ENGLISH-THE CONCEPT AND SCOPE OF OWNERSHIP IN ISLAMIC STATE

Muhammad Ishaq; Aziz ur Rehman Saifee; Mushtaqullah Hashmi

Muhammad Ishaq Assistant Professor, Department of Usool ud Din, Faculty of Islamic studies, University of Karachi. https://orcid.org/0000-0001-9725-2164
Aziz ur Rehman Saifee Assistant Professor, Dept. of Arabic, University of Karachi. https://orcid.org/0000-0003-2324-2718
Mushtaqullah Hashmi Visiting Faculty, Department of Usool ud Din, Faculty of Islamic studies, University of Karachi. https://orcid.org/0000-0003-0082-2453

Keywords: Ownership in Islam, Ownership of wealth in Capitalism, , Ownership concept in Islamic State, Authority of ownership.

Abstract

In Capitalism a Person has full authority of Ownership over one’s wealth. One can spend one’s wealth in whatever and whenever one likes. Due to this false impression a person considers it one’s right to spend one’s wealth even in illegal activities. In this regard, Islam has a totally different concept as compared to capitalism. Islam recognizes the ownership of a person over one’s wealth. But some restrictions are set forth on the ownership, so that use of the ownership of wealth right must not incur the wrath of Allah and should not cause sufferings to people. So, Islam has a system of the right of ownership and its use, The system delineates very clearly that having the right of ownership of wealth does not permits the owner to spend the wealth on unlawful and forbidden activities as they may cause sufferings to the neighbors and other people.