President of Minhaj-ul-Quran International, economist Professor Dr. Hussain Mohi-ud-Din Qadri has said that Islam’s economic system is close to a free-market system. The fundamental aim of Islamic economics, he said, is the welfare of the weaker segments of society. Islam’s economic model provides effective solutions to the challenges of the modern age and guarantees the establishment of a true welfare state.
He expressed these views during a meeting with the office-bearers of the Awami Tajir Ittehad.
Professor Dr. Hussain Mohi-ud-Din Qadri stated that trade holds great importance in Islamic economics. The Holy Prophet ﷺ said: “The truthful and honest trader will be with the Prophets, the Siddiqeen, and the martyrs on the Day of Judgment.”
He said that in Islamic trade, deceit, adulteration, hoarding, and unlawful profiteering are strictly prohibited. Mutual consent, transparent transactions, justice, and trust form the basis of trade.
He further said that the Islamic economic system is often mistakenly associated with restriction or socialism, whereas Islamic teachings clearly show that Islam’s economic model aligns with modern principles of a free market. Islam does not prohibit lawful profit, as long as it involves no injustice to anyone.
Prof. Dr. Hussain Mohi-ud-Din Qadri Qadri added that in Islam, the system of Zakat ensures fair distribution of wealth to the poor, the needy, the destitute, debtors, and other vulnerable groups. Zakat is obligatory upon every financially capable Muslim. The purpose of this system is to eradicate poverty, promote social harmony, and reduce class disparity.
Chairman of Awami Tajir Ittehad Haji Muhammad Ishaq, Junaid Warisi, Chaudhry Muhammad Rashid, Shehzad Khan, Saqib Bhatti, and others were also present on the occasion.
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