Islamic Perspective on the Financial Crisis
The
Financial crisis can be characterised by unrestrained credit creation on the
back of an out of control financial system that not only allows the creation of
money and interest from nothing, but gambling on a mind-boggling scale. Wealth
has been extracted out of the system in never before seen amounts, and will not
be easily replaced. From an Islamic perspective this is entirely predictable
and preventable. Yet the cure is requiring of the complete application of Islam
within the governance structures set down within the Caliphate ruling system. A
ruling system in which the economy is geared towards meeting the needs of the
people, not faceless banking corporations.
The
following principles of economy in Islam are presented, not as reactionary
points of debate to be part of the patchwork of crisis and flawed response, but
as an ideological alternative which has enjoyed many centuries of success for
Muslims and non-Muslims alike.
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