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Safeguarding wealth

Regarding state holdings, public funds and government revenue, the Holy Quran requires that these should not be used in the interest of a particular class of moneyed people, but in the public interest as well and directed towards the betterment and welfare of the poorer sections of the society,

59:7-10

مَّا أَفَاءَ اللَّهُ عَلَىٰ رَسُولِهِ مِنْ أَهْلِ الْقُرَىٰ فَلِلَّهِ وَلِلرَّسُولِ وَلِذِي الْقُرْبَىٰ وَالْيَتَامَىٰ وَالْمَسَاكِينِ وَابْنِ السَّبِيلِ كَيْ لَا يَكُونَ دُولَةً بَيْنَ الْأَغْنِيَاءِ مِنكُمْ ۚ وَمَا آتَاكُمُ الرَّسُولُ فَخُذُوهُ وَمَا نَهَاكُمْ عَنْهُ فَانتَهُوا ۚ وَاتَّقُوا اللَّهَ ۖ إِنَّ اللَّهَ شَدِيدُ الْعِقَابِ

لِلْفُقَرَاءِ الْمُهَاجِرِينَ الَّذِينَ أُخْرِجُوا مِن دِيَارِهِمْ وَأَمْوَالِهِمْ يَبْتَغُونَ فَضْلًا مِّنَ اللَّهِ وَرِضْوَانًا وَيَنصُرُونَ اللَّهَ وَرَسُولَهُ ۚ أُولَٰئِكَ هُمُ الصَّادِقُونَ

وَالَّذِينَ تَبَوَّءُوا الدَّارَ وَالْإِيمَانَ مِن قَبْلِهِمْ يُحِبُّونَ مَنْ هَاجَرَ إِلَيْهِمْ وَلَا يَجِدُونَ فِي صُدُورِهِمْ حَاجَةً مِّمَّا أُوتُوا وَيُؤْثِرُونَ عَلَىٰ أَنفُسِهِمْ وَلَوْ كَانَ بِهِمْ خَصَاصَةٌ ۚ وَمَن يُوقَ شُحَّ نَفْسِهِ فَأُولَٰئِكَ هُمُ الْمُفْلِحُونَ

وَالَّذِينَ جَاءُوا مِن بَعْدِهِمْ يَقُولُونَ رَبَّنَا اغْفِرْ لَنَا وَلِإِخْوَانِنَا الَّذِينَ سَبَقُونَا بِالْإِيمَانِ وَلَا تَجْعَلْ فِي قُلُوبِنَا غِلًّا لِّلَّذِينَ آمَنُوا رَبَّنَا إِنَّكَ رَءُوفٌ رَّحِيمٌ

Whatsoever from the possessions of the townspeople Allah has blessed on His Messenger belongs to Allah and to the Messenger, and to his kinfolk, and to the orphans, and to the needy, and to the wayfarer so that it may not merely circulate between the rich among you. So accept whatsoever the Messenger gives you, and refrain from whatsoever he forbids you. And fear Allah, verily Allah is Most Stern in retribution. It also belongs to the poor Emigrants who have been driven out of their homes and their possessions, those who seek Allah’s favour and good pleasure and help Allah and His Messenger. Such are the truthful ones. It also belongs to those who were already settled in this abode of Emigration having come to faith before arrival of the Emigrants. They love those who have emigrated to them and do not aspire to what has been given to them; they even prefer them above themselves though poverty be their own lot. And whosoever are preserved from their own greed, such are the ones that will prosper. (And it also belongs to) those who came after them, and who pray – LORD, forgive us and our brethren who have preceded us in faith, and do not cast in our hearts hatred towards those who believe – LORD, YOU are All-Merciful, All-Compassionate.

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These verses have been described juridically as the basic principle of the economic policy in the Islamic State, that is, the wealth is to be allowed FREE GLOBAL FINANCIAL CIRCULATION so -that it may not merely circulate between the rich- and the poor are left to become poorer and the rich richer. This is not just a policy statement of the Book of God, but has thoroughly been backed up by some very effective practical measures. These measures include:

a total ban on interest-based transactions;

enforcement of Alms;

levy of one-fifth on war gains;

encouragement of voluntary deeds of charity and public welfare;

imposition of different kinds of penalties as reparation of sinful transgressions;

particular laws regarding wills and inheritance;

prohibition of hoarding and stinginess;

condemnation of unchecked spending on luxuries and personal comforts.

All these measures are intended to allow FREE FLOW of capital from the rich in society to the larger sections in the best interest of the poor and the indigent. It has been impressed on the affluent ones that their affluence makes them in no way superior to others and that the voluntary or mandatory charity that they are required to offer is not tax imposed on them by the state but the poor man’s right which they are dutifully required by the Lord to discharge and for which the poor owe them no compliment. The qualities of generosity and benevolence thus become the outstanding features of the Islamic State. According to the rule laid down for Public Funds, which form a major portion of the government’s revenue, a part of it will have to be spent on economic formulas of public welfare and to support the common man and those in need. Another aspect which must also be kept in mind is that funds raised from Alms and State Revenue are the two principal sources of income for the Islamic system. From these, the first one is meant solely for the amelioration of the poorer sections’ lot. The revenue under State Taxation is generated through various sources of income, including Non-Believer Taxation, or the capital tax levied on the non-believing communities guaranteed by state protection in lieu of their undertaking to live as its peaceful citizens and not as combatants; therefore in return of this guarantee they are required to pay a nominal token tax, much less than Alms, that is only levied on believing subjects, and the Land Tax. Therefore a major portion of the revenue thus generated is spent again on the welfare needs of the poor and the less affluent. It thus becomes quite clear that the particular characteristic of the economic policy of an Islamic State and Government is to regulate its income and expenditure in such a way that the moneyed and influential people may not have the monopoly on the state’s sources of income, and capital is allowed to flow freely instead of accumulating among the rich or flying from the poor to the moneyed.

The Quranic Masterplan and Blueprint for a State’s well-being has been established during the Golden Era of Islamic Sciences through the Grand PROPHECY of Muhammad ﷺ