CSS 2023 Special Solved Islamiyat Past Papers | Islamic Financial System to undo Poverty
The following question of Islamiat is solved by Khirman Batool under the supervision of 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. The Islamic financial system provides an effective framework for the elimination of poverty. The first part is an outline, breaking the question into different parts. Moving further, an introduction is given, followed by an understanding of the Islamic financial system, which 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 introduced Zakat and moralities in trade, which is the most adopted business. Moreover, it has discouraged Western culture from adopting an interest system from society. Also, it has given private property rights to people and encouraged government-owned jobs. By following the methods that Islam has introduced to the world, social poverty can be eradicated, as its models enable the circulation of wealth in society.
Understanding the Islamic financial system
The Islamic Financial system is of its own virtue in terms of its characteristics. In fact, it provides the implication of knowledge and rules of Shariah to create a society devoid of social class differences. It has given some rules for trade that are profitable. And it has a Zakat system to counter poverty in society by enabling the circulation of wealth among the rich and the poor. Moreover, the system has saved the dignity of man by not allowing identity revelation to anyone but the giver and taker.
How the Islamic financial system provides an effective framework for the elimination of poverty
The Islamic financial system eradicates poverty from 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. Creating the circle has maintained the flow of wealth in society. As in the reign of Caliph Usman, Zakat was eliminated from society, as it was later used 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 rights 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 that curbs the economic prosperity of a society to make one class opulent and the other 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 Vaishyas are the traders and Shudras are the labourers, Islam has given equal opportunities for earning to all. In fact, Allah says in the 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 tradition of trading into a client-seller-oriented system. In fact, the Quran says, “Oh people! Give full measures and weigh justly, and do not defraud men of their things. Al-Hood:85” Moreover, Islam has encouraged trade in its teaching, as well as encouraged infaq. Both measures, when combined, would eliminate poverty from 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 and private institutions to encourage moderation and bring circulation of wealth in the society. Its given methods eradicated poverty in society when the caliph followed the models properly. It has introduced Zakat to help the poor. Moreover, it has ended riba, or interest, from society, which has adverse effects on the economic conditions of people. All these measures have decreased the disparity in social class.
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 encourage infaq. Also, it has eliminated the concept of usury from society, the base of poverty in society. By practicing its guidelines in financial dealings, one would be able to rise from poverty in any society.
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