Islam is not merely the name of few rituals. It is, in fact, a complete system for practical life in all its aspects: economic, political, social and spiritual. In the words of Sayyid Qutb (1906_1966), the prominent Egyptian Islamic thinker, "the ramifications of the Islamic system are so conspicuous and profound that it would be futile to attempt depicting it as an emotional creed divorced from practical life's organization and institutions nor could it be taken as a belief that promises a paradise in the next life to those who perform its rituals without applying in their everyday life its distinctly unique institutions, jurisprudence and methodology. The sacred versus secular dichotomy has never been postulated in Islamic history, nor can it ever be.

" Not only is Islam a complete way of life, it is also in complete consonance and harmony with human nature. It never asks man to do what is beyond his capacity and which does not suit his natural instincts.

 As Qutb writes, "A basic characteristic of Islam is this: that it never forgets for an instant, at any time or place, the nature of man and the limits of his capacities nor does it neglect the material realities of his fence these basic characteristics are easily discernible in all the teachings of Islam, including those pertaining to property. Paying due consideration to mans innate self acquisitive instincts, Islam (Unlike Marxist Philosophy) does not insist on the abolition of private property out rightly. It regards property a useful institution and "does not make any distinction between private property and property for consumption. It gives a general right of property to individuals, but limits it with restriction. 

The limitation are imposed with a view to avoid concentration or circulation of wealth amongst the rich alone. As the Quran says, '"• that the wealth may not circulate between the rich alone amongst you." Islam lays greet emphasis on equitable distribution of wealth in the society. To this extent it believes in "controlled capitalism. The limitations imposed by Islam on private ownership of property are thus reasonable in so far as they provide a framework for the maintenance of social justice and socio- economic equilibrium in the society. 

Unlike the liberal individualist philosophy of the ear y I '°h century, Islam does not endorse an unlimited right to property as this leads to concentration of wealth in few hands and the corresponding destruction of the balance of the socio-economic fabric of the society. On the other hand, it does not impose such irrational regulations on private property which kill all incentives for individual endeavour. The economic teachings of Islam are so delicately balanced that the possibility of conflict between individual claims and societal good, which is so characteristic of western philosophy, is completely eliminated. These regulations are: 

Means of Earning should be Lawful or Pure:

 

Islam gives the individual right to freely strive for his economic betterment. However in the method and means of earning, Islam has established bonds of lawful and unlawful; or permissible and prohibited. Accordingly a man is given full freedom to earn by lawful means and methods but no freedom to earn by unlawful (Haram) ways. Wealth earned through deceit, bribery, embezzlement theft etc. is declared unlawful by Islam. ,

 

 

'skim declares usury to he an unlawful practice and emphasizes that capital alone can nol be a means for increasing the property of a person. Usury was one of the ptirir:ipte tools through which capitalism spread in Europe. By declaring it illegal, Islam limits the unjust appropriation of huge share of property by a capitalist in lieu of fulfilling impending human needs. This is because people are forced ( by their property) to borrow money on interest only in times of impending needs. Moreover, by prohibiting usury, Islam has accorded to labour its proper dignity and bridged the unjust gulf between labour and wages

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Hoarding is a practice by which traders and businessmen deliberately hold back necessary goods (especially the Estates) so that their supply in the market may decrease resulting in higher prices. This practice is illegal according to Islamic law as it is likely to create gross economic inequalities in the society and thereby destroy its socio-economic equilibrium, The Prophet (Peace Be Upon Him) denounced hoarders in very strong words saying "if he withholds grain, for forty days out of the desire for a higher price, Allah will renounce him".

 

Islamic state is a welfare state. It fulfills the basic needs of its subjects, defends its own territory etc. However:, some times the state may nOt be able to meet the expenses for performing these welfare functions out of its own treasury. Under such circumstances it is entitled to exact funds even from the principal amount (Capital) of a person to meet such requirements. This also regulates an individual's right to property. This principle is, however, not directly based on original Islamic sources but is supposed by many especially by Malik' scholars.

Islam makes it dear that a person can not claim his right to own certain things like water, grass, fire, oil, minerals etc. Such property exclusively comes under the domain of public property. This way also the private property is regulated by Islam. 

 It has been made obligatory by Islam. It is levied on accumulated capital, trade goods, and various forms of business, agricultural produce and cattle wealth. It is used to put the economically weaker sections of the society on their feet. Thus, zakat also regulates private property and plays a key role in bringing about economic balance in the society. 

The need for a damaged and internally controlled economy was increasingly felt by the liberal welfare thinkers towards the end of 1 9th century after the disastrous consequences of unregulated private property were expressed in the form of mass 's. unemployment , diseases, poor working conditions and flagrant in justice and inequality.Islam has given the notion' of controlled economy many centuries ago. Its teaching regarding private property can eliminate a the crises of the modern world which are rooted in fallacious economic policies of some dominant countries like USA.