The financial system for the Islamic state
Islam has placed a financial system in accordance of which money does not exceed the goal for which it was [intended]. Among the most prominent features of the Islamic financial system is that it is a system that exists within the religious, social and economic directives of Islam; that its task is to support the message of Islam in the aforementioned areas; that the goal [of having the system] is to protect the Islamic economy; to provide work for every capable [person]; protecting such work; supporting production with its various kinds and work in its abundant availability and quality; distributing income to those deserving it in a just manner and guiding public and private spending. Financial resources at the time of the Prophet (peace and blessings be upon him) used to rely on obligatory alms, [items of] seized and surrendered [or ‘free’ Tr.] booty and the Jizya tax. During the time of the second caliph, Umar ibn al-Khattab, financial resources became plentiful and projects appeared that require multifarious expenditure, consequently other financial resources were created such as land tax and commercial tithing.
[NOTE: Jizya tax is a head tax on free non-Muslims under Muslim rule. [Hans Wehr Dictionary]]