The Islamic Revival blog has a transcript of a very lucid speech going over the basics of the economic system prescribed by the Qur’an and Sunnah. The speaker briefly goes over the key principles behind the Islamic system and translates them into the practices of today.
It is important to show Islamic economics as much more then Islamic finance and Banking. What is known as Islamic banking and Islamic finance is about individuals or groups attempting to generate profits in the current system without breaking the shariah rules such as the prohibition of Riba. However today I’m going to focus on the Islamic economic system as a whole which is much wider than this and is the true alternative to the Capitalist system.
Although no Islamic state exists today, we have the economic system of Islam derived from the Quran and the Sunnah and over a thousand years of history of its implementation. Based upon this we must initiate thinking amongst the ‘left’ and the right’ and to demonstrate to them how Islam is not just a religion like the others but is a comprehensive ideology able to deal with the current crisis’s that humanity is faced with.
Read the entire speech here.
Maasha Allah!! It is an eye-opener for me. Having been a student of Business and Finance for over 8 years, it just didn’t strike me nor I came across anywhere that the form of Public Limited Companies is Haram, hence investing in stock market too.
The very concept of Public Limited Companies- your liability is only limited to the capital that you own and your personal property is free from being attached is against the principals of Islam. All this while Ive been thinking that it is ok to invest in stock markets provided we invest in companies whoe business is not Haram with a long term holding.
May Allah swt reward the author for the excellent post!