A Comparative Analysis of Economic Development in Islamic Economics and Marxism: Principles and Practices

This article compares the concept of economic development within the frameworks of Islamic principles and Marxist ideology, using a review-based analytical approach. Structurally, the article is divided into two main sections: the first explores and critically examines the economic concepts and assumptions underpinning Marxism, while the second analyzes Islamic economic policies, principles, strategies, and moral values. The primary objective is to compare the perspectives of Islamic economics and Marxism on economic development, highlighting both their convergences and divergences. The study concludes that although Islam and Marxism are rooted in fundamentally different worldviews—one religious and moral, the other materialist and ideological—certain similarities exist in their critiques of economic inequality and exploitation. Notably, the article argues that equating Islam, with its comprehensive spiritual, ethical, and social dimensions, to the narrower materialist framework of Marxism is reductive. Nevertheless, when focusing solely on economic development, both systems show comparable concerns for equity, fairness, and the welfare of the working class. While Marxism emphasizes a critique of capitalism and the redistribution of wealth through class struggle, Islam advocates for economic progress and social justice grounded in divine principles such as zakat (almsgiving), khums (a form of income tax), and prohibitions on exploitation. Significantly, values like opposition to unjust accumulation of wealth and the importance of economic justice—central to Marxist thought—were integral to Islamic teachings centuries before the rise of Marxism. The article suggests that Islamic economics places a stronger emphasis on holistic development—social, spiritual, and economic—compared to the class-centric focus of Marxism. This comparative study concludes by proposing that insights drawn from both traditions could inform more equitable and sustainable models of economic development, particularly in societies seeking alternatives to purely capitalist or socialist frameworks.