READ this Article in MALTESE: During the past few years the inflation has increased drastically, making it hard for those who don’t have sufficient resources, and it is very difficult for many families to meet their ends, around the globe including Malta. As per a recent study by the Caritas, in Malta, the average family’s food bill soars by 20% in the last three years, but for the elderly the food bill is up by 30% since 2020.

This increasing inflation has made many families to worry because it has also affected the necessities of life such as food and medicine. This rapid increase in inflation is harming the poor and thus resulting in poverty increase.

Supremacy of God

The Holy Quran explains its philosophy towards poverty alleviation by declaring the supremacy of One God and rejects the idea of any single human being or any particular class of humans having the exclusive right on the available natural resources, rather everyone should have their fair share in those resources. If all the available resources are shared with justice and fairness among all the nations, this alone will become an effective means to alleviate poverty. It says: “He it is Who created for you all that is in the earth…” (The Quran, 2:30)

Universal brotherhood

Moreover, the Holy Quran promotes the idea of universal brotherhood as a tool to reduce the social and economic inequalities in society and to lay the foundation of equity, justice and fairness.  It says:

“Surely all believers are brothers. So make peace between brothers and fear Allah that mercy may be shown to you.” (49:11)

The concept of brotherhood is further defined in the following verse:

“And help one another in righteousness and piety, but help not one another in sin and transgression.” (5:3)

According to the Quranic philosophy all human beings are like a large family, therefore, as we take care of each other in our close families, similarly we should be generous to extend our support to our wider human family. If this principle is adopted today, I am certain that there would not remain a single household that does not have the basic necessities of life. This universal brotherhood will pave the way to lasting peace, security, harmony, calmness and social contentment.

Hoarding money

Besides this, the Holy Quran encourages working hard to meet daily needs, similarly, it also prohibits to hoard money in terms of gold and silver or to keep the money freeze in the banks. Rather, it encourages believers to invest and circulate money in the economy to generate more jobs and opportunities for the entire nation. The Quran says that: “Say, ‘Surely, my Lord enlarges the provision for such of His servants as He pleases and straitens it for such of them as He pleases. And whatever you spend, He will replace it; and He is the Best of providers.’” (34:40)

If we analyse, we find that many a times the food inflation is due to the hoarding, therefore, Islam instructs that supplies should not be deliberately withheld from the market with the purpose of artificially boosting prices. If a person hoards goods for this reason, he does so by going against the Islamic principles. If a trader has wheat but deliberately withholds its supply from the public in order to raise prices, he is engaged in a sinful activity, according to Islamic teachings.

Prohibition of Interest Islam forbids lending and borrowing of money on interest and promotes the idea of mutual help and support. Because, interest puts extra burden on the business and thus slows down its productivity. Undoubtedly, the interest has been the main cause of economic and financial downfall in the world. Interest is one of the most destructive economic forces in the world and a major hurdle that stops the poor from moving forward. The Holy Quran (2:276) encourages believers to adopt legitimate trading practices and avoid interest. It says: “Allah has made trade lawful and made interest unlawful.”