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Islamic economic philosophy provides a third option between two extremes of the economic ecosystem.
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(Quran 4:29)
Islam also commands the believers to act equitably in their dealings, as it is nearer to righteousness.
(Quran 5:8)
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This rings parallels to the 18th Century libertarian ideas of Adam Smith about the ‘invisible hand' which regulates the market.
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It imposes a duty upon its followers to do so.
This institutionalized the system of Zakat & made it a litmus test for Muslims.
(Quran 7:156; 9:11; 23:4)
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The socialism of India, as envisioned by the founding parents of our country, is consonant with Quranic economic philosophy, i.e., equitable distribution of resources & equal opportunity for all.
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Paalta hai beej ko mitti ki tariki mein kaun,
Kaun daryaaoñ ki maujoñ se uthata hai sahab?
Kaun laya khainch kar pachchham se baad-e-saazgaar,
Khaak ye kis ki hai...
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Kisne bhar di motiyoñ se khausha-e-gandum ki jeb,
Mausamoñ ko kisne sikhlayi hai khu'ay inquilab?
Dih Khudaya! Ye zameen teri nahi, teri nahi,
Tere aaba ki nahi, teri nahi, meri nahi."
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