The Practical Application of Interdisciplinary Financial Systems; Capitalism and Islamic Finance, in the Light and Guidance by Holy Quran

Financial needs are the essential part of every human being. As needs and wants are unlimited, different methods and systems are used to maximize earnings. Capitalism is the ancient as well as modern financial system which is practically implemented throughout the world. The basis of this system is maximization of profit and maximization of wealth. This system encourages people to earn as much as possible without any discrimination and encourages savings rather than spending which ultimately results in decline in circulation of money in the economy. Whereas, the basis of Islamic Financial System is social welfare in which everyone is allowed to earn for his needs and wants but is guided to opt only Halal way of earnings. Similarly, this financial system also encourages people to take care the human and financial rights of other members of the society. Almighty Allah, in His glorious book Holy Quran, guides us in several places that how we have to earn and spend. Holy Quran warns us that money is the test and examination of everyone so we have to be very careful. While earning, we should keep in mind that this wealth will not be beneficial for us in hereafter, therefore, we should not capture others properties and forfeit their financial rights. Riba (Interest) is the fundamental difference in between Capitalism and Islamic Financial System. Holy Quran guides us and warns us to avoid completely from Riba. Holy Quran also encourages us to spend in the way of Allah by helping others. To elevate poverty from the society, Almighty Allah gave us the system of Zakah which guarantees the flow of money from rich to poor. If we follow the guidance given by Almighty Allah, our societies will become ideal economies where everyone should enjoy financial benefits to fulfill their needs and wants.