OnIslam.net

Today's modern world suffers from the near absence of social justice, which has become a rare feature of most national economies. We are also witnessing a deep recession affecting most countries mainly due to a major crisis in the world's banking and financial system.

Major public unrests, demonstrations, protests and revolutions have been spreading from one country to the next in the past few years, especially in Europe, America and the Middle East.

Experts are searching for an alternative system that offers the best of two worlds: the efficiency of production of the capitalist system, and the fairness of distribution of the socialist system. Does such a system exist?

We believe that Islam offers this delicate balance through the divine guidelines that encourage investors to invest in the real economy to make real profits that benefit all people while creating new jobs needed in society, and taking good care of the less-privileged and the weak through a comprehensive social security safety net centered around Islam's third pillar: Zakah.

This folder, Islamic Economy & Social Justice, sheds light on some of the main Islamic guidelines on finance and wealth distribution, and presents some of the problems associated with interest-based finance, while describing the functioning of an ideal banking system in an Islamic economy, in addition to answers to a selection of questions on alternative investment and consumption loans, and different aspects of Zakah for an ideal social structure that is sound, fair and that leads to sustainable social relations.

Zakah, the third pillar of Islam, is the social pillar which protects society and aims at establishing social justice. An act of worship like prayer, Zakah reflects compassion with the less fortunate and mercy in the heart of a believer that leads to the love of God.

Zakah and Social Justice We must ask whether Zakah is a ritual, pure and simple, or a stipulation which involves aspects of human relationships that must be taken fully into account Divine Purposes in Spending in God's Way One of the most important acts of worship that cleanses material and spiritual dirt, enables man to discipline his souls is to spend in God's way for benevolent causes. Social Solidarity & Social Justice in Islam The Wisdom Behind Zakah (Alms Giving) Prophet Muhammad and Justice Taking Alms of Their Wealth (Zakat al-Mal) Philanthropy and Zakat Prophet Muhammad's Care for The Poor Thinking of Others Before Yourself Ramadan’s Special Charity (Zakat al-Fitr) Purifying Wealth Zakah for Social Justice An Ever-Giving Soul (The Story of Abdul-Rahman ibn Awf)

What does a religion (Islam) have to do with economics, finance and monetary dealings? How and why does Islam control human behavior in economics and how is it related to the overall foundation of faith? .

The Economic Objectives of the Islamic State The Islamic state is required to guarantee a minimum level of living for those whose own earnings fall short of fulfilling their basic needs. Islam and Economics Islamic economics provides scientists with a new area for research, namely, analysis of economic behavior under the paradigm of the Islamic system Seeking Lawful Earnings Property Rights in Islam Islamic Business Ethics (Part 1) Objectives of the Islamic Economic System The Economic Theory of Ibn Khaldun An Introduction to Religion and Economics Position of Women in Islam: Economic Aspect Islamic Business Ethics (Part 2) Islamic Business Ethics (Part 3) Production and Consumption Ethics in Islam (Part 4) Purposes of the Islamic Law

Debt, with its increasing amount of interest compounded upon it, is dangerous for any nation because it means loss of sovereignty and control

Interest, Unlawful – Profit Making, Lawful … Why? Many may think that lending money at a high interest is unjust, but in Islam, lending money on interest at any rate is unacceptable. The Ills of Interest (Part 1) When something is prohibited by God, this does not mean that there is absolutely nothing beneficial in the prohibited item or practice. The Ills of Interest: Confessions (Part 2)  The Ills of Interest (Part 3): The Islamic Answer  Lessons from Islamic and Ethical Finance  Recipe For a Successful & Prosperous Economy (From an Islamic Perspective)  Why Is Usury Prohibited in Islam?  Difference Between Riba and Mortgage

One of the most important objectives of Islam is to realize greater justice in human society. This is not possible unless all human institutions, including the financial system, contribute positively towards this end

Islamic Economics -Justice and Practicality  As a complete way of life, Islam has provided guidelines and rules for ever sphere of society. Naturally, a functioning economic … Global Financial Crisis: Could Islamic Finance Solve the Problem? One of the principle needs for this is to subject all aspects of human life, social, economic, political and international, to moral values ... The Purpose of the Islamic State  Islamic Perspective on The Global Financial Crisis  Islamic Finance and Sustainable Development Freedom of Economic Activity  Why Islamic Banking is Successful? The Islamic Financial System and Lessons of the Recet Crisis Waqf-Based Microfinance Lessons in Social Justice from Scandinavia Islamic Finance: A Growing Industry The Inner Dimension of Existence

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How to Get Finance without Interest  What is the solution to the problem of securing sources of credit without resorting to the practitioners of Riba as that source?