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"The inheritance law of Islam ensures that the wealth of the deceased is distributed equitably. The general ownership of wealth is significantly diluted by this formula, as only one-third of oneβs inheritance can be distributed at will. Two-thirds is distributed to oneβs legal heirs, from the nears and dears of family members. The state cannot inherit anything from this wealth, and hence any kind of inheritance or death tax is out of bounds in Islam."
- Islam & Economics
"The institutional tenets of the Islamic economic framework
are evidently pro-wealth creation, which is in sheer contrast to the laws and values generally practiced in most of the Muslim-
majority countries today."
- Islam & Economics
S. M. Yusuf believes that Islam considers nature as largely a freely available resource to all without any proprietary rights to any individual. In fact, when it comes to nature and its manifestations, there is almost a consensus among Muslim scholars on the matter of ownership. Islam considers nature and natural resources as divinely owned and freely available to humankind.
This is mentioned in several passages in the Qurβan, but the following verses capture it clearly:
"It was God who created the heavens and the earth. He has sent down water from the sky with which He brings forth fruits for your sustenance. He has subdued the ships which by His leave sail the ocean in your service. He has subdued the rivers for your benefit, and subdued for you the sun and the moon, which steadfastly pursue their courses. And He has subdued for you the night and the day." (14:32β34)
All jurists would likewise agree with Yusuf that natural resources are freely available to all humankind. They draw inspiration from a hadith that declares:
"Muslims have common share in three (things): grass, water and fire." - (Sunan Abi Dawud, Book of Wages, hadith no. 3477)
- S. M. Yusuf, Economic Justice in Islam
Javed Ahmad Ghamidi's five fundamental elements in his model of Islamic economy directly derived from the Qurβan:
private property rights, national control over natural assets, control over usurpation, documentation and evidence, and distribution of inheritance.
"The Islamic economic framework should not be understood as a prelude to a new academic discipline or to a new economics, for that matter. This framework can be understood as a combination of moral principles and practical rules for a just, inclusive, and dynamic economic organization of society. At best, it can be understood as a doctrine, though without any claims of sacredness."
Islam & Economics.
The tenets of Islamic economy are price freedom, free trade, market regulations, sound currency, riba-free banking, low and flat taxes, reliance on voluntary contributions, and strict inheritance distribution.
"Lot of talk about hard money this, soundest money that. Perfect savings technology and NgU (number go up). Blah, blah, blahβ¦
Don't see a lot of talk about building the economy."
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