50 AN INTRODUCTION TO ISLAMIC FINANCE
The Qur’an (4:11–12) clearly specifi es the exact manner in which the
shares of heirs are to be determined in the inheritance. Among the same
category of heirs there is neither preferential treatment nor discrimination,
though a woman’s share is generally one-half of a man’s share because,
under the rules of the Shari’ah, responsibility for the maintenance of the
family rests upon the husband. Even if the wife has a larger income and
greater wealth (from her own work or from inheritance), she is not required
to share that wealth or income with her husband and is under no legal obli-
gation to make any contribution toward her family. Considering the nature
of the (extended) family ties and mutual responsibilities exhorted by Islam,
its institution of inheritance breaks up the wealth of each generation and
redistributes it to the next in such a way that a large number should receive
a modest portion of such wealth, rather than it going to a single heir or a
small number of heirs.
Role of the State
Since Islam considers economic relations and behavior as the means of
social and spiritual integration, economic attainments are not to be viewed
as ends in themselves. All the rules of behavior regarding economic matters
are addressed to individuals and their collectivity, which is represented by
the state. The state is regarded as being indispensable for the orderly organi-
zation of social life, the achievement of legitimate objectives, the creation of
material and spiritual prosperity, and the defense and propagation of faith.
The state is primarily a vehicle for implementing the Shari’ah and derives
its legitimacy from its enforcement of the Shari’ah rules. It is assumed to be
empowered to use, within the limits of the Law, all available means at its
disposal to achieve the objectives and duties prescribed for the collectivity,
including the synchronization of individual and public interests.
Foremost among the collective duties is that to ensure that justice pre-
vails in all walks of social life. Thus, the establishment of a judiciary or
judicial system, with all the apparatus necessary for carrying out the verdicts
of the courts, free of any charges and available to all, is regarded as an indis-
pensable duty of the state. Another of its duties is to guarantee equal liberty
and opportunity in access to and use of resources identifi ed by the Shari’ah
for the use of individuals. This covers making the provision of education,
skills and technology available to all. When both equal liberty and equal
opportunity are provided, then the production of wealth, its possession and
exchange become matters of equity. All of the infrastructure necessary for
markets to exist and operate has also been traditionally the responsibility of
the state. The fi rst market for the Muslim community was built in Medına
at the direction of the Prophet (pbuh) who required that trade be allowed to
take place in that market freely, without any charges or fees imposed on the
participants and appointed supervisors for the market. On this basis, jurists
have recognized market supervision, and its control only when necessary, as
a duty of the state.