The religion of Islam is profoundly concerned with the social life of human beings, and its rules are set to be practiced on a large scale and in all aspects of humans’ life. Therefore, it is inseparable from the financial and political organization of society. So, Islam has built a system of economy compatible with any society [1] and practical at any given time.

Islam considers the economy as one of the most important aspects of social life, but not its sole purpose which has to be taken into account at the expense of ignoring or harming other aspects of human life. The typical and well-known economic concepts in Islam are Khums, Alms tax (Zakat), Usury (Riba), Mortmain property (Waqf), etc.

What Are the Characteristics of Practical Islamic Economy?

A healthy economy according to Islam is one that is vibrant and growing, advantageous for all kinds of people in the society, and free from favoritism and injustice. This is an economy in which a fair amount of income is earned through a sufficient amount of work which is beneficial both for the individuals and society.

Therefore, a Halal source of income -that is the money earned through acceptable ways in Islam- in Islamic society is earned through a job, which is compatible with public interests based on the sharia of Islam. On the contrary, the income earned by any demand regardless of its nature or its effect upon society is not considered Halal according to Islam. In other words, the demands must be for the benefit of humankind -not just materialistically but also spiritually- to result in a healthy and desirable income [2].

Despite many misunderstandings, Islam never condemns being wealthy or having a prosperous way of living[i]. Prophet Muhammad (PBUH) said: “Worshiping has seven parts and its best part is lawfully earning money”. Contrarily, producing wealth in lawful ways, legal trading, and spending money for personal matters without extravagance and prodigality -which is strictly forbidden in Islam- have been highly recommended [1].

However, it condemns putting financial needs and concerns above other things, living for the sake of gathering money and piling it up, not earning money to have a better life, which is apparently not achieved just by money. On the other hand, if money becomes a means for work, activity, and productivity, then it will result in a more satisfactory and peaceful life [2].

To conclude, the practical religion of Islam is in favor of a lively economy in which welfare is not restricted to a particular group in society, a typical feature of capitalistic societies. Moreover, wealth is distributed fairly but not equally and regardless of the amount and quality of the work they undertake - characteristic of a communistic economy-  among all kinds of people in the society.

It is a system that is continually developing, and each individual has an opportunity to put his or her talents into practice. In other words, social justice is the crucial factor of the Islamic financial organization. A perfect example of this kind of society can be easily depicted in the reign of Muslims’ great religious leader after Prophet Muhammad (PBUH), Imam Ali (AS) [ii]. 

Notes:

[i]. Money has been directly called “Kheir” which means “goodness” in the Quran (2:180).

[ii]. On the second day of his reign, Imam Ali (AS) told his people as an announcement of his way of distributing the commonwealth among the society that: “the wealth is God’s property. Thus it will be distributed equally betwixt you, and no one is regarded above the other in this distribution, and there will be the best reward for God-fearers on the Day of Judgement”. Also, he was severely criticized by the upper-class groups in society for his careful observance of neglected people and his similar behavior with all kinds of people from any economic background. 

References:

1. Sheykh Al-Saduq. Savab al-Aamal va Iqab al-Aamal.
2. Morteza Motahhari. Nazari bar Nezame Eghtesadye Islam (An Overview of Islamic Economic system). Tehran: Sadra Publication.

1. The World in Jesus Christ (PBUH)'s View

This world is a bridge, pass it and don't get attached. 

Sheikh al-Mufid, Al-Amali, p.43.

2. You Reap What You Sow

Everyone is after the reward [that comes at the end], and no one will get it except through hard work. 

Mizan al-Hikma, hadith no. 22083.

3. The Lasting Lights

Good for the ones who pray at the heart of the night; those are the ones who will inherit a lasting light. 

Tuhaf al-Uqul, p.510.

4. Faithfulness in Jesus Christ (PBUH)'s View

A tree is perfected only through giving fruit, as faithfulness is only accomplished through avoiding what is forbidden (Haram). 

Tuhaf al-Uqul, p.511.

5. Beware of Your Eyes

Be careful about what you are looking at since the mere act of looking [at something inappropriate] will put the seed of desire in your heart, which would later turn into a disaster. 

Tuhaf al-Uqul, p.502. 

6. Most Cherished Ones

Good for the ones who make amends among people; those are the most cherished on the Day of Judgement.

 Tuhaf al-Uqul, p.501. 

7. Servants of This World

O' servants of the world! You are like a lamp that gives light to people and burns itself instead. 

Tuhaf al-Uqul, Hadith no.500324.

8. Modesty in Private and Public

As you present modesty and humbleness among people in public, be modest and humble with regard to God in private.

Tuhaf al-Uqul, Hadith no.500325.

9. A Fruitful Heart in Jesus Christ (PBUH)'s View

Verily, planting is only possible on arable land, not a barren one. Similarly, wisdom only grows in a humble and ready heart, not an arrogant and prejudiced one. 

Tuhaf al-Uqul, Hadith no.500332.

10. Practice Makes Perfect

Everyone looks upon the stars, but none finds his/her way using them, except the one who knows their places and how they work. Similarly, you will learn wisdom, but only the one who practices wisdom will be guided.

Tuhaf al-Uqul, Hadith no.500336.

11. Inappropriate Words' Echoes 

Any offensive and inappropriate word that you say today will be responded later on the Day of Judgement.

Tuhaf al-Uqul, Hadith no.500341.

12. Patience in Jesus Christ (PBUH)'s Words

Water puts the fire out, just as patience calms anger down.

Tuhaf al-Uqul, Hadith no.500347.

13. Perfect Faith as Jesus Christ (PBUH) Describes 

Water and soil are the determining factors for a good harvest, just as knowledge and manner are the keys to perfect faith. 

Tuhaf al-Uqul, Hadith no.500350.

14. Don't Be Just After this World 

The one who is only after this world is like a person drinking seawater; the more he drinks, the more he gets thirsty and finally will bring him death. 

Warram b. Abi Firas al-Hilli, Tanbih al-khawatir wa nuzhat al-nawazir, vol.1, p.149.

15. This World and The World that Is to Come

Jesus Christ (PBUH) said to the apostles: "As much as you get tired in this world, you will rest in the other world, and as much as you rest in this world, you'll get exhausted on the world that is to come."

Ismaiil Jawuhari Farabi, Al-Sahah, vol.1, p.225.

16. The Root of All Evil

Beware that the root of all evil lies in loving this world extremely. 

Warram b. Abi Firas al-Hilli, Tanbih al-khawatir wa nuzhat al-nawazir, vol.1, p.129.

17. Water and Fire

Loving this world and striving for the other world cannot come together in a believer's heart, as water and fire cannot be put together on a plate. 

Warram b. Abi Firas al-Hilli, Tanbih al-khawatir wa nuzhat al-nawazir, vol.1, p.131.

18. God's Friends 

If you want to be among God's friends and chosen ones, be kind to the one who does you wrong, and forgive the one who has done you an injustice, and greet the one who turns his face from you.

Tuhaf al-Uqul, p.503.

19. A Magnificent Person 

Whoever knows and brings what he knows into practice and teaches others, is considered a magnificent person in Allah's regard.

Warram b. Abi Firas al-Hilli, Tanbih al-khawatir wa nuzhat al-nawazir, vol.1, p.82.

20. The Most Wretched One

The most wretched among you is the one who is only known by his/her knowledge, not his/her deeds. 

Bihar al-Anvar, vol.2, p.52.