Islam aims to erect a society free from excessively rich or poor people, because it seeks to establish social justice and honorable living for all its members. Allah, Glory to Him, tells us, which meaning of is translated as: “Wealth and children are an ornament of life of the world.” (The Qur'an, Al-Kahf, 18:46). Since Islam considers money one of the indispensable necessities for individuals and groups, it has ordained a specific percentage, I.e.: 2.5 % called poor due or Zakat, to be taken from the funds of rich people after the elapse of one Hijri (Lunar) year and given to poor people as explained before. It is one of the rights due to the poor and cannot be withheld from them. This does not mean that Islam abolishes individual ownership and private business, in fact, it sanctions and respects them in terms of giving everyone his due. The Qur'an has forbidden any aggression against the property of others by saying which meaning of is translated as: “And eat not up your property among yourselves in vanity.” (The Qur'an, Al-Baqarah, 2:188). Islam, therefore, has enacted Laws and regulations the implementation of which is guaranteed by keenness on the attainment of honorable life for every member of the Muslim society. Such regulations included:
1. Usury has been forbidden because it is a form of man's exploitation of the efforts of his fellow men or taking his property unrightfully. Property is inviolable. The spread of usury will lead to the loss of kindness among people and the accumulation of wealth in the hands of a certain group of people. The Qur'an addresses Muslims saying which meaning of is translated as: “O you who believe! Be afraid of Allah and give up what remains (due to you) from usury, if you are (really) believer. And if you do not do it, then take a notice of war from Allah and His Messenger, but if you repent, you shall have your capital sums (without interest). Wrong not, and you shall not be wronged.” (The Qur'an, Al-Baqarah, 2:278-279). The Islamic Law prescribes that a grace period should preferably be granted to a debtor in case of insolvency if he really intends to pay back his debt, Allah said which meaning of is translated as: “And if the debtor is in a hard time, then grant him time till it is easy for him to repay.” (The Qur'an, Al-Baqarah, 2:280). The Holy Prophet peace and pleassings of allah be upon him, said which meaning of is translated as: "Whoever gives a grace period to an insolvent will be deemed to have done an act of charity every day."
2. Islam recommends reduction of debt in case of difficult repayment, Allah said which meaning of is translated as: “…but if you remit it by way of charity, that is better for you.” (The Qur'an, Al-Baqarah, 2:280).
3. It prohibits a person from entering into a transaction when his brother is already making a transaction unless the latter gives permission, because this would lead to enmity and hatred among people. The Holy Prophet peace and pleassings of allah be upon him, said which meaning of is translated as: “A person should not enter into a transaction when his brother is already making a transaction and he should not make a proposal of marriage when his brother has already made a proposal except when he gives permission.” (Muslim).
4. Greed and hoarding of foodstuff are forbidden as this would lead to food shortage in the market and to higher prices, which is harmful to both the rich and the poor. The Prophet peace and pleassings of allah be upon him, said which meaning of is translated as: “No one hoards but the sinner.” (Muslim). According to Abu Yousuf, the fellow scholar of Imam Abu Hanifah: "If the hoarding of any stuff proves to be harmful to the public, it would be considered a monopoly, even if it is gold or silver. Whoever hoards it is deemed to have abused his right of ownership. The prevention of monopoly aims to protect people from harm, for people have different needs and monopoly causes hardship to people." A ruler may force one who hoards a commodity to sell it at a reasonable profit, which is prejudicial neither to the seller nor the purchaser. If the monopolist refuses to sell at that profit, the ruler may lay hands on the hoarded commodity and sell it at a reasonable price in order to stop monopolists from hoarding.
5. It has prohibited taxes as pointed out in the Prophet's Hadith: “A taxman shall never be admitted into Paradise.” (Abu Dawood). A tax is a sum of money collected from a trader to allow them to sell their goods or to import them into the country. This money is collected unlawfully and given also to those who are not entitled to it. All those who contribute to tax collection, including tax collectors, clerks, witnesses and receivers, come under the Prophet's saying: “No flesh that grows from unlawful things shall be admitted into Paradise; Hell-fire shall have the best claim to them.” (Imam Ahmad). Unlawful things here include any unlawful amounts of money, food or drink.
6. It has forbidden hoarding up gold and silver (i.e.: money) and refraining from spending them on the welfare of both the individual and the society. The Qur'an declares, which meaning of is translated as: “They who hoard up gold and silver and spend it not in the way of Allah, unto them give tidings (O Muhammad) of painful doom.” (The Qur'an, At-Tauba, 9:34). That is because money should be in current or general use so that economy should become active and in the interest of all members of the society. As Islam respects individual ownership, it imposes rights and duties associated with it. Such duties include the owner's duty to spend on himself and on those relatives supported by him, his duty towards the members of his society (including the payment of Zakat, almsgiving and kindness) and his duty toward his society collectively (including the construction… of schools, hospitals, orphanages, mosques and everything of use to the society). This will help prevent the accumulation of wealth in the hands of a limited number of people.
