A comparative evaluation on the concept of property in Islamic economic thought and modern economic thought

The concept of property has been influential on many areas ranging from the organization of production, distribution and consumption to social structure and the role and organization of the state in different periods of human history. Property is not only a legal right, but also a social and economic institution. It can be argued that the concept of property is decisive on a number of economic and social dynamics from the organization of production to the forms of social stratification through the hierarchy that determines the dominance of control over the means of production. This study describes the modern capitalist understanding of property based on the changes that have occurred in the concept of property in different periods of human history. The Islamic understanding of property has been delineated based on the primary resources of the Islamic economic thought, and a comparative analysis has been conducted based on the differences with the modern capital understanding of property as well as social, legal and economic effects created by these differences.