MONEY, GREED, ISLAM AND PAKISTAN

Abstract

Money is considered as a commodity to generate profit for a capitalist entrepreneur. However, in Islam, money is just the medium of exchange. Thus, in order to qualify as Halalpreneurs, money should be used in compliance to the Islamic shariah to value economic transactions rather than to hoard money. Desire to hoard more and more money creates spiritual diseases in the hearts of the individuals who are less concerned to contribute in the socio-economic wellbeing of the masses due to which social and income inequality exists throughout the world particularly Pakistan. The objectives of this study are to identify the role of money with respect to free market capitalism and Islam. also, to analyze the effect of greed upon unequal distribution of wealth and social structure. Whereas, the study is undertaken to understand the impact of greed upon socio-economic setup towards addressing the gap between poor and rich throughout the world. The qualitative research methodology is pursued to build conceptual framework by using inductive paradigm to study the effect of greed in hoarding money which triggers socio-economic injustice particularly in view point of Islam so that socio-economic justice could be prevailed in the economy. It is expected that due to free market capitalism, the money as a commodity give rise to future money in terms of access to easy money whether acquired in the form of interest, gambling, bribery, fraud, speculation, etc., give rise to spiritual yet moral disease which in turn give rise to poverty, socio-economic injustice mainly due to wealth and social inequality. Thus, undermining socio-economic wellbeing of all the masses. Moreover, Islam supports money as a medium of exchange towards undertaking real economic activities.