Islam aur Capitalism - Dr Israr Ahmad

Dr. Israr Ahmad analyzes the compatibility of Islamic economics with capitalism and socialism, arguing that an Islamic economic system closely aligns with capitalism, allowing private ownership and initiative. He emphasizes the prohibition of interest (riba) and speculative trading, advocating for a system where basic needs are met by the state, and individuals are responsible for their own advancement within ethical boundaries. He contrasts this with both extreme capitalism and socialism, highlighting the importance of welfare systems and a balance between individual freedom and social responsibility. He asserts that artificial controls on the market are detrimental, and that the state’s role is to establish ethical limits, not to dictate prices. He further discusses the welfare models of countries like Germany and Scandinavian nations, and the low levels of welfare in the United States.

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