Concept of ownership

 Capitalism: The concept of private ownership

in capitalism is absolute, unlimited and
uncontroled.
 Socialism: Stands against all kinds of private
ownership. It believes in state ownership
controlled by the dictatorship of the proletariat.
 Islam: Ownership is controlled in Islam by
imposing the injunctions like Halal and Haram
and thus limiting the scope for excessive and
unnecessary income as well as illegal and
harmful expenditures.
 Why is Islam for Private
Ownership ?
Islam is in favor of limited and control
ownership because of the following reasons:
 It is compatible to the freedom and liberty of
the human-being
 It helps developing inner faculties and good
qualities of the human being.
 It ensures the best use of material and human
resources;
 It ensures the growth and development of
economy and couture in terms of region and
the globe;
 Why is Islam for Private
Ownership ?(contd)
 It ensures competitiveness in both factor and
product market;
 Entrepreneurship developed and production/
industrialization process accelerated;
 Skill of the production process and the quality
of the produced improved;
 Corruption, wastage and inefficiency
minimized.;
 Aggregate production augmented and
aggregate utility maximized;
 Why is Islam against absolute
Private Ownership?
 Economic disparity among the members of
the society grows and widened
 Aggregate production is not maximized as an
individual has got only a limited ability to
control and supervise and productive use of
his assets and properties.
 Aggregate utility is not maximized as the
marginal utility of an individual goes on
diminishing with the increase of his
consumption.
 Inhuman attitude towards the weaker section
of the society as their right to survival is not
ringside
 Why is Islam against absolute
Private Ownership?
 Cooperation among different units of the
society disappears and conflict and unrest
goes on.
 Conclusion: The concept of ownership in
capitalism can be compared to a vehicle without
any brake. In Socialism it is comparable to a
traffic without any vehicle while the Islamic
concept of limited and controlled ownership
suggests a vehicle with a brake for the purpose
of control.