Western 'Free Market' Capitalism & Islamic Finance

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Western ‘Free Market’ Capitalism & Islamic Finance:

Western ‘Free Market’ Capitalism & Islamic Finance A study in contrasts


‘West’??? Atheist, capitalist, empire oriented establishment which seeks global domination irrespective of what the voiceless, powerless population of their countries wants.

Definitions influence Solutions:

Definitions influence Solutions The global financial crisis did not happen It was created

Consider :

Consider This is not the first time that global capitalism has come apart at the seams So why does it happen again and again when there are so many ‘smart’ people ruling the roost? If they are in fact smart then we can only conclude that it does not happen, it is created If it was created then you can bet on it that someone benefits. It’s really that simple!! To decide if that is true or not, ask, “Who benefits?”

Consider these operative definitions:

Consider these operative definitions There are two kinds of people: Born to rule & Born to be ruled Global resources belong to whoever has the power to grab them Free press: It is free to steer thought in the direction its owners decide Democracy: Where the Ruled voluntarily give the power to the Ruling Class to do whatever they like So what’s new?

Al Baqara 275-280:

Al Baqarah 2:275. Those who eat Ribâ (interest on money) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitân (Satan) leading him to insanity. That is because they say: "Trading is only like Riba ," whereas Allâh has permitted trading and forbidden Ribâ . So whosoever receives an admonition from his Lord and stops eating Ribâ shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to Ribâ ], such are the dwellers of the Fire - they will abide therein. 276. Allâh will destroy Ribâ and will give increase for Sadaqât (deeds of charity) And Allâh likes not the disbelievers, sinners. 277. Truly those who believe, and do deeds of righteousness, and perform As-Salât ( Iqâmat-as-Salât ), and give Zakât , they will have their reward with their Lord. On them shall be no fear, nor shall they grieve. 278. O you who believe! Be afraid of Allâh and give up what remains (due to you) from Ribâ (from now onward), if you are (really) believers [ 279. And if you do not do it, then take a notice of war from Allâh and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums). 280. And if the debtor is in a hard time (has no money), then grant him time till it is easy for him to repay, but if you remit it by way of charity, that is better for you if you did but know. Al Baqara 275-280

Allah has forbidden interest on money :

Allah  has forbidden interest on money And has promised to destroy interest based wealth

For fundamental changes..:

For fundamental changes.. Fundamental beliefs must first change


Freedom For Me (West) I am free to do whatever I want If you do whatever you want and this interferes with what I want, then what you want is illegal, immoral, oppressive, terrorism or whatever I choose to call it A free market is where I am free to trade on my terms For everyone else You are free to do whatever I want If I do whatever I want and it infringes on what you want then what I want is progress, freedom, human dignity, lifestyle choice, economic benefit or whatever I choose to call it A free market is where you are free to trade on my terms

Old New:

Old New MNCs with Western owners acquired raw material and markets through use of direct force Parent nations supported with their armies They called it colonialism MNCs with Western owners acquire raw material and markets through use of indirect force – World Bank, IMF, UNO, local puppets Parent nations support with their armies They call it democracy Same difference – New is old?

World view:

World view West Man = King Freedom = Do whatever you can get away with Life = Is yours to do with as you please Accountable to nobody When you die its over Islam Man = Vicegerent Freedom = Do only what Allah has permitted Life = A trust to be led according to Allah’s law Accountable to Allah When you die it starts

Business Orientation:

Business Orientation West Maximize profits Cost is what happens to me alone Manipulation is when someone does it to me Happiness is however I choose to define it Others don’t matter What is legal is not necessarily moral or ethical Islam Maximize contribution Cost is what happens to society first, then what happens to me Manipulation is haraam Happiness is defined by Allah for our own benefit Others matter more than me Legal, moral & ethical all mean the same thing

Solutions will emerge…:

Solutions will emerge… When capitalists realize that in this connected world, what is bad for others can’t be good for them When they realize that those who have, are responsible for those who haven’t When they realize that we are free to choose, but every choice has a price tag When they realize that one day they will answer to their Creator Until then prepare for the next meltdown


Ask Why would you give billions to the very people who proved how good they were at sinking trillions just a minute ago? Why would you give billions to people who you should rightfully have sent to jail? Why would you continue to lie to the man on the street whose past was spent in your servitude, whose present is destitute and whose future you have stolen? Unless you are also one of the unthinking multitude of sheep?

What should Muslims do?:

What should Muslims do? Create living working models of the Islamic Way Show how Islamic financial responsibility is based on accountability to Allah  and so every0ne benefits Show how the Islamic Way creates real wealth and produces genuine prosperity for all The time for talking is over People want to see what Islam has to offer Because the world listens with its eyes

The world is round:

The world is round What goes around, comes around www.yawarbaig.org [email protected]

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