War on Islam or Islam’s position on finance?
I am not go going to write an article on this, which is essentially an idle thought that I had, and because I don’t know too much about the ins and outs of global finance and economy. I am going to, however, pose the question, is the perceived “war on Islam” actually a war on Islam’s position on economics? At the basic level, Islamic economics is interest-free and gold backed currency with an emphasis on social justice and distribution of wealth, the prevailing (western model) model is totally interest related with no substance, precious or otherwise, backing the currency and is, inherently, exploitative or amoral at best. Therefore, it seems that the Islamic model is a credible and viable alternative to the modern system and this is perhaps why the money men see Islam as a threat.
What do you think, I am not expert in these matters but would like to hear what others more familiar with finance and economics have to say about this?
3 thoughts on “War on Islam or Islam’s position on finance?”
Salaam ‘alaikum.
No, Islamic financing is not a threat to Western financing at this time. Islamic financing is growing very rapidly, and a number of countries and banks have been working very hard to promote themselves as Islamic financing-friendly, including some Western countries (e.g., UK, France) and banks (e.g., HSBC). However, the size of the market for Islamic financing is only a tiny fraction compared to the Western financing market, probably less than 1%. In that regard we’re not a threat, nor would I expect us to be any time soon. You might find the two articles by The Economist in my posts on Islamic finance to be of interest.
BTW, I didn’t think that Islamic finance necessarily required a gold-based currency (although I could very well be wrong).
Only patience with the Islamic system will truly bring about real change and steady development. Quick money is greedy and has no benefit or barakh in it.
Hi there. I am an American from Texas who is deeply intrigued by Islam and thinks the religion is beautiful. I have certainly had this thought as well. I think this the financial system is part of the reason for the conflict of interest. Islamophobia is such an unfortunate thing.