وَ حَرَّمَ الرِّبٰواؕ فَمَنۡ جَآءَہٗ مَوۡعِظَۃٌ مِّنۡ رَّبِّہٖ فَانۡتَہٰی فَلَہٗمَا سَلَفَ ؕ وَ اَمۡرُہٗۤ اِلَی اللّٰہِؕ وَ مَنۡ عَادَ فَاُولٰٓئِکَ اَصۡحٰبُ النَّارِۚ ہُمۡ فِیۡہَا خٰلِدُوۡنَ.(275:2)

Those who devour interest will rise up on the Day of Judgement like the man whom Satan has driven to madness by his touch because they claim that trading is like interest and how strange it is that God has allowed trading and forbidden interest. Consequently, he who received this warning from the Almighty and desisted [from devouring it], then whatever he has taken in the past belongs to him and his fate is in the hands of God. And those who repeat [the offence] will be companions of the Fire. They will abide in it forever. (2:275)

 

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