Islamic Economic Model: Wealth Circulation, Waqf, and the Prohibition of Usury

کرنے کے بجائے ہر معاہدے کی شرائط اور معتبر فقہی تحقیق کی ضرورت واضح کی گئی ہے۔ ## English Study ## Wealth as a trust Islamic economic ethics joins lawful earning

with obligations toward family, neighbours, the poor, and the wider community. Zakat is a defined act of worship with legal rules; voluntary charity and endowment complement it but are not interchangeable

with it. Qur'an 59:7 warns against wealth circulating only among the rich, a principle often discussed in modern distribution debates. ## Waqf and public benefit A waqf dedicates an asset or

its benefit for a continuing charitable or public purpose under applicable legal rules. Historically, endowments supported schools, waterworks, hospitals, libraries, and travellers. Good governance requires clear deeds, transparent accounts, professional asset

management, and safeguards against private capture. ## Riba and modern finance The Qur'an prohibits riba (2:275–279), but applying classical categories to modern financial contracts requires careful legal analysis. Scholars debate particular

banking products, inflation, indexation, risk-sharing, and necessity. A general article cannot declare every contract lawful or unlawful without its terms and jurisdiction. ## A practical ethical agenda Financial institutions should disclose

risk and fees, avoid deception, honour debts, protect vulnerable borrowers, and evaluate whether products create genuine trade or merely disguise guaranteed interest. Social justice also requires competent regulation and public accountability.