اسلامی خلافت کے مالیاتی و اقتصادی اصول: خلفائے راشدین کے عہد کا تقابلی مطالعہ عصرِ حاضر کے معاشی نظام کے تناظر میں

Financial and Economic Principles of the Islamic Caliphate: A Comparative Study of the Era of the Rashidun Caliphs in the Context of Contemporary Economic Systems

Abstract

The financial and economic principles of the Islamic Caliphate, particularly during the era of the Khulafāʾ al-Rāshidūn (Rightly Guided Caliphs), present a unique and comprehensive model of governance that was practically implemented in early Islamic history. These principles were founded on justice, equality, transparency, trust, and public welfare, thereby eliminating exploitation and class-based divisions. The institution of Bayt al-Māl was not merely a treasury but a dynamic welfare organization dedicated to public needs, including support for the poor, orphans, widows, and travelers. The taxation system  comprising zakāt, ʿushr, kharāj, and jizya  ensured both financial stability and the equitable distribution of resources.Strict accountability was enforced upon rulers and state officials to prevent misuse of public wealth. ʿUmar ibn al-Khaṭṭāb’s oversight of the marketplace, ʿUthmān ibn ʿAffān’s monetary and trade reforms, and ʿAlī ibn Abī Ṭālib’s emphasis on equality and transparency illustrate the operational framework of a just and welfare-oriented economy.In the modern age, when Capitalism has led to wealth concentration, class disparity, and interest-based exploitation, and Socialism/Communism has failed due to excessive state control and the suppression of individual initiative, the Rashidun Caliphate’s model emerges as a balanced and sustainable alternative. Islamic economics simultaneously acknowledges private ownership and collective welfare within defined ethical and legal boundaries, offering a viable blueprint for contemporary welfare states.This article undertakes a detailed study of the fiscal and economic policies of the Khulafāʾ al-Rāshidūn and compares them with modern economic systems. The objective is to highlight that Islamic economics is not merely a historical framework but a timeless, just, transparent, and sustainable system capable of addressing the socio-economic challenges of the contemporary world.