بسم الله الرحمن الرحيم Islamic Financial Thought Compared to Capitalist and Socialist Financial Thought (Part 2)(Translated) In the previous two sections, we discussed socialist and capitalist financial thought and clarified the foundations upon which each is based. In this section, we will address Islamic financial thought and the principles on which it is founded. The Third … Continue reading Islamic Financial Thought Compared to Capitalist and Socialist Financial Thought (Part 2)
Category: Economics
Financial Thought in Islam Compared to Capitalist and Socialist Financial Thought (Part 1)
بسم الله الرحمن الرحيم Financial Thought in Islam Compared to Capitalist and Socialist Financial Thought (Part 1)(Translated) The financial and economic system reflects the philosophy of the state, which is the ideology in which the state believes. The world has known two main ideologies, capitalism and socialism. Some countries have adopted socialist thought, while others … Continue reading Financial Thought in Islam Compared to Capitalist and Socialist Financial Thought (Part 1)
Q&A: Ruling on Financial and Commercial Transactions Over the Internet
بسم الله الرحمن الرحيم Answer to QuestionRuling on Financial and Commercial Transactions Over the InternetTo Saed Khatib(Translated) Question: Assalamu alaikum wa Rahmatullah wa Barakatahu, What is the ruling on trading, for example, buying a dinar, oil, gold, etc. with dollars at a time of cheapness, then selling it at a time of high prices to … Continue reading Q&A: Ruling on Financial and Commercial Transactions Over the Internet
Pakistan’s Revenue and Expenditure under the Khilafah
بسم الله الرحمن الرحيم Pakistan’s Revenue and Expenditure under the Khilafah Pakistan’s Current System Secures the Economic Interests of the Kafir Colonialists Sufficient revenues in the state treasury are essential for looking after the affairs of the people and managing the state expenses, such as the armed forces, health and education. However, in Pakistan's current … Continue reading Pakistan’s Revenue and Expenditure under the Khilafah
Public Property according to the Hanafi School
The concept of public property, and its opposing category of private property, is well known today, due primarily to the centrality of the latter to liberal and capitalist thought and the former to socialist thought. However, the notion that certain things are owned by individuals, giving them exclusive disposal rights thereof, whilst others are for … Continue reading Public Property according to the Hanafi School
How the Khilafah will Lift the Tax Burden from the People
In order to run the affairs of the state and the people every state needs funds. Under capitalism these funds are mainly raised through interests and direct and indirect taxes. Also in Islam, the State has to finance its affairs and responsibilities from the State Treasury, the Bayt al-Mal (Bait ul-Mal) In order for the … Continue reading How the Khilafah will Lift the Tax Burden from the People
Q&A: Is it permissible for the Khalifah to impose taxes on Muslims?
We present here an answer from the Hizb’s Ameer, Sheikh Ata Abu Al Rashta, on the question of taxation under the Islamic system of governance. Question: As-Salaamu Alaikum Wa Rahmatullah Wa Barakaatuhu, May Allah allow you to persevere. I have a question that I hope that you can answer. It is known that “taxes” are Muharramah (prohibited) … Continue reading Q&A: Is it permissible for the Khalifah to impose taxes on Muslims?
Q&A: Can Private Property become Public Property?
Question: Assalaamu Alaikum our honourable Sheikh, I would like to ask you a question regarding public ownership. Can a private ownership transfer to a public ownership in accordance to the Shariah rules, like transferring water springs from a private ownership into public property if that is needed for the public good? And if the public … Continue reading Q&A: Can Private Property become Public Property?
Q&A: The Budget in the Khilafah State
بسم الله الرحمن الرحيمThe Answer to the Question:The Budget in the Khilafah StateTo: Tahsin Hasan Hadyah (Translated) Question: Bismillah Ar-Rahman Ar-Raheem… As-Salaam Alaikum Wa Rahmatullah Wa Barakaatuhu Please explain the meaning of what is mentioned below: In the book The Economic System in Islam, it mentions the following statement regarding the State budget: “As for … Continue reading Q&A: The Budget in the Khilafah State
Q&A: Extent of State Involvement in Economics and Taxes
As-Salaamu Alaikum to our honourable Sheikh may Allah keep you safe and sound. I want to know the extent of the involvement of the Islamic State's authority in economics as a whole and then the extent of its authority in the enforcement of taxes (Daraa'ib). How are taxes regulated in general according to the Fiqhi understanding? … Continue reading Q&A: Extent of State Involvement in Economics and Taxes