Muamlaatism

Muamlaatism or System of Muamlaat (or Model of Muamlaat) is the economic model of Islam just like capitalism, Socialism etc. Its main motto and characteristic is justice and its specialty is interest free system. Muamlaat is an Arabic word which means 'interaction among the people'. Literally, Muamalat refers to all the interactions between people as practiced by the first community in Madinah, that is, the ‘Amal of the ahl al-Madinah. It is the alternative to Capitalism, Socialism, Mixed Economy, Communism etc. It has been implemented by the Islamic prophet Muhammad for the first time in the city of Medina, (currently in Saudi Arabia). The extreme form of Muamlaatism is called Madianim (or Medinaism).
It is an alternative to Capitalim, Socialism, Communism etc. Islamic Economic Model has the ability to solve the major problems which humanity is facing today e.g. poverty, monopoly, terrorism, economical and political imbalances etc.
Etymology
The word Muamlaat is derived from the Arabic root word 'Muamlah' which means 'interaction among the people' or 'dealing'. So Muamlaat means 'the system of interaction and dealing among the people'.
History
Islamic Economic is as old as Islam.
Philosophy
Its main philosophy is justice.
Basic Pillars
It has got the following pillars.
Politics
Islamic Economic Model could be best practice under the Shariah (Islamic Law).
Distinct Features
Muamlaatism has got some distinct features which are not there in Western Economic Models that are Capitalism, Communism, Socialism etc.
Benefits to poor class
Islamic Economic Model in its extreme form completely eliminates the poverty.
Comparison of Islamic Economic Model with Capitalism
Islamic Economic Model is different from Capitalism.
Comparison of Islamic Economic Model with Socialism & Communism
Islamic Economic Model is different from Socialism & Communism too.

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