With a pandemic rendering market forces brutal for the least privileged, and zakaat being calculated in every household before Ramadaan, discussions on Islam's mandate of charity than complete reliance on the human instinct of generosity highlight its socialist proclivities.
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The syncretism of socialist thought with Islamic theology has been complex and like any other set-up, it cannot be pictured as a monolithic entity.
Islamic economic philosophy provides a third option between two extremes of the economic ecosystem.
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Islam is moved by the system of free market economy with emphasis on importance of ethical economic practices.
(Quran 4:29)
Islam also commands the believers to act equitably in their dealings, as it is nearer to righteousness.
(Quran 5:8)
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Prophet Muhammad (pbuh), himself a prominent merchant, said that only Allah (swt) governs the market. (Kitab ul Buyu: Book X: Sahih Muslim).
This rings parallels to the 18th Century libertarian ideas of Adam Smith about the ‘invisible hand' which regulates the market.

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Quran 54:10 enlightens the reader by didacted method and holds that land is created for the nourishment of all people. This implies the need for equality of resources which will lead to economic equality for all, thus strengthening the fabric of the society.

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Islam accepts that economic inequalities will persist but the objective is to bridge the gap b/w the haves & the have-nots.
It imposes a duty upon its followers to do so.
This institutionalized the system of Zakat & made it a litmus test for Muslims.
(Quran 7:156; 9:11; 23:4)
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The Gandhian idea of providing Antyodaya through Sarvodaya, is a similar notion.
The socialism of India, as envisioned by the founding parents of our country, is consonant with Quranic economic philosophy, i.e., equitable distribution of resources & equal opportunity for all.
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Sir Muhammad Iqbal, in Baal e Jibrael, Al Arzullah (The Earth is God's), resonated this sentiment as follows:
Paalta hai beej ko mitti ki tariki mein kaun,
Kaun daryaaoñ ki maujoñ se uthata hai sahab?
Kaun laya khainch kar pachchham se baad-e-saazgaar,
Khaak ye kis ki hai...
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...kiska hai ye noor e aaftaab?
Kisne bhar di motiyoñ se khausha-e-gandum ki jeb,
Mausamoñ ko kisne sikhlayi hai khu'ay inquilab?
Dih Khudaya! Ye zameen teri nahi, teri nahi,
Tere aaba ki nahi, teri nahi, meri nahi."
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#Islam and #Socialism