THE CONCEPT OF ISLAMIC WELFARE STATE AND RIYASAT E MADINA IN THE LIGHT OF SEERAH

Abstract

In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Quran and from the life and traditions of the Prophet Muhammed (SAW), are summarized. The Prophet (SAW) established state of Madina as an ideal state of Islam and revolutionized every aspect of human life. A society that is riven by racial, linguistic and class divides cannot progress. Holy Prophet (SAW) brought economic revolution and provided economic stability to the state. Holy Prophet (SAW) gave the first written constitution to the humanity in the form of Madina Pact. The Holy Prophet (SAW) made the state of Madina the hub of peace and described it is an ideal state for the Muslims. He also brought about social revolution in the state of Madina and did away all discriminations and described piety as the sole criterion among the faithful. It is the fact that modern states are facing big challenges. The first one is to determine daily necessities and impartidly provide requisite quantity to society. The other one is to make sure accessibility of resources to populace. Least populated states under western democracy acquired the target to fulfill basic necessities of citizens, but it is impossible in capitalist and populous society. Although Islamic scholardom revitalize again darkening world. Islamic economic system itself consists of organizations, institutes and social values that exemplify the production, exchange and consumption of goods and services. Those who follow Islam are encouraged to lead a life of material gain in a way that it shows respect for others, makes their place secure in world, and provides a source of happiness for their families.