The Economic Behavior about Acquisition and Consumption of Wealth: Comparison of Islamic and Secular Viewpoints

Abstract

Economics is the study of human behavior which deals with economic activities such as how the human beings earn income and how they spend it on fulfillment of their basic materialistic needs. This behavior is concerned with acquisition, production, exchange and distribution of wealth. The research paper explores the comparative economic behaviors in various ideologies such as secular economic organism; capitalism and communism versus Islamic economic system. Although, secular economic structure has inconsistency in certain aspects like ownership and economic freedom; however, they coincide on materialism and satisfaction of basic economic wants. The unrestricted acquisition of wealth and absolute freedom of consumption created many economic problems; concentration of wealth, inequalities, poverty etc. The Islamic economic system is based on different ideology. The economic behavior in Islamic system is not only important from economic perspective but it also has religious significance. It endorses economic freedom and private ownership but in the profound parameters of Halal and Haram, prohibition of interest, obligation of Zakat and principle of moderation in consumption (against extravagance and stinginess) which lead to social justice, poverty eradication, equitable distribution of wealth and propagation of humanitarianism rather than materialism.