Islamic Economic System and Pakistan: An Analysis

This study focuses on the Islamic economic system. Islam is a complete code of life and it’s a Deen. Some sources of income in Islamic economic system are Zakat, Ushr, Jizya, Fai, Khums, Khiraaj, Ushoor, Nawaib and Zaraib. Capitalist is an economic system in which rich becomes richer and poor becomes poorer. There is no right of private ownership in Communist or Socialist economic systems. Socialism is the soft form of Communism. Zakat is anonly system in Islamic economic system. Pakistan’s economic system is mixed system.In Pakistan, unfortunately Zakat system is poor. There are many irregularities in Zakat and Baitul Mal funds in Pakistan. Class segregation, corruption, undocumented money and interest (Riba) are the major flaws in Pakistan’s economic system.