BASIC PRINCIPLES OF ISLAMIC ECONOMY

According to Mohammed B. Sadr, (1980) three basic principles of Islamic economy are multi-faceted ownership, economic freedom within a certain limit, and social justice. 

These are the three basic components of Islamic economic doctrine, according to which its theoretical content is defined. Islamic economics can also be distinguished from other economic regimes in terms of the broad lines given by these components.

1. Multi-faceted ownership 

Islamic economic doctrine acknowledges different forms of ownership at the same time. Ownership is accepted in a variety of forms instead of only one kind of ownership, that's why it adopts the principle of multi-faceted ownership. 

Types of ownership are: 

✉ Private ownership 

✉ Public ownership 

✉ State ownership 

Private ownership is for a number of kinds of property and means of production. Also, public ownership and state ownership are allows for some kinds of wealth and property. All three of the ownership are three parallel forms in Islamic law (Shari‟ ah).

(Surah Al-Baqarah: 284)

Based on verse above, it can be simplify that real ownership belongs to Allah and man holds property in trust for which he is accountable to him, in accordance with the rules clearly defined by the Shari‟ ah. Therefore, absolute ownership of man is an alien concept in Islam, as it belongs to God alone.

(Surah Al-Imran: 189)

He is the real owner of everything. 💖 

Reference: Assist. Prof. Dr. M. Kutluğhan Savaş ÖKTE, FUNDAMENTALS OF ISLAMIC ECONOMY AND FINANCE: THEORY AND PRACTICE (2010), Electronic Journal of Social Sciences, Winter-2010 V.9 Is.31