Dear Sidqi Saheb,
Muslim scholars have been talking and writing a lot on economics but I have found their ideas impracticable.
The Quran gives us the details of the Divinely ordained economic system. We only need to put those Principles in a coherent, organized fashion.
In-Sha-Allah, my next book will be on ISLAM AND ECONOMICS.
I request brother Jawaid and others to come up with their valuable thoughts.
A few points from THUS SPEAKS THE QURAN.
Disregard of the commands given in the Quran results in economic depressions and poverty. [20:124]
If the people of the townships had believed in the Divine laws and run their system right, We would have opened for them blessings from the heaven and earth. … [7:96]
People should work according to their capacity and get compensated according to their needs. [2:219, 4:36, 9:79, 24:61, 59:7]
God has spread out the earth for the benefit of all His creatures. People must not exploit the weak. [55:10, 7:73]
God has placed more than enough sustenance on earth but human beings are responsible for its equitable distribution. [62:11, 4:36, 9:60]
Spend on fellow humans all that is beyond your needs. [2:219]
People in power must establish the Divine System and set up the Just Economic Order (Zakaat) in which wealth circulates freely and everyone’s needs are taken care of. [22:41]
Let not wealth keep revolving among the rich elite only. [59:7]
Charity And Generosity
Spend on fellow humans all that is surplus. [2:219]
Do not inflict the recipients with reminders of your generosity. [2:262]
Do not give alms and charity for show off. [4:38]
Do not try to impress people with your piety. [53:32]
Giving charity brings lasting rewards and strengthens one’s own ‘self’. [2:265]
Help the needy without expecting any returns, not even a word of thanks. [76:9]
Give to others the decent things that you have honorably earned with hard work. [2:267]
The noble ones feel no hesitation in their hearts in helping the needy, giving them preference over themselves, even though poverty is their own lot. [59:9]
Whoever is saved from greediness of the heart, such are the ones who truly prosper. [59:9]
Keep your resources available for fellow humans. [3:134]
Give your relatives their Divinely ordained right, and give to those whose running businesses have stalled, those who have lost their jobs, the needy wayfarer, the homeless, and the one who reaches you in a state of destitution. Do not squander your wealth senselessly. [17:26]
Be easy on the debtor. Giving up the loan as charity is better for you. [2:280]
Give to the poor their Divine right whenever you earn income. [6:141]
Give charity while you are in good health and expect to live instead of waiting until ill health and death approaches you. [63:10]
Charities must go to, the poor, those who are not able to earn enough living to meet their basic needs, those whose running businesses have stalled or the ones who have lost their jobs, those who have become needy with their active lives coming to a stand-still, officials who have been appointed by the government to collect alms and charity, those who are hindered from joining the Divine System for financial reasons, to “free” men and women from bondage of any kind - physical slavery, unjust captivity, and oppression from any quarters, those who are pressed under the load of ransom or heavy debt from an enemy, defense of the Ideological State, in the cause of God, the wayfarer who becomes needy, those who travel to the believers in destitute condition, and the homeless son of the street. [9:60]
Giving charity in secret is better than announcing it. [2:271]