Economic system of Islam

The Economic system of Islam 

The basic economic concept in Islam is that absolute ownership of everything belongs to God alone. Man is God's vicegerent on earth. God has subjected to man's service whatsoever is in the heavens and whatsoever is in the earth;..... In this surely are signs for a people who reflect. This has reference to man as such, to the whole of mankind and not to a particular individual or group.

" Allah is he who has appointed you (mankind) his vicegerents on earth. Know then, that he who fails to recognize this dignity and to act in accordance therewith shall be answerable for his neglect and will himself suffer loss and also incur the displeasure of his lord.    (35 : 40) "

 Legal ownership by the individual, that is to say, the right of possession, enjoyment, and transfer of property, is recognized and safeguard in Islam, but all ownership is, as we have seen, subject to the moral obligation that in all wealth all sections of society, and even animals, have a right to share. Part of this obligation is given legal form and is made effective through legal sanctions, but the greater part is secured by voluntary  effort put forth through a desire to achieve the highest moral and spiritual benefit for all concerned. In fact, this supplementing of legal obligations to be discharged through voluntary effort runs through every part of the  Islamic system. Its operation can be observant every sphere. For instance, there are the obligatory prayer services , and supererogatory prayers, and prayer and remembrance of God at all other times. There is the obligatory fast during the month of Ramadan and supererogatory fasts at other times. There is the obligation upon those who can afford it to perform the pilgrimage itself may be repeated as often as a person desires. The same principle holds in the economic sphere.