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In general, the subject of slavery is a subject that is very sensitive to followers of the Islamic faith which advocates for freedom. Islam is a practical way of life and understands the nature of human beings and how they find it difficult to adapt to any new change.
Islam understood that rooting out bad habits like drinking alcohol and slavery were deeply rooted within the culture of that society and will have to take gradual steps to root them out. Islam started advocating to free slaves for high rewards and for expiation when a mistake is done by members of the Muslim community.
It took decades to ensure the total stop of such practice and there is nothing in our faith that encourages bringing it back.
Below, you will find the classical explanation to answer your question:
” With regard to the words “It is permissible for a man to be intimate with his slave woman whom he owns, by having intercourse and otherwise, and it is not permissible for a woman to be intimate with her slave, by having intercourse or otherwise,” this is an example of the perfect nature and wisdom of sharee‘ah, because the master is in charge of his slave, in control of him and owns him, and the husband is in charge of his wife and in control of her, and she is subject to his authority and control, somewhat like a prisoner. Hence the slave is not allowed to marry his mistress, because of the contradiction between his being her slave and her husband, and between her being his mistress (owner) and his wife. This is something that is well-known on the basis of common sense and rational thinking to be abhorrent, and Islam, which is the wisest of all ways, is far above allowing such a thing.”
End quote, I‘laam al-Muwaqqi‘een (2/66)
