Islam and Capitalism
Islam is a religion that is strictly guided by Sharia laws derived from their Holy Book. These laws guide all the perspectives of Muslim life from social, economic, and political. Capitalism, which is often described as an economic system best on private property and private enterprise in which at least the greater proportion of economic life is undertaken by a few private people through a process of economic competition. It is characterized by profit-making, competition, willingness to exchange, and division of classes. The profit is derived from different means like interest from products, loans, gambling, and all activities that are legally accepted by the state.
Islamic view on capitalism can be found in Sharia laws concerning the protection of individual rights to private properties, commercial honesty, and a level of Commercial ground for all. Muslims are against Western civilization as it goes against these virtues. It is more centered on the illegal profit-making process. Profit-making according to Islam is accepted as long as it does not go against human welfare.
Muslims are not against all forms of interest, but rather interest on loans. They believe that a loan should be a help, therefore, it should be free of charge. Interest is prohibited, but legitimate trade is allowed except for some like gambling, exploitation, fiction, extravagant and opulent consumption. Based on this Islamic banks operate according to Sharia laws when issuing loans. Islamic banks do not charge any interest, but instead, they always share the profit or loss the business has made.
The main aim of Islam is to provide a level playing ground for all the people. It wants to see everyone at the upper hand. Muslims ensure this by helping the needy through the contribution of some money which is distributed to the poor on certain grounds. Islam wants to see everyone growing, unlike normal western capitalism where wealth is concentrated on a few individuals.