7. It has forbidden wine (alcoholic drinks) and gambling since they help squander human and financial resources and capabilities without benefiting either individuals or the society in general. Allah said which meaning of is translated as: “storing drink and games of chance and idols and divining arrows are only an infamy of Satan's handiwork. Leave it aside in order that you may succeed.” (The Qur'an, Chapter Al-Ma'ida, 5:90).
8. It has forbidden giving less in measure and weight. The Glorious Qur'an says in this regard, which meaning of is translated as: “Woe to those who give less in measure and weight, Those who, when they have to receive by measure from men, demand full measure, And when they have to give by measure or weight to (other) men, give less than due.” (The Qur'an, Chapter Al-An-am, 83:1-3). That is because it is a kind of stealth and deceit.
9. It has prohibited laying hold of public utilities, such as water and public pastures, and preventing people from benefiting by them. Allah's Messenger peace and pleassings of allah be upon him, said which meaning of is translated as: “There are three person whom Allah will not talk to, look at, or purify on the Day of Judgment, and they will have painful punishment… and a man who refused to give excess water (to those who need it badly). On that day, Allah will say to him: ' Today I withhold from you my grace as you withheld what is in excess of your needs, though you are not its creator (from those who are in need of it)' .” (Bukhari & Muslim).
10. Law of Inheritance: Islam has distributed inheritance among heirs according to nearness or distance of relationship and benefit to the deceased who left the inherited money or property. Nobody has the right to distribute inheritance as he wishes. One of the advantages of inheritance distribution is that it breaks up wealth or property, however large, into small amounts or estates, and precludes accumulation of wealth in the hands of a particular group of people.
11. Private and Public Social Security: Islam has prescribed the systems of documents, which falls into two categories:
A. Private or special endowment limited to the family or offspring of the initiator of the endowment with the aim of protecting them from want and begging. One of the conditions of validity of this type of endowment is to transfer its returns and benefit, when no more offspring exists, to welfare work and charitable purposes.
B. Public or general charitable endowment, which aims to use the income of endowed property, or the property itself, for the sake of welfare and benevolence, including the construction of hospitals, schools, roads, public libraries, mosques, social welfare houses for orphans, foundlings and old people, and all that is in the interest of the whole society.
12. Islam has forbidden all that comes under the Quranic verse, which meaning of is translated as: “O you who believe! Squander not your wealth among yourselves in vanity.” (The Qur'an, An-Nisaa, 4:29). This includes:
- Usurpation, which involves wronging others and perverting society. The Holy Prophet peace and pleassings of allah be upon him, said which meaning of is translated as: “Whoever usurps a Muslim's property through false oath, Allah will make Hell his abode and debar him from Paradise.” One man asked: "Even if it were the twinge of a bush, O Messenger of Allah?" The Prophet answered: “Even if it were the twinge of a bush.” (Muslim).
- Robbery, The Glorious Qur'an states, which meaning of is translated as: “As for the thief, both male and female, cut off their hands. It is the reward of their own deeds: an exemplary punishment from Allah.” (The Qur'an, Al-Ma'ida, 5:38).
- Deceit and Cheating, Allah's Messenger peace and pleassings of allah be upon him, said which meaning of is translated as: “One who cheats is not one of us.” (Muslim).
- Bribery, The Qur'an says, which meaning of is translated as: “And eat not up your property among yourselves in vanity, nor seek by it to gain the hearing of the judges that you may knowingly devour a portion of the property of others wrongfully.” (The Qur'an, Al-Baqarah, 2:188). Prophet Muhammad peace be upon him, said in this connection which meaning of is translated as: “May Allah curse the briber, the bribee, and the one who goes between them.” (Ibn Hibban). The briber, by giving a bribe, helps to spread this evil in society. The bribee, by accepting a bribe, takes what is not his, unrightfully and commits a breach of trust for he takes a price for a duty above the designated salary or wages. The one who goes between the giver and receiver of a bribe helps to promote this sin and accepts unlawful money.
- A man should not buy in opposition to his brother unless the latter gives him permission. The Holy Prophet peace and pleassings of allah be upon him, said which meaning of is translated as: “Do not forsake one another, nor do you buy in opposition to each other.” (Muslim).
