3. Alternatives in economic system Ideology Capitalism Islam Origin Secularism (separation of religion and life) Shahada Human needs Material only, unlimited Material (limited) & Non-material (unlimited) Human desires Part of human nature (non-changeable) Related to accepted ideas (changeable) Economic Problem Unlimited needs vs. limited resources (relative scarcity) Allocation of wealth over the human needs Method Freedom / “ Laissez faire ” Shari’a
O son of Adam, it is better for you if you spend your surplus (wealth), but if you withhold it, it is evil for you. There is (however) no reproach for you (if you withhold means necessary) for a living. And begin (charity) with your dependants; and the upper hand (giving) is better than the lower (taking) hand” (Muslims