Is Islamic banking applicable in today's economy?
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After the baking crisis of 2008 and the collapse of financial markets, doubts have emerged on the capability of the modern financial model to sustain a healthy economy. With the failure of both capitalism and communism, some experts, especially in Muslim countries are looking at Islam to find an alternative model. Islam's strong prohibition of usury (Riba) in particular is seen as a new foundation for a healthy banking system and consequently a sustainable and fairer economy. Other Islamic institutions like zakat and waqf (endowments) have potential economical functions. In recent years Islamic Banking for example, has been tried with some success in some of Muslim countries and even in Britain. British Financial Services Authority estimates the assets controlled by Islamic banks at the global level to be $200-500bn which is growing at a pace of 10-15% per year. With prospect of about 12 million Muslims living in EU, Islamic financial and economical model is a feasible solution for the future. This week's Islam and Life asks: Are the principles of Islamic banking applicable in today's economy? Watch this video on our Website: http://www.presstv.ir/Program/250699.html Follow our Facebook on: https://www.facebook.com/presstvchannel Follow our Twitter on: http://twitter.com/presstv
Comments
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meh.....socialism
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He does a good job of reminding people of how they need to be more challenging to many widely held assumptions and spending more time examine the theoretical underpinnings of the economy. He also does a good job of explaining how the Islamic finance system eventually falls under the global economic system. However, he hardly explains how any economic system needs to be built upon legal foundations in many societies and how hard such is in today's globally mobile economy. But with the variety and diversity of financial products being prevalent, it's not hard to see Islamic financial products being another major one sold by the banking system. Whether they are truly built upon the principles of Islamic finance will be interesting. Great post.
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Bravo!
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Can anyone here tell me in the above interview he mention the person name at 10:16 who said "it's intrinsically the capitalist system it's going toward crisis after crisis".
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Alternative Banking Institute, brings together people from all walks of life, to raise the consciousness of an alternative and yet practical financial system. Our Institute’s aim is to provide a wider understanding and knowledge base on the principles and procedures of Islamic financial services and developing professionals with key skills needed for success.
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yes, this is true just like it is true that within conventional system how far can you apply Islamic Banking. The point here is that since we can not solve fiat money problem globally, it is taken as given (a systemic problem) and remaining issues are discussed, IMO.
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Shouldnt Islamic Banking and fiat money be mutually exclusive as fiat money contravenes certain key concepts of Islamic Finance? Dont we have to get rid of fiat money before be can really have Islamic Banking as an alternative?
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Good point. People are willing to die for their beliefs. And kill.
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I know.
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I hear ya. Islam has been demonized. But the world would not be on the verge of global bankruptcy if usury was prohibited - as it was in all three of the Abrahamic religions.
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I watched it. It was a rant by Dylan Ratigan and never mentioned usury or Deuteronomy 23.
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What is the title of the video? When I input your link, only random videos appear. Do jews in israel (or anywhere else for that matter) charge other jews interest? Or is the practice still observed?
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Tried it again: "American Gypsies" comes up again.
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There's a lot of truth in what you say but why shouldn't the west embrace islamic banking? Even a stopped watch is right twice a day.
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Usury was believed to be immoral by each of the Abrahamic religions. "Thou shalt not lend upon usury to thy brother. . . ." Deuteronomy 23:19 It was when this principle was abandoned that we started down the road of doom.
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What kind of nonsense is that?
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Tried to watch the video you posted. What came up was a trailer for "American Gypsies." Is that what you intended?
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Imagine there's no countries It isn't hard to do Nothing to kill or die for And no religion too
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Imagine no possessions I wonder if you can No need for greed or hunger A brotherhood of man
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Imagine there's no heaven It's easy if you try
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