Economic System Of Islam Syed Abul Aala Maududi

Syed Abul Aala Maududi’s seminal work, Economic System Of Islam, outlines a distinct economic model derived entirely from Islamic principles (Sharia), offering a critique of both Capitalism and Communism. The book asserts that an Islamic economy is a holistic system built on the foundation that God (Allah) is the ultimate owner of all wealth, and humans are merely trustees. Key tenets include the rigorous enforcement of Zakat (obligatory annual wealth tax) for equitable wealth redistribution, the total prohibition of Riba (interest) in all transactions, and a stress on social justice and moral accountability in earning and spending. Maududi presents a framework that seeks to maximize individual economic freedom while simultaneously ensuring the collective well-being and preventing the concentration of wealth.