The Critique of Capitalism in the Light of Qur'anic Verses

Abstract

This paper argues that the Qur'an must be understood as an anti-capitalist text. The Qur'an contains many verses that declare unequivocally the accumulation of wealth and monopoly ownership, either by the one person or one group, to be highly problematic ethically and socially. Qur'anic verses attend frequently to the issues of ownership and the accumulation of wealth. In the first years of the revelation and particularly before the Prophet's migration to Mecca, the Qur'an discusses frequently the issue of ownership. Before the migration, the Qur'an taught mainly about the exploitative nature of the existing economic system while, in the post-migration era, the Qur'an laid the foundation of a new system in which the accumulation of wealth and ownership monopoly are central causes of ethical and social degeneration. The Qur'an regards the redistribution of wealth to be both a religious duty and an ethical obligation.