Economic values are: "A system of ethical
principles and guidelines that should direct the economy and financial
policies." In Islam, economic values are: "A set of standards that
govern the economic activity of the Islamic state, derived from the texts of
the Quran and the Sunnah (Prophetic traditions). These standards can be applied
in a manner appropriate to the circumstances of time and place, and they are
immutable because they are valid for all times and places, regardless of
changing circumstances, such as Zakat (obligatory charity)."
Economic policy (production, distribution, and
consumption) in Islam is based on ensuring a decent standard of living for
every citizen and providing for their essential needs sufficiently, not merely
subsisting, as this is the foundation of a dignified life, regardless of their
religion or nationality. This does not mean that Islam does not permit wealth
and prosperity for everyone according to their effort and work, considering
this an adornment of worldly life, provided that there is no poverty or need.
Islam's acceptance of wealth and income inequality does not imply that it
endorses the existence of privileged classes based on wealth. Islam neither
recognizes nor condones class distinctions. In Islam, all people are equal, and
piety is the sole distinguishing factor among them. It is also important to
understand that Islam permits varying levels of wealth based on individual
effort and diligence. However, it warns against illicit gain and threatens
those who acquire wealth through unlawful means with severe punishment. Furthermore,
Islam has established safeguards to protect public funds and prevent their
misappropriation or unjust appropriation. Islam also commands the purification
of wealth by paying the due rights owed to the poor, the needy, and those in
distress, and it forbids hoarding or accumulating wealth continuously.
Examples of economic values include: justice in the
distribution of wealth, moderation and balance in spending, the prohibition of
usury and monopolies, the prohibition of selling what one does not own, the
prohibition of uncertainty, the prohibition of fraud and deception, good
governance in the utilization of resources, and social solidarity.
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