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((When any people deal with usury "Riba" lunacy will appear
in their society))
Index
Introduction to Signs of Collapse in New International Economic
System.
The International Financial System Crisis Aspects
The Main Reasons Behind the International Financial System
Crisis.
The Opinion of the Islamic Economy regarding The International
Financial System Crisis.
Stability & Security Rules in the Islamic Economy.
The Method of Overcoming the Crisis by Applying the Islamic
Economy Rules & Regulations.
Summary: The Islamic Economy Rules & Regulations are the Only
Way for Salvation.
Call for the Economists & Businessmen.
Call for the Muslims in General.
Introduction:
The economists of the man-made economy have predicted the
collapse signs of the socialist economic system because of its
concepts & principles which contradict the human nature and
conflict with the Islamic rules & regulations. Similarly, the
economists of the capitalist economic system have predicted the
collapse signs thereof because of its concepts & principles which
contradict the orders of Allah The Almighty and undermines the
values & morals. It is relies upon the monopoly and the usury
interests (Credit and loans against interest) which are the most
vicious evil in the Earth and the motive behind worshiping money,
controlling the borrowers by the lenders, restricting their freedom,
stealing their business & homes and causing dangerous social &
economic effects.
Many people are asking themselves:
What are the reasons behind the International Financial Crisis?
What are the reasons behind the bankruptcy of the banks dealing,
selling and purchasing loans & debits?
What are the reasons behind the bankruptcy of the large
companies taking finance from the banks under the interest
system? Is it expected to confront a new international
stagnancy under capitalism and its tools like globalism and
interest system?
Moreover, many Arab and Muslim people are asking themselves
about the perspective of the Islamic economy & banks for this
crisis?
These inquires and questions will be the substance of our study from
the Islamic Economy point of view.
All this invite us to ask: What are the main & real reasons behind
this crisis?
Third: The usury banking system relies on the interest rate system
and operates within the frame of dealing, trading, purchasing and
selling of debts. Whenever the interest rate of the deposit increases,
the interest rate of the loans given to individuals and companies will
increase similarly and all of this will benefit the banks and financial
brokers while the borrowers will suffer injustice in paying the loans
taken by them for the purpose of consumption or production. Some
economists, like Adam Smith, the father of economists, said: "The
real development and the rational use of the production factors will
not be achieved unless the interest rate became nil" and they
considered the alternative method is the system of sharing profits
and losses because it enhance stability and security. They further
said: "The interest rate system will make the money goes to the
hands of small group of people who will control the wealth totally".
Sixth: The borrowers have lost their assets and homes which were
mortgaged against such loans. They became homeless, helpless,
poor and immigrants.
Fourth: The Islamic Sharia has prohibited all kinds & forms of
selling debts against debts, like: discounting bills and the post date
cheques. Moreover, the Islamic Sharia has prohibited the system of
re-scheduling the debts against increasing the interest rate. The
Prophet – Peace be upon him – prevented selling debts against
debts.