Property and ownership rightfrom an Islamic perspective

Research output: Contribution to journalArticle

Abstract

Property and ownershipare some important conceptual ingredients of economic system. They play central role in the structure and function of any economic system. Capitalism as an economic system advocating unconstrained individual ownership right, led to the concentration of wealth in the hands offew. On the contrary, socialismas an alternative economic system stressing more on the social ownership right failed to provide a balanced economic system. Islam as a divinely ordained system provides humanity with a comprehensive economic system where both individual and social ownership rights are addressed equally. This article, therefore, attempts to elaborate on the concept of property and ownership rights from Islamic perspective. It also highlights some of the constraints that can be imposed on individual ownership right for the safeguard of the societal rights. The study useboth descriptive and analytical methods and concludes that individual ownership right is not absolute it can be limited and regulated if the social good dictate so, based on the principle of 'toleration of individual harm for the aversion ofsocial harm.

Original languageEnglish
Pages (from-to)1125-1129
Number of pages5
JournalAdvances in Natural and Applied Sciences
Volume6
Issue number7
Publication statusPublished - 2012

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economic systems
Ownership
ownership
Economics
capitalism
Capitalism
descriptive studies
Islam
analytical methods
hands
ingredients
Hand

Keywords

  • Absolute right
  • Maslahah and Islam
  • Private ownership
  • Public property

ASJC Scopus subject areas

  • Agricultural and Biological Sciences(all)
  • Biochemistry, Genetics and Molecular Biology(all)
  • Chemical Engineering(all)
  • Engineering(all)

Cite this

Property and ownership rightfrom an Islamic perspective. / Laluddin, Hayatullah; Mohamad, Mohd. Nasran; Nasohah, Zaini; Ahmad, Shofian.

In: Advances in Natural and Applied Sciences, Vol. 6, No. 7, 2012, p. 1125-1129.

Research output: Contribution to journalArticle

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