Saturday, October 25, 2008

Islam economy the answer to economic crisis

Shoib-bin-Mukhtar, an Islamic Scholar from Al-Azhar University spoke at a conference on the global financial debacle in the Kashmiri capital Srinagar. He said that some twenty percent of US population is trapped in deep debts, more than the assets they hold today. He informed that this debt amounted to some six trillion dollars. Mukhtar said that the “Islamic economic system has been a success for thousands of years and it is for sure going to benefit the present world as well”.

Thousands of years? If this gentleman has to teach us about economy, the Lord be with us. ”Solutions to all problems are embedded in Islam, he said adding “We should not narrow down the concept of Islamic economics to Islamic banking or finance but Islamic economics is a much broader concept and it surely has the potential to be an alternative to capitalistic economic system”.

When will Muslims wake up and ask their scholars the probing questions? Show us a Muslim country without oil, where poverty is not rampant? A society where economic development is steady and healthy? The Islamic world is lagging behind in economic, social and intellectual development. Maybe give some freedom of thought and speech to you citizens? Allow economic experiments, intellectual freedom? All those things that a healthy society needs?

More in the Kashmiri Observer.

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