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. How to Treat People

Treat people the way you like to be treated.

Hasan ibn Muhammad Deilami, Aalam al-din fi Sifat al-Moumenin, p.297.

2. Good Temper 

The best of virtues is being good-tempered. 

al-Shaykh al-Saduq, Al-Khisal (The Traits), p.29.

3. Serving Allah in Imam Hasan (AS)'s View

Whoever serves Allah sincerely, Allah will make all the universe serve him/her. 

Warram b. Abi Firas al-Hilli, Tanbih al-khawatir wa nuzhat al-nawazir , vol.2, p.108.

4. Giving Thanks

The one who doesn't give thanks for his/her blessings is a worthless person.

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p. 233.

5. The Month of Ramadan

Allah has made the month of Ramadan like a competition for His servants, to compete for His satisfaction with each other through obeying Him. 

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.236.

6. Your Neighbor

Treat your neighbor kindly to be worthy of being a Muslim.

al-'Allama al-Majlisi, Bihar al-anwar, vol.78, p.112.

7. Think and Contemplate

I advise you to think and contemplate since they enliven an insightful person's heart and are the key to wisdom.

Hasan ibn Muhammad Deilami, Aalam al-din fi Sifat al-Moumenin, p.297.

8. Consulting in Imam Hasan (AS)'s Words

Consulting in groups leads you toward success. 

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.233.

9. A True Friend

A true friend is always on your side, whether in hardships or comforts. 

 al-'Allama al-Majlisi, Bihar al-anwar, vol.78, p.114. 

10. The Meaning of Patience according to Imam Hasan (AS) 

Patience means restraining from anger and having yourself under control.

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.227. 

11. Your Creation is Not Vain

O' servants of Allah, beware that Allah had not created you in vain, nor left you on your own. Instead, He had determined the years of your lives and has distributed your sustenance among you. This way, any wise person will realize his/her worth and that he/she won't get more than what has been determined for him/her.

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.234.

12.This Life and the Life that Is to Come

Strive for this life as if you will live forever, and make every effort for the life that is to come as if you will die the next day. 

Muhammad Reza, Ali and Muhammad Hakimi, Al-Hayat (Life), vol.4, p.62.

13. A Reflection on this World by Imam Hasan (AS)

This world is the dwelling of pain and hardship, and whatever rests here is doomed to mortality. Allah had informed us of this world's workings to learn our lessons from it. He has warned us beforehand so that no excuse will remain at the end for us. Therefore, be pious in dealing with what is temporal (i.e., this world) and seek what is eternal (the afterlife). 

Muhammad b. 'Ali b. Shahrashub, Manāqib Āl Abī Ṭālib, vol.4, p.31. 

14. The Quran

Verily, the lights of guidance in this Quran leads toward prosperity. This Quran heals hearts and souls. 

al-'Allama al-Majlisi, Bihar al-anwar, vol.75, p.11.

15. The Right and Wrong

There is a thin line between what is right and wrong; what you see with your own eyes is the right thing, and what you hear or is told about might be wrong. 

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.229.

16. Be Grateful

Being grateful for the blessings and being patient in hardships, are the virtues to which you can't find any negative side. 

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.234.

17. Your Religion 

Verily, people are slaves to this world and its wealth and make their religion a means of reaching their (worldly) purposes and do whatever it takes to build an ideal life. Therefore, when faced with a trial, few will adhere to their religions.

Qadi Nur Allah Shushtari, Ihqaq al-haqq, vol.11, p.234.

18. Know Allah

Whoever knows Allah, will fall in love with Him. 

Warram b. Abi Firas al-Hilli, Tanbih al-khawatir wa nuzhat al-nawazir, vol.1, p.52. 

19. The Blessings 

The blessings are unappreciated as long as they are at hand, yet their worth will be appreciated as soon as they are lost.

al-'Allama al-Majlisi, Bihar al-anwar, vol.78, p.115.

20. Meanness 

Meanness is considering what you own as the reason for your honor, and what you give away as waste. 

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.225.

