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Nationalization Of Industries And Islam
Assalamualaikum!
From the perspective of economic Shariah, what would be the correct view on nationalization of industries?
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3 Replies
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Nationalization Of Industries And Islam
updated 9 months, 3 weeks ago
2 Members
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3
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A state is not allowed to confiscate a private enterprise, as this would violate the right to ownership guaranteed by Islamic Shariah. The state may only claim ownership of land and natural resources, such as rivers and mines, but it cannot deprive an individual of their property or private business.
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What if the long-term ills of letting a certain industry or industrial sector run privately are more for nature and economy, than its benefits?
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In that case, the harms and ills have to be established to apply limits or deprive one of one’s property or business.
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