Islam solution to failure of capitalism
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ISLAM : SOLUTION TO FAILURE OF CAPITALISM? . by Nihal Javed . Agenda. Why Capitalism Failed? Root of Global Financial Crisis ISLAM – A Comprehensive Solution ISLAMIC MODEL OF ECONOMICS Conclusion References. Why Capitalism Failed? . Model based on greed: RIBA / Interest

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ISLAM : SOLUTION TO FAILURE OF CAPITALISM?

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Islam solution to failure of capitalism

ISLAM:SOLUTION TO FAILURE OF CAPITALISM?

by Nihal Javed


Agenda

Agenda

  • Why Capitalism Failed?

  • Root of Global Financial Crisis

  • ISLAM – A Comprehensive Solution

  • ISLAMIC MODEL OF ECONOMICS

  • Conclusion

  • References


Why capitalism failed

Why Capitalism Failed?

  • Model based on greed: RIBA / Interest

  • Exploitation of resources to maximize profits

  • Societal benefit not considered

  • Welfare of a few elite at the cost of:

    • Massive poverty worldwide

    • Imbalance of wealth

    • Lack of justice

    • Spread of corruption

  • Irresponsible lending

  • Non – Production Based economy

UNJUST SYSTEM BASED ON OPPRESSION OF THE WEAK


Root of global financial crisis

Root of Global Financial Crisis

ARTIFICIAL MONEY GENERATION & EXCESSIVE GAMBLING


Islam a comprehensive solution

ISLAM – A Comprehensive Solution

  • What is Islam?

    • Tawheed, Religion of all prophets

  • Prophet Muhammad PBUH

  • Quran: Instruction Manual from our Creator

  • Divine Guidance from cradle to the grave

    • From Ibadah, Fasting, Pilgrimage, Economics, Business, to Marital relations, bathroom etiquettes

  • Applying Divine Laws and guidance ensures success in this life and the next

ISLAM: A COMPLETE WAY OF LIFE


Islamic model of economics

ISLAMIC MODEL OF ECONOMICS

  • Interest (RIBA) Forbidden

    • “Allah has permitted trade and has forbidden interest” [Quran 2:275]

    • “O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful.” [Quran 3:130]

  • Profit – Loss Sharing Model

    • One party does not assume all the risk (like conventional)

    • No reward generated w/out risk

    • Leads to financers carefully assessing risk

  • Production Based Model

    • Cannot generate money out of nothing (recycling money through interest)

    • Promotes “real” growth of economy (Actual goods produced)

  • Prohibits gambling by third parties

    • One of the main causes of Financial Crisis – Excessive hedging, speculation, gambling

  • Provides Implementable Solution

    • Not just conceptual but practical and applicable

    • Success demonstrated in History

    • Commands transactions be sale / lease based (not imaginary)

    • Products: Murabaha, ijarah, salam, istisna etc


Conclusion

Conclusion

  • Islamic Economic Model based on the Divine guidance

    • addresses all the reasons why Capitalism failed

  • Implementation would ensure a just and balanced system that would benefit mankind as a whole

  • Solution to eradicating poverty, corruption, injustice

  • Islam is the submission to the Will of God Almighty

  • The complete way of live – Governs mans relationship with his Lord, and with other men

  • Insure yourself against Hellfire by accepting Islam and succeed in this world and the next!

ISLAM: SOLUTION forPEACE, SUCCESS & JUSTICE


Refrences

Refrences

  • “Islamic Finance: A Therapy for Healing the Global Financial Crisis” by MirantiKartika Dewi1and Ilham Reza Ferdian

  • http://en.wikipedia.org/wiki/Riba


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