Ebu'l A'lâ Mevdûdî's views on the Islamic Economy

One of the most important and biggest factors affecting human life since the first day of human existence is undoubtedly the economy. The economy has affected every aspect of life, whether individual or social. Every element that affects the individual and society also affects the economy. Economy has also been included in the struggle between capitalism and communism in the last two centuries. Mawdudi wanted to inform humanity, which is under the pressure of this extreme ideology, especially in terms of economy, that there is an Islamic system as an alternative to the Islamic economy. Mawdudi defines zakat, ransom, alms and infaq as found in the Holy Quran, the source of Islamic economy; He gave ijtihad provisions by feeding the practices such as budgeting and tax system, which exist in the Sunnah, from these two sources. He specifically mentions that the first applications of the Islamic Monetary Fund and Islamic Banking emerged and developed in Hyderabad/India, where he lives. He also states that all monotheistic religions forbid interest and that Islam, in particular, not only forbids interest but also offers solutions. The most important solution in this regard is qard-ı hasen. According to Mawdudi, in addition to many methods of combating interest and these two ideologies, he pointed out that there are methods such as allocation of state land, moral economy, and joint debt being in the hands of the state. Mawdudi's works on economic issues stand on five main pillars. These; humane, efficient and fair economy, interdisciplinary approach, efficiency, new ideas and approaches, and money playing a primary role in the economy. On the other hand, he argues that there are practices of qard-ı hasen, mudaraba (profit sharing) and zakat against interest.