Accountancy Forum

What is the best economic system!

This is about honesty
This is about lifestyle
This is about religion
This is about equality
This is about emotions
This is about practicality
This is about GOD
In a nutshell this is about everything. about
you and me

We are suppose to propose the best economic system through our discussion that should be evaluated and structured on the basis of above criteria.
The benchmarks already developed in this regard are
Market Economy
Socialism
Islamic System (as perceived and refined by Hazrat Umer)
Resource Based System

If you have got a new system, you can propose that as well

Mr. Bilal,

In my view this topic should be posted on Economics Forum.

Anyhow, let us come towards our main point.

In my opinion economic system of Islam is the best economic system.
Islam is complete code of life it gives a social system as well as a great economic system. Other economic systems are only consisted on material factors but it’s economic system of Islam that is also consisted on ethical factors such as Benevolence, Aisar, Rawadary, Brotherhood, and Dignity of Labour. Through the institution of Zakat and law of inheritance Islam makes possible the flow of money from the rich to the poor. Hence Islam makes possible equal distribution of wealth and income. Hazrat Ali Said “Ghurbat Insan ko Kufar Se Mila Deti Ha”. This is very true observation. In my view only a social revolution that will also have a model for economic revolution can change our society.

Economic system of islam makes possible the circulation of money because SHIRAKT or partnership is its main feature.

Economic system of Islam makes possible the equal distribution of wealth just see the economic activities that are carried only on the occasion of Eid ul Azha. Billions of Rupees move from cities towards villages because people buy millions of animal. Skins of animals give boom to lather industry. Millions of poor people who cannot buy meat receive huge quantities of meat. Thousands of charitable institutes receive skins of animals and perform charity and other social works.

This is only a small example of eco benefits of Economic system of islam.