Insofar as private ownership of property and the accumulation of wealth are not forbidden in Islam, Capitalism does not legally contradict the religon.
However, when this causes deprivation and severe inequality, it clearly contradicts fundamental Islamic principles.
Remember Abu ‘Ubaydah bin al-Jarrah who said: “…If I had a carpet or a cushion, I would not sit on it and exclude my brothers and companions…”
Remember when Umar bin Al-Khattab tore down the wall hangings of Yazeed bin Abi Sufyan, saying, “Woe to you! Do you dress the walls with material that could be used by the people to shield themselves from the heat and cold?”
A genuinely Islamic society, a genuinely Islamic economic system, will adopt policies that minimize income disparity and prohibit the high concentration of wealth in the hands of a small elite class; instead promoting brotherhood even in the sphere of economics.
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