The Concept of State intervention in economic Affairs: study of Islamic Injunctions
Keywords:Economic System, Islam, Communism, Capitalism, State, Interference
Islam is a Religion in line with nature. It introduced its own economic system that up to the man’s needs and requirements. It contradicts the communism and capitalism and claims that Islamic economic structure guarantees the welfare of humanity. In this setup, the buyers and sellers are free to make their deals and every person has the equal opportunities to be a wealthy and prosperous trader. Muslims had implemented this system in their golden era and showed the benefits of this setup to world The basic question has been raised either state has authority to interfere the economic deals, why state is interested to involve or what would be the limits of their involvement. In this paper Descriptive Method and Comparative Study are used to study the concept of interference of state in economic matters. This research paper is an effort to understand the Islamic point of view that to what extent the Islamic State can interfere in economic policies, according to the Islamic injunction. In this article, it has been elaborated that the State has the legal and ethical right to intervene the economic matters when hoarding usury and gambling is rampant.