Man is neither the absolute owner nor the total possessor of the earth and its

Man is neither the absolute owner nor the total

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Man is neither the absolute owner nor the total possessor of the earth and its resources. Therefore he does not have the right to possess as much a he like or to obtain wealth in any way he like.
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Since man is the vicegerent of Allah and this vicegerency belongs to all people, each individual is a guardian of the public interest. Furthermore human progress depend on the successful coordination and harmony between the spiritual and material aspects of life. When the spiritual life is separated from the economic struggle of man the required balance will be lost. Therefore, the maintenance of such balance is very crucial to economic stability. Rationality: there is a big contrast between the Western thought and Islamic thought with respect to the meaning of rationality.
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According to Islamic thought the life of Muslim in this world is temporary phase in his permanent life the in the Hereafter.. His success in Hereafter is dependent on the utilization of the sources of this world in the best and right way. We should also note that while seeking the abode of the Hereafter. Man could not neglect his share of the world. Free market : Markets played an important role as places for transaction in Islamic economic history. Islamic recognize demand and supply as forces that bring about equilibrium in the market.
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Markets are regulated by price mechanism. People are left free to transact and exchange goods and services. The state authority can intervene in market in case of transgression by any of the parties. Shari’ah calls for fair and free trading, in full compliance with its principles Price control merely with the aim of justifying this freedom and fighting corruption are reasonably accepted. Islam recognize the market system because of the freedom it offer to individuals. However, this system is not considered to be inviolable and unchangeable.
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The goal of Muslim society as a whole is more important. Therefore, the hoarding and profiteering from people’s urgent needs for particular commodities are absolutely prohibited. 3-The principle of social justice: The third basic component of Islamic economic is social justice, which is the most prominent one. It is plays crucial role in the distribution of wealth in the society. Social justice contain two general principles one being the principle of general mutual responsibility and the other one principle of social balance. Islam permits divergence in wealth within a reasonable limit but does not tolerate this divergence to grow so wide that some people spend their life in luxury and comfort where other are left to a life of misery and hunger.
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The three Necessary Elements for the Execution of Social Justice Tawhid : define man- God relation. The key social justice of Islamic economy lies in man’s relationship with God, His universe and the people and the nature and purpose of man’s life on the earth.
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