A Study Of Unraveling Poverty Islamic Perspectives And Economic Solutions

Abstract

In Islamic doctrine, poverty, hunger, and unemployment are recognized as detrimental conditions warranting proactive intervention. Prophet Muhammad (SAW) advocated preemptive measures to forestall widespread suffering and implored divine protection against destitution. His teachings emphasized the virtues of diligence while cautioning against excessive desires. Contemporary challenges such as interest-driven economies and job scarcity exacerbate poverty, prompting a reevaluation of economic systems. Drawing inspiration from the Prophet's life, this research advocates for currency reforms, educational enhancement, and robust job creation strategies. Islam advocates for modest living standards as a means to address poverty comprehensively. Islamic principles prescribe a multifaceted approach to poverty alleviation, emphasizing the establishment of funds and economic frameworks fostering collective responsibility, equitable wealth distribution, and sustainability. Concepts such as Awqaf, Al Minha, Fay', and Zakat are pivotal in generating sustainable income streams and redistributing wealth to bolster essential sectors like education, healthcare, and social welfare. The Islamic economic system advocates for fair and transparent financial practices through modes like Mudarabah, Musharaka, Murabaha, and Ijarah. Additionally, mechanisms like Qard al-Hasan, an interest-free loan, and obligatory maintenance by relatives serve as social safety nets for individuals in need. In essence, this research underscores Islam's comprehensive framework for poverty alleviation, promoting ethical financial conduct and charitable endeavors within a just economic paradigm.