CSS 2023 Special Solved Islamiyat Past Papers | Islamic Financial System to undo Poverty
The following question of Islamiat is solved by Miss Ayesha Irfan, the highest scorer in CSS Islamiat. Moreover, the question is attempted on the same pattern taught by Sir Syed Kazim Ali to his students, scoring the highest marks in compulsory subjects for years. This solved past paper question is uploaded to help aspirants understand how to crack a topic or question, how to write relevantly, what coherence is, and how to include and connect ideas, opinions, and suggestions to score the maximum.
Question Breakdown
The examiner inquired about an appropriate answer of Islamic financial system provides an effective framework for elimination of poverty. The first part is an outline, breaking the question into different parts. Moving further, an Introduction is given, followed by Understanding the Islamic financial system; the Islamic financial system provides an effective framework for the elimination of poverty, a critical analysis, and a conclusion.
Outline
1-Introduction
2-Understanding the Islamic financial system
3-How the Islamic financial system provides an effective framework for the elimination of poverty
- ✓Enabling the circulation of wealth in society through Zakat
- ✓Giving private property rights to people
- ✓Prohibiting Riba in financial dealings
- ✓Giving equal earning rights to all
- ✓Encouraging moralities in trade
4-Critical Analysis
5-Conclusion
Answer to the Question
Introduction
Islam has given measures to balance the economic conditions in society. It has introduced Zakat and moralities in trade- the most adopted business-. Moreover, it has discouraged Western culture adopted an interest system from society. Also, it has given private property rights to people as well as encouraged government owned jobs. By following the methods that Islam has introduced to the world, social poverty- can be eradicated from society as its models enable the circulation of wealth in society.
Understanding the Islamic financial system
Islamic Financial system is of its own virtue in the terms of its characteristics. In fact, it provides the implication of knowledge and rules of shariah to emerge a society devoid of social class difference. It has given some rules for trade that are profitable. And it has Zakat system to counter poverty in the society by enabling circulation of wealth among the rich and the poor of the society. Moreover, the system has saved the dignity of man by not allowing identity revelation to anyone by the giver and taker.
How the Islamic financial system provides an effective framework for the elimination of poverty
Islamic financial system eradicate poverty from the society through encouraging various methods;
- Enabling the circulation of wealth in society through Zakat
Zakat is the main pillar upon which the Islamic financial system stands still. It has enabled the society to take money from the rich to the poor. By creation the circle, it has maintained the flow of wealth in the society. As in the reign of Caliph Usman, Zakat was eliminated from society as it was used later for the development of infrastructure. It has managed to maintain society by diminishing the need for money for people’s well-being. Later, when people are economically stable, poverty in the country will be alleviated by developing infrastructure and facilitating the international relations of a state.
- Giving private property rights to people
Islam has given Private Property right to man. It has enabled him to own any property. This has eliminated the cost of living in rent-based areas. Moreover, Islamic law is explicit about the institutional framework to protect the rights and privileges of property owners. Meanwhile, an Islamic state is ideally expected to promote market-oriented policies to facilitate the efficient allocation of resources along with individual property ownership. This has enabled poor people to expand their small-scale businesses or start new start-ups, eradicating poverty from society.
- Prohibiting Riba in financial dealings
Riba is to increase; it is an increase in debt in the form of interest. It is the western culture curbing the economic prosperity of a society to make one class opulent and the other the poor. It has escalated class disparity in society. Meanwhile, Islam has actively prohibited it in financial dealings. The Quran states,
“O believers, take not doubled and redoubled interest, and fear God so that you may prosper”
in Sura Al-Imran. By taking a stand against riba, Islam has leveraged to ease the poverty index of society. By eliminating the interest on debt, the economic condition of the poor would flourish in society.
- Giving equal earning rights to all
Islam has given equal earning rights to everyone. Unlike other religions, like Hinduism, where Vaishya are the traders, and Shudra are the labourers, Islam has given equal opportunities for earning to all. In fact, Allah says in Quran,
“And that man has only that for which he makes effort.”
(53:39)
So, man would earn only that for which he would make an effort. Therefore, by doing so, it has enabled equal earning rights for all.
- Encouraging moralities in trade
Islam has introduced moralities in trade, like mutual consensus, trustworthiness, honesty, and good behaviour of both seller and buyer. It has transformed the traditional of trading to client-seller oriented system. In fact, Quran says, “Oh people! Give full measures and weight, justly and do not defraud men of their things. Al-Hood:85” moreover, Islam has encouraged trade in its teaching as well as it has encouraged infaq. Both measures when combined together would eliminate poverty from the society.
Critical Analysis
Islam has revolutionized the world by giving models for the economic prosperity of any state or nation. It has empowered both government-owned as well as private institutions to encourage moderation and bring circulation of wealth in the society. Its given methods have eradicated poverty from society when the caliph have followed the models properly. It has introduced Zakat to help the poor. Moreover, it has ended Riba or interest from the society, which has adverse effects on the economic conditions of people. All the measures have decreased the social class disparity in the society.
Conclusion
All in all, the Islamic financial system has refurbished the economic situation of society. It has enabled the circulation of wealth from among the people of society through Zakat. Moreover, it has enabled society to improve its trade policies to fight poverty and encouraged infaq. Also, it has eliminated the concept of usury from the society, the base of poverty in society. By practising its guidelines in financial dealings, one would be able to rise from poverty in any society.
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