Re: What would the Islamic Economic System do about the
Since Charity is encouraged and interest is forbidden in an Islamic economy, it's likely that hoarding wealth would decrease.
Money itself is viewed entirely different in an Islamic economy. It's merely a means of exchange - doesn't have an intrinsic value. So in that case, it's actually quite pointless to hoard money (it's just a bunch of electronic numbers or sheets of paper...).
Economically speaking, it's better if money is spent and Islam provides numerous avenues of distributing wealth.
Someone said to the Prophet, "Pray to God against the idolaters and curse them." The Prophet replied, "I have been sent to show mercy and have not been sent to curse." (Muslim)
Hey there! Looks like you're enjoying the discussion, but you're not signed up for an account.
When you create an account, we remember exactly what you've read, so you always come right back where you left off. You also get notifications, here and via email, whenever new posts are made. And you can like posts and share your thoughts. Sign Up
What would the Islamic Economic System do about the
Hide
Looks like you're enjoying the discussion, but you're not signed up for an account.
Posting Permissions
Bookmarks