 21. Poverty 

Poverty is the greed that is not satisfied with anything.

 Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, pp.225&226.

22. Ponder as Imam Hasan (AS) Says

I advise you to piety and constant pondering since thinking is the root of all virtues.

Warram b. Abi Firas al-Hilli, Tanbih al-khawatir wa nuzhat al-nawazir, vol.1, p.52.

23. The Ability to Supplicate

When Allah blesses someone with the ability to supplicate to Him, He surely gives his/her prayers the chance of being granted. 

 al-'Allama al-Majlisi, Bihar al-anwar, vol.78, p.113.

24. An Unnecessary Burden 

Expressing your opinion on the subject, which is not related to you, puts an unnecessary burden on your shoulders.

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.226.

25. The Sign of Abasement

Being afraid of honesty and expressing the truth is a sign of abasement.

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.226.

26. Three Destructive Things in Imam Hasan (AS)'s Words

There are three things that bring destruction to people; pride, greed, and envy. 

al-'Allama al-Majlisi, Bihar al-anwar, vol.78, p.111. 

27. The Best Chance to Forgive

The best chance for a benevolent person to forgive a guilty one is when there is no way out for the latter.

 Hasan ibn Muhammad Deilami, Aalam al-din fi Sifat al-Moumenin, p.297.

28. The Spirit of Generosity

Whoever counts the number of his/her charities, ruins his/her spirit of generosity. 

al-'Allama al-Majlisi, Bihar al-anwar, vol.78, p.113.

29. The Eyes and the Ears

The most insightful eyes are the ones that are fixed only on the goodness and virtues, and the most receptive ears are the ones who listen to advice and make use of them.

 al-'Allama al-Majlisi, Bihar al-anwar, vol.78, p.109.

30. Silence, Recommended by Imam Hasan (AS)

At times, silence is a better companion, even if you are a perfect speaker.

 al-Shaykh al-Saduq, Ma'ani l-Akhbar, section no.401. Hadith no. 62. 

31. The Calamities 

The calamities are the keys to blessings and rewards. 

Hasan ibn Muhammad Deilami, Aalam al-din fi Sifat al-Moumenin, p.297.

32. Worshiping Allah

Whoever seeks to worship [Allah] sincerely, should purify him/herself for this purpose. 

Ibn Shu'ba al-Harrani, Tuhaf al-'uqul, p.236.

33. A Precious Wealth 

No wealth is more precious than wisdom.

 Baha' al-Din 'Ali b. 'Isa al-Irbili, Kashf al-ghumma fi ma'rifat al-a'imma, vol.2, p.198.

34. Wisdom

Treating people good-manneredly is a crucial part of wisdom. 

al-'Allama al-Majlisi, Bihar al-anwar, vol.78, p.111.

35. Teach 

Teach your knowledge to others and learn what others know; this way, you will both improve your own knowledge and learn what you didn't know about.

 Baha' al-Din 'Ali b. 'Isa al-Irbili, Kashf al-ghumma fi ma'rifat al-a'imma, vol.2, p.197.

36. Food for Thought

I wonder how you would think about the food for your body and don't contemplate on the food for your thought? You restrain from eating what is harmful to your body, but fill your mind and soul with what ruins them. 

al-'Allama al-Majlisi, Bihar al-anwar, vol.1, p.218. 

37. Anger

Your [real] thoughts will be revealed in your anger. 

al-'Allama al-Majlisi, Bihar al-anwar, vol.78., p.113.

38. Allah's Satisfaction

I guarantee that Allah will grant the prayers of the one whose only purpose is Allah's satisfaction. 

al-'Allama al-Majlisi, Bihar al-anwar, vol.43. , p.351.

39. Trust Allah

Whoever trusts Allah's best intention,  will only desire what Allah chooses for him/her. 

al-'Allama al-Majlisi, Bihar al-anwar, vol.78., p.106.

40. Alms-Tax

Giving alms-tax (Zakat) does not reduce your wealth.

al-'Allama al-Majlisi, Bihar al-anwar, vol.96., p.23.