04-05-2005, 09:34 AM
I shudder every day, what I'll say to my LORD not just on interest, but on the way things are run in our country and the muslim world in general. I think Interest is just one of the things, but have we ever considered of other menaces in our society. I think we are also responsible for the children starving on our streets, sexually assaulted and malnourished. Of the women raped in our villages by tribal elders (on their instructions) of children going without education and having a pitful future. Of bringing such bad name to the Islam. We have the best relegion but are the worst of followers.
Quoting Caliph Umar's (May Allah be pleased with him)government, the economy was interest free but the monetary currency were precious metals and stones (gold and silver etc.). We use currency notes which is a promise to pay, and we do have something called inflation ! I think we need to think on those lines. I am not saying I am the person qualified enough to do it (I hope I can some day be qualified enough to do so)
I had like to quote here, Dr. Mahathir's (ex Prime minsiter of Malaysia) idea of an Islamic Dinar fully backed by Gold and/or Oil Reserves (infact any kind of commodity that has a stable price)that infact would take care of the inflation factor and make it much easier to think about a practical non interest economy. Infact something on those lines would be a huge economic success for the Muslim world. Unfortunately for us, the muslim world are unable to table one small little UN resolution on any thing, lest this huge revolution.
Until that is done, we don't have much of a choice do we ! Now don't tell me that any of you who are Accountants think they have nothing to do with Interest !
Quoting Caliph Umar's (May Allah be pleased with him)government, the economy was interest free but the monetary currency were precious metals and stones (gold and silver etc.). We use currency notes which is a promise to pay, and we do have something called inflation ! I think we need to think on those lines. I am not saying I am the person qualified enough to do it (I hope I can some day be qualified enough to do so)
I had like to quote here, Dr. Mahathir's (ex Prime minsiter of Malaysia) idea of an Islamic Dinar fully backed by Gold and/or Oil Reserves (infact any kind of commodity that has a stable price)that infact would take care of the inflation factor and make it much easier to think about a practical non interest economy. Infact something on those lines would be a huge economic success for the Muslim world. Unfortunately for us, the muslim world are unable to table one small little UN resolution on any thing, lest this huge revolution.
Until that is done, we don't have much of a choice do we ! Now don't tell me that any of you who are Accountants think they have nothing to do with Interest !
