69 million page views

Islam's Economic System

Reader comment on item: Islamic Economics: What Does It Mean?
in response to reader comment: MUSLIM LAKE

Submitted by Umair (Kuwait), Mar 24, 2009 at 10:06

Hajaj Bin Yusaf a very contraversial figure in Islamic History was the first person to suggest the Caliph that to break the power of byzentian empire one must make their currency useless in Islamic lands and the Romans had to exchange the currency for Islamic Currency to trade

Islam not only Provides a Comodity and non-debt based currency and Asset and Investment based banking system, but also was the first system to impliment Ethical Banking where any bussiness that would be the cause of Social injustice was not supported, or dealt with gambling, or alcohol.

Investment banking was introduced as opposed to Intrest based laons. there are Clear signs of it in Islamic History and in the Quran and Shaira

there is a clear system of redistribution of wealth amongs the poor, to a point during the time of Caliph Haroon Rasheed, the Muslim Empire that streched from Africa's West Cost to China, to afghanistan to iberian penensula, the Entire Economic Crisis was delt with within 3 years after haroon rasheed took power, by implimenting Islamic Banking to a point at in the third year not a single person remained eligible for financial Aid nor was any one under a poor, but the Caliph himself lived in a beat up home to reduce the goverment expensis

other examples would be:
The reformation and rennaisance movements were a direct result of all the research that was being performed in the iberian penensula

Ibn Rushd or Averos is a very well known scholar from who proposed that Aristotolian Deductive logic is faulty

Al-Kindi was the first person on Earth to invent Frequency Analysis to break Encryptions

The Current Situation in Many muslim countries is becuase they have abandoned Islamic Economic System and have followed capitalism. this started to happen after in the late 1800's and early 1900's when the Muslim Leaders were corrupt and to a point were under debt from big German Jewish Banking Families for their luxaries ..such as the rothschild Group.. and after the bulkanization of the Muslim Lands due to their british alliances or conquest of the by the british empire they started following The British System

In India for example.. the entire muslim population was declared illitrate ove night by chaning the criteiria of littracy and adding English to it, where as Muslims ran Bank, Finance Houses,


Note: Opinions expressed in comments are those of the authors alone and not necessarily those of Daniel Pipes. Original writing only, please. Comments are screened and in some cases edited before posting. Reasoned disagreement is welcome but not comments that are scurrilous, off-topic, commercial, disparaging religions, or otherwise inappropriate. For complete regulations, see the "Guidelines for Reader Comments".

Follow Daniel Pipes

Facebook   Twitter   RSS   Join Mailing List

All materials by Daniel Pipes on this site: © 1968-2024 Daniel Pipes. daniel.pipes@gmail.com and @DanielPipes

Support Daniel Pipes' work with a tax-deductible donation to the Middle East Forum.Daniel J. Pipes

(The MEF is a publicly supported, nonprofit organization under section 501(c)3 of the Internal Revenue Code.

Contributions are tax deductible to the full extent allowed by law. Tax-ID 23-774-9796, approved Apr. 27, 1998.

For more information, view our IRS letter of determination.)