The issue on ownership right is always critical in any economic system. This is because wealth and well-being of the people, in term of material possession depend on how the economic system allocates the resources, rewards the factors of production and redistributes wealth created from the economic activities.
Briefly, we can say that capitalism emphasizes on private property ownership which gives freedom to economic agents to accumulate material wealth with loose intervention from the authority. Interestingly, the system has successfully created list of names of the richest men in the world and at the same time, also faces problem of severe poverty and widening income disparity.
Socialism, on the other side, confiscates the freedom of individual to own property. Basically, the state has full control in term of wealth creation, management and distribution. History has proven how Marx’s advocacy of equal distribution of wealth subtly, had been the cause and catalyst leading to the collapse of the system.
From an Islamic point of view, as far as property ownership is concerned, visions on the matter have been outlined clearly.
1. Fundamentally, absolute ownership exclusively belongs to Allah AWT (Qur’an, 1:2). This means, everything in the universe are all owned by Allah.
2. Man is given the responsibility as trustee to manage this world (Qur’an 33:72). Our possessions are relative and conditional.
3. Because of the responsibilities given, man is accountable for all possessions in this world before Allah, the Almighty in the hereafter (Qur’an 84:7-15).
4. Islam recognizes labor as a legitimate basis of ownership (Qur’an 4:32). At the same time, need also is another legitimate basis of ownership. For example, in the case of poverty.
5. Public and private property ownerships are both allowed by Islam.
Islam promotes the well-being of the people. Well-being here does not simply measured based on material possessions, but it also caters the spiritual and moral aspects. Hence, the Islamic economic system ensures freedom for mankind to progress within a guided parameter which suits the human nature (fitrah). At the same time, Islam also takes care of the welfare of the unfortunate people by many social security schemes in the religion which some are made obligatory (i.e. zakat) and some others are very recommended (i.e. sadaqah).
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Although Islamic economics is young compared to conventional economics, characteristics, value and essence appreciated by Muslims and non-Muslims. Global values of Islamic economics is the principle that it is an economic strategy to achieve unity and harmony between material and spiritual life of the people.
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