Promoting economic growth through business whilst ensuring that society and the environment do not become victims of businesses financial gains are one of the fundamental challenges faced by societies and businesses.
Nowadays, economic struggle is one of the most issues which most Islamic societies and Muslim individuals are facing. Economic struggle includes poverty, inflation, costly life, low productivity, high debts and etc. High interest, usury and high taxation which are posing by Western societies are reasons for these economic problems.
It is also important to mention that the reasons behind most of crimes which are happening around the world are because of poverty and need for money. Many young peoples do not marry or many married couples stop reproduction or even many people die because of poverty and need for money.
When Islam was introduced by Prophet Mudammad (peace be upon him) 1400 years ago, one of the main issue which discussed and emphasized was the economic struggle such as usury or interest. All of these issues had negative impact on society and individuals; for example, the unfairness of the usury of debt lies in that the debtor by paying the creditor interest on his funds invested is in fact giving the creditor a higher benefit then what he received from the use of the funds. Interest payment by people, who need to borrow from people who have money to lend, in aggregate, increases economic inequality. In addition, usury displaces worthwhile economic activity which will affect social interest. Therefore, because of these negative impacts Prophet Muhammad (pbuh) implemented the Islamic economic system.
Micheal Hart (The 100, pages 3-10) indicates that the Prophet Muhammad “brought about the greatest revolution, even an economic and political miracle in human history”.
After the implementation of the Islamic economic system by the Prophet Muhammad (pbuh) the economic condition of the people changed.
The economic system which was introduced by the Prophet Muhammad (pbuh) includes: Zakat, Khoms, Inheritance (mirath) and the Riba-Free System of Transactions. This economic system emphasized three important issues. First issue was that money is not a commodity and it does not reproduce. The only way of economic growth is when money used in an economic activity.