By drawing a simple comparison between the economic system in Islam, capitalism, and socialism, for instance, it becomes obvious how Islam has achieved this balance.
Concerning the freedom of ownership:
In capitalism: private ownership is the basic principle,
In communism: common ownership is the basic principle,
In Islam: ownerships of various types are allowed:
. Public property: It is for all Muslims such as the inhabited lands.
. State property: It refers to natural resources like forests and minerals.
. Private property: It is acquired only through investment means that do not threaten the general equilibrium.
Concerning the economic freedom:
In capitalism: the economic freedom is limitless.
In socialism: the economic freedom is totally confiscated.
In Islam: the economic freedom is given within limits represented in the following:
. Personal limitation that emanates from the soul due to the Islamic upbringing and the spread of the Islamic concepts in society.
. Objective limitation represented in specific legislations that forbid certain acts like cheating, gambling, usury, etc.
Allah Almighty said:
{O you who believe, do not consume usury, doubled and multiplied. And fear Allah, so that you may succeed.} [191] Surat Āl ‘Imrān: 130.
{Whatever you lend in usury in order to gain more at the expense of people’s wealth, it will not increase [in reward] with Allah. But whatever you give as charity, seeking Allah’s pleasure – it is they who will have multiple reward.} [192] Surat ar-Rūm: 39.
{They ask you about intoxicants and gambling. Say, “In both there is a great sin, and some benefits for people, but their sin is far greater than their benefit.” They ask you as to what they should spend. Say, “The surplus”. This is how Allah makes His verses clear to you, so that you may contemplate.} [193] Surat al-Baqarah: 219.
Capitalism drew an unrestricted methodology for man and invited him to follow its guidance, claiming that such liberal methodology is what will make him attain sheer happiness. However, man found himself at the end confined in a class-based society, i.e., it is either extreme wealth founded on oppressing others, or extreme poverty for those who abide by morals.
Then, communism came and revoked all classes. It tried to establish firmer principles; however, it only created poorer communities that suffered more pains and were more rebellious than others.
As for Islam, it adopted a moderate course and the Muslim nation, thus, became the moderate nation. It offered humanity a great system, as testified by the enemies of Islam. Nevertheless, some Muslims have been negligent in their adherence to the great values of Islam.