Demand of Islam for its human beings is to fashion their lives completely in accordance by the divine principles. By these divine principles, he realms his life with freedom. Islamic basic philosophical percepts of Islamic Economics is very clear and a complete way of life. Percepts of Islamic Economics symbolizes the necessity of intense obedience to Allah and practicing Allah’s laws and percepts. Islam gives the complete definition of relationship between human being and his acquired wealth money.
From Islamic point of view man has not brought anything with him when he is born and he will not take anything from his worldly wealth when he will die. Only his good and bad deeds will go with him. Islam says that a person does not form any part and has no ownership in property and wealth he owns in world. How a human can own anything from that property which he does not even own. He cannot take his earned wealth into his grave. They will remain here. This percepts of Islamic Economics gives a clear linkage of man with his property. Quran has given a complete key for philosophical percepts of economics, it says:
“Believe in Allah and His Messenger (Muhammad) and spend of that whereof He has made you trustees”
Verse clearly says that real and absolute power and ownership of wealth and property lies with only creator of universe Allah. Human beings represent Allah in economic percepts of world. Human being is responsible to obey and comply with Allah’s laws, rules and precepts in the realms of his economic activities. As property is concerned, the human society has got a collective responsibility. According to Islamic teachings man is responsible for giving zakat and charity from the wealth and property he owns in world. He is responsible for giving the mentioned and prescribed percentage of wealth to needy and poor from his property. Zakat is a process of purifying the wealth with serenity of teachings and religion. Charity is one of the basic philosophical percepts of Islamic economics. It prevents man from evil mentality of worshiping his money wealth and property. It centralizes and balances the property in a proper condition and way. Islam curtails and controls the freedom of earning wealth through moral ways prescribed by religion. Wealth earned through wrong deeds is strongly forbidden and forms a link with Allah’s punishment. Islam promulgates economics as civilization of one’s life. Charity and zakat is a mixture of others right and dues which Allah has made obligatory for every human being. Islam has got the most beautiful and lofty concept of labor. Wealth earned through labor and purity gives satisfaction and contentment. Islam is a simple and unique religion. It has true essence of moral values and ethics. Philosophical percepts of Islamic economics are clear and understandable by every human being. Islam does not want his people to be self centered. It wants a complete balance and centralization of wealth and property. It is a key towards earning a purified life.
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