Among the many false gods of modern times, probably the most important of these gods is capital or money. Its worshippers believe that being rich is being successful in life and that it is going to eradicate all of their problems. Little do they know that this ideology called ‘Capitalism’ that places money over everything brings more misery to their lives, as Allah SWT says in the Qur’an: “O believers! Do not let your wealth or your children divert you from the remembrance of Allah. For whoever does so, it is they who are the true losers.” (63:9)

The word of admonition to the believers is that your children and possessions are two allurements that can persuade you towards disobedience and make you unconscious of the remembrance of Allah and those who get allured are the ones who are at a loss.

Capitalism is an economic system that involves ways of making money out of money, disregarding all values, ethical and spiritual principles. Its sole concept is gaining profit by whatever means. I believe ‘greediness’ is the essence of Capitalism, and there’s no end to greed. Greed seems to be a kind of central characteristic that encompasses various other negative characteristics like selfishness, hunger for power and status, and a lack of sympathy for fellow beings.

Capitalism is credited with bringing globalization, westernization, modern technologies, and access to beneficial information. Among the many flaws of capitalism, for instance, oppression against poor people, climate change and injustice, the deepest crisis was that it facilitated the rise of fascism and World War 2. It has been heavily criticized by economists and sociologists. Various counter-ideologies were developed, but none of them were powerful enough to stand against capitalism. Marxists criticized capitalism and believed it alienates and isolates humans from mainstream society. If Karl Marx’s ideal state ever comes into existence, where the proletariat will have the upper hand, there’s no assurance that they are going to promote egalitarianism in society; rather, they will organize society in such a way that benefits them because that is simply the human nature to think of oneself before others. So, there’s no way that we manage to get out of oppression with such ideologies. The Selfishness among humans is quantified by Allah SWT in the Qur’an: “People are ever inclined towards Selfishness”. (Qur’an, 4:128) Basically we humans have the tendency and capacity to behave in a self-driven way by putting our desires and demands above others.

In this world, it seems like if you have money, then spending that money unjustly in such a way that others are awed by your lifestyle is one of the only ways to spend money. Thorstein Veblen, an American economist and sociologist, wrote something similar in his Theory of Conspicuous Consumption, which is the act of displaying wealth or a luxurious lifestyle to gain status, power and reputation. Once surplus production has been yielded, it becomes indispensable for them to acquire more property and increase their status in society. He even writes that they change their behaviour and etiquette. From all this, I deduce that the upper class purposely tries to broaden the gap between rich and poor. In Islam, you can display your wealth with proper intentions. Malik ibn Nadlah reported: The Prophet, peace and blessings be upon him, said, “If Allah has given you wealth, let the traces of his blessings and generosity be seen upon you.” (Sunan Abi Dāwūd 4 063)

Displaying luxury is permissible so that those in need may approach you but in today’s world it is just the opposite. People are intimidated by those who look rich. They are likely to insult and belittle you; they are filled with a sense of superiority. Islam discourages the love for worldly possessions especially for money. The love for money gets so deeply ingrained in humans that they start to believe that money can make them immortal, as Allah SWT mentions in the Qur’an: “Who collects wealth and continuously counts it. He thinks that his wealth will make him immortal”. (Qur’an, 104:2:3)

We should remember that we have to depart the world empty handed, leaving our wealth, status, reputation and loved ones behind.

One of the most well-known capitalists, Bill Gates, authored the book “How to Avoid a Climate Disorder.” On the other hand, he owns four private jets and is planning to start an artificial meat industry. A 2021 report from the European Federation for Transport and Environment found that private jets are five to 14 times more polluting per passenger than commercial flights and 50 times more polluting than trains. Some of you might have thought of the verse, “When they are told, “Do not spread corruption in the land,” they reply, “We are only peace-makers!” (Qur’an, 2:11)

In John Rhonson’s ‘The Psychopath Test’, he mentioned that CEOs of big companies and politicians are often psychopaths. Capitalists or CEOs are involved in things that are often inhumane, and anti-social. They manipulate the masses by pretending to be a philanthropist and ordinary human beings may be to create likeability. Still, we often choose to idealise them. Companies like Amazon, Zara, H&M, etc. have made headlines for exploiting their workers by not providing them with enough wages, overburdening them, and forcing them to work in deplorable conditions. Well, we criticize these capitalists while we practise something similar in our households: we underpay, delay wages, and mistreat our house helpers. Western ideologies are inculcating hedonism into our minds and making us more self-centred.

