Consumption is backbone of the economy. Economy cannot work without some level of consumption.

Similarly, production is as much important as consumption for working of economy.

“Use available natural and human resources to create goods and services having capacity to satisfy
humans wants.

As per definition. We need all above mentioned parts to have some kind of production

Example Crude oil

It is source only unless we convert some useable product.

What is purpose of Islamic Production

In western economic system, firms behave only as profit-maximizing outlets.

 To increase the profits

 To increase further production
 Shutdown the firm or leave if returns are less than cost
 Only fullfilment of materialistic needs

On other side,

Islamic system doesn’t just focus material needs.

For example,

There was water well in Madinah city in times of prophet(pbuh). The owner of well was shrewd Jew who
use to sell the water. People of Madinah were fed up by fact they have to buy water. Prophet(pbhu)
advised the companions if it would be greater deed if they buy the well for Muslims. Hazarat Usman
bought the well for at price 40,000 dinars but shrewd Jew only sell the rights for usage of well on
arrangement of ………….

Hazarat Usman (R.A ) focused on eternal benefits instead of worldly benefits.

You cannot get any benefits unless of you own something.

Ownership of Resources

Possession of some resources and its use to its own wish

Muslims are accountable to Allah and people in hereafter life. Muslims cannot spend money in
reputation of God’s provision.