Islam is a comprehensive religion comprising of an entire way of life. All aspects of life are governed by the religion of Allah. Otherwise there is fear of destruction and corruption. The term ‘credit crunch’, which we hear incessantly, refers to a sudden and dramatic shrinking of credit available throughout the world. This has had a profound effect on the economy and is causing great misery with the loss of jobs and collapse of businesses. From an Islamic perspective, the entire credit system was fatally flawed from the onset as it is based upon dishonesty, speculation, gambling and most critically greed and usury. The solution to this global economic decline can only be achieved by adhering to the concept and philosophy of wealth outlined in Islam. In the Islamic system, wealth is not a monopolised asset that only moves around a select few.
The current financial crisis as well as the Islamic perspective on the credit crunch all are eloquently explained in this speech. Reference is made to the mortgage and insurance system along with the philosophy of wealth in Islam.
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