Abstract
The economic philosophy of Islam is a harmonious blending of the material and the moral. Islam urges the Muslims to strive for the natural effort on a footing of strong moral foundation. Though Islam declares that the absolute ownership of everything belongs to God, it recognises the holding of private property by Muslims but without sacrificing spiritual ideals. It prohibits acquiring private property though unlawful means.
Tauhid forms the cornerstone of the Islamic system, and this means that no man has the right to claim a bigger share in the natural resources. Gross inequalities of income and wealth are repugnant to its spirit. What Islam emphasises is distributive justice by which every individual is guaranteed a good standard of living. The Quran does not provide inequality, and it upholds fair and equitable distribution of wealth and ensures that essentials of life are provided to all.