Capitalism is an economic system based on private ownership of the means of production and their operation for profit.
This system, which is built on the sense of individual interest , is based on the freedom of some emotions that are placed on him in the creation of man. Freedom of ownership and possession, freedom of speech and thought , and freedom of contract in commercial relations constitute the cornerstones of this system. Socialism and communism movements have emerged due to the economic opportunities of capitalist systems and the exploitation of workers’ rights.
In capitalist societies, the fact that workers are employed for a sub-average wage, and the acquisition of non-labor wealth through banks, widens the income inequality the gap between the rich and the poor. It is not possible for a society to be considered as civilized enough, in which two groups cannot live both in prosperity,
The economic system predicted by Islam is quite different from capitalism. Although there is no limit to enrichment in Islam, there are principles about ways to get rich and what should be considered while accumulating capital.
Islam has not set a limit for people to acquire property. However, according to the understanding of Islamic economics, two conditions were put in front of Muslims within this limitlessness. The first is that Muslims do not forget that what they have is trusts given to them. As a matter of fact, since man is a vicegerent of Allah on earth (the representative of Allah on earth), he has the right to own property only as a trustee. The second condition is that the goods entrusted to him should be spent as the entruster – Allah – wishes. In other words, while a Muslim spends his wealth It should not ignore the moral values of Islam, especially the halal and haram provisions, issues such as brotherhood, social and economic justice. In addition, his possessions and property must be earned according to Islamic criteria. We can list these dimensions as follows:
1. Integrity in trading must be maintained in all cases.[1]
2. Timely payment of the employee’s right is obligatory.[2]
3. The customer should not be misled.[3]
4. Embedding someone else’s property is treason and theft.[4]
5. inorder justice to be observed, in case of borrowing the debt must be written down and there must be witnesses.[5]
6. It is good that the debt meets a need and is paid on time. However, respite should be given to the debts of those in distress.[6]
7. A person deserves what he has worked for.[7] Earnings should not be increased by theft/corruption.[8]
8. Bribery should not be used to settle matters quickly.[9]
9. Profit should not be made by exploiting religious feelings.[10]
10. Measuring and weighing should not be cheated.[11]
11. Gambling and speculation should be avoided.[12]
12. Interest should not be approached.[13]
13. Stocking with the aim of increasing prices should be avoided.[14]
Those who only think about hoarding goods and lazily holding their wealth in their hands are also not well accepted in the religion of Islam. In the Quran, these people are frightened by the verse, “[(Hell) calls to itself those who] gathered and hoarded ˹wealth˺.”[15] Being attached to wealth and property with an excessive fondness is also a disgraceful behavior in Islam.[16]
In the religion of Islam, there are many verses and hadiths that encourage working and earning with the intention of spending, giving zakat, giving alms, and not being dependent on others. Some of these are those
“And do not crave what Allah has given some of you over others. Men will be rewarded according to their deeds and women ˹equally˺ according to theirs. Rather, ask Allah for His bounties. Surely Allah has ˹perfect˺ knowledge of all things.”[17]
“The best (purer) food that a man eats is that which he has earned himself.”18]
“O Allah, I seek refuge in You from weakness, laziness, cowardice, depravity and stinginess.”[19]
As you can see, the basis of capitalism is based on materialism. The purpose it foresees for man is to live in wealth and luxury and to consume it as he pleases. Therefore, it provides an area of unlimited freedom to people. For these reasons, it is not possible for capitalist views to find a place in the religion of Islam.
The economic understanding of Islam is a balanced approach in accordance with the characteristics of human creation, away from the extremes of communism and capitalism. While the religion of Islam encourages working, producing and making a profit, it also encourages using what they have earned as a means of aid and goodness to all segments of the society, instead of making it a means of superiority. Thus, earners were held responsible for those in need, and it was aimed for both segments that their economic situation would lead them to strengthen their relationship with Allah.
[1] An-Nisa,29 ; Al-Baqarah,168
[2] Ash-Shu’ara, 183
[3] Ash-Shu’ara, 181-183
[4] Al-Baqarah, 60
[5] Al-Baqarah, 282
[6] Al-Baqarah, 280
[7] An-Najm, 39
[8] Al-Mai’dah, 38-39 ; An-Nisa, 29
[9] Al-Baqarah,188
[10] At-Tawbah, 34
[11] Al-Mutafifin,1-6
[12] Al-Mai’dah, 90-91
[13] Al-Baqarah,275
[14] At-Tawbah, 35
[15] Al-Ma’arij, 18
[16] At-Tawbah, 24
[17] An-Nisa, 32
[18] Sunan Abi Dawud, Wages (Al-Ijarah)
[19] Sahih Al-Muslim, The Book Pertaining to the Remembrance of Allah , 76