interest and islam

[Pracs]

Yes a Book of guidance that needs to be understood and then implemented in its true form and not just the substance, When Quran was revealed there was no paper money. A whole lot of trade was done through barter arrangements, a lot of valuables like silver, gold and precious stones were used for larger payments.

So the million zillion dollar question here is, what do we do about the inflation ? paper money backed only partly by precious metals/reserves. Back to the drawing board and Dr. M's model of the Islamic Dinar.

Lion King since you are a student of accountancy you must be familiar with '' the substance over form'' ratlings we accountants do all the time. Let me give you an example its is premissable to own shares on the stock market right ? but you could be a damn big speculator (or a cartel of them) bringing the KSE to its knees every time you see a profit in the making. Now that is un islamic, getting into stuff like insider dealing, that is un islamic. Not paying your taxes (and trading in smuggled goods) that is un islamic. Drug and human trafficking is un islamic.

A Pensioner or widower living on the interest from his/her Defence or National savings, is I hope not un islamic. Getting your pension from a Fund based on interest based investments... I hope is not un Islamic.

Sorry to have tread on any body's toes here,,, but I see at things a little different. Its just not black and white,.. this is some thing in the grey!