The Economic System of Islam by Taqiuddin an-Nabhani

The protectionist theory requires that a State interferes in order to achieve equilibrium in foreign trade. The pupose of protectionism is to influence the balance of trade and redress the deficit, because the spontaneous balance between exports and imports would not be able to achieve equilibrium, nor would it be able to redress a deficit. Therefore, protectionism would be necessary, and that is why custom duties as well as export and import restrictions would be imposed.

This theory as it stands is limited, because it restricts the State’s powers to interfere merely to achieve a foreign balance of trade or to redress the deficit. This would be wrong because the Islamic State interferes in order to deal with the other states with reciprocity, to provide the country’s needs to generate monetary gains and foreign currencies and, most importantly, to carry the call for Islam. Therefore, it would be wrong to confine the interference of the State to achieving equilibrium in trade transaction and to redress the deficit. Rather, her interference should be for political, economic and commercial aims and for carrying the Islamic Message.