“You shall not attain righteousness until you spend out of what you love (in the way of Allah). Allah knows whatever you spend.” (Quran, 3:92) We have been commanded at various places in the Qur’an and Hadith to be generous and kind, especially with our workers and helpers, and to feed them with our wealth, but we are cutting down on their wages and feeding ourselves.

So, what needs to be followed? Who can give the best social order other than the Creator? The one Who is all-knowing and for whom every human is equal, and who doesn’t benefit one over the other.

Islam gives us its socio-economic system which promotes social justice, and equality and abstains from any kind of exploitation of the members of the society, unlike Capitalism.

How does Islam offer a better Economic system?

In Islam, the state manages and monitors private ownership, the kind of goods that are being produced and how much profit is being generated. It also doesn’t allow a handful of powerful people to overtake the natural resources.

Islam allows earning only through lawful (Halal) means and you cannot establish any business or practice any means of livelihood that is profitable. There’s a clear distinction in Islam between Halal and Haram means of livelihood.

Islam disapproves of extravagant and Scrooge behaviour. Money should be spent wisely and consciously. Our religion makes sure justice prevails by offering various obligatory and non-obligatory ways like inheritance to legal heirs with the right proportion. Charity is highly appreciated, cultivating barren land and discouragement of hoarding wealth etc.

Islam discourages the accumulation of wealth. If a certain amount of wealth has been retained and accumulated for a year then you as a Muslim have to pay 2.5% Zakat on that possession. So, if a Muslim is getting rich and richer than poor people are also served by it. It balances out the unequal distribution of wealth. If Muslims all over the world follow this obligation Zakat, single-handedly can be responsible for reducing and eliminating poverty.

Islam places solidarity among Muslims above money and materialism. It puts forward the guiding principles of behaviour while carrying out one’s financial dealings. For instance, it prohibits charging interest when lending money to anyone regardless of religion. It seems so obviously unethical that when you charge interest you are getting benefited by someone’s misery. Deep down you as a human might not want the other person to get rid of their financial problems. Islam prevents interest (Riba), Gambling and any other haram way to make money. Riba is one of the major sins In Islam; it has been mentioned multiple times in the Quran.

According to Surah Al ‘Imran, in the Quran: “O believers, take not doubled and redoubled interest and fear God so that you may prosper.” (Qur’an, 3:130)

Allah SWT mentions to avoid Riba to flourish; we humans don’t find any way other than an illegitimate, unethical, and Haram way to flourish, as the Prophet (peace and blessings of Allah be to him) said: “A time will come upon the people when they will not care as to how he gets his money, whether legally or illegally.” [Bukhari]

Even if one manages prosperity in such a Haram way, life has to end someday, and they have to pay the price of their wrongdoings.

Islam talks about moderation and balance in everything. Money is a necessity of life and not the purpose of life. These ideologies follow an individualistic approach which can create conflict in the society while Islam ensures the sustenance of every person with the help of cooperation. We should keep reminding ourselves that this life is temporary and we are being tested. But we are complicating our present and after lives by following non-believers down into the lizard’s hole. We don’t need to peek into any ideology or any concept for a solution. Islam has given us a holistic approach which is enough for living a life with serenity.

References

1. Salman Asif Siddiqui, “Muslims in the siege of false gods”.
2. Jürgen Kocka, “Capitalism and its Critics a Long Term View”, Published by German Institute London 2018. https://www.airport-technology.com/features/how-bad-are-private-jets-for-the-environment/
3. Sayyid Abul A’la Mawdudi, FIRST PRINCIPLES OF ISLAMIC ECONOMICS, published by
4. Islamic Foundation (2011).