Islamic Economics

Submitted by James (United States), Sep 27, 2007 at 16:27

Most of you, I suspect , are either too ignorant to say much about Islamic Economics or are mere reactionaries talking ill of the successes of Islamic economics.. This concept has been found to be a very sound alternative to the corrupt western mode of doing businesses.

A few days ago, a Muslim Imam gave a lecture to students at an American insititution and informed them about how Islamic Economics works. "This is the deal:" , he said, "the seller tells you, for example, that the car goes for 5000. You can opt to haggle with him and he may refuse to lessen or not. If you decide to take it on credit and pay it in bits, then he doesn't charge you interest because that is taking advantage of you. What could possibly be better than that? One correction that is place is that Islamic economics is not a recent innovation but has been there since the days of the prophet Mohamed (SAW). I enjoin you to dig further and study Zakat, inheritance, interest and hoarding among many other topics in the Quran.

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