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The Islamic Paradigm

Reader comment on item: Islamic Economics: What Does It Mean?

Submitted by Naushad Omar (South Africa), Jun 18, 2011 at 11:15

By abolishing interest and allowing profit sharing, the islamic system is in effect a non-leveraging system. It is true that many islamic financial transactions are nothing but disguised interest -based transactions and this should be blamed on the islamic jurists who have no knowledge of economics and use legal reasoning to legalize transactions. There is no proof in the Koran that Islam wants to promote equality. In fact, God states clearly "that He gives more to some than to other, but the differentiation in the hereafter is even greater". What Zakat does ensure is justice and not equality.


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