India on the verge of facing worst financial crisis in decades?

[firenze]

Re: India on the verge of facing worst financial crisis in decades?

@snowy_winter

^ the islamic economic system was implemented under the caliph Umar (RA). From what I gather, it was basically a social welfare system with a bait-ul-maal in place in which everyone contributed (something similar to taxation) and then that fund was used to help the poor, sick, needy and old people. to give you an idea of the elegance of the Islamic system, babies received a monthly stipend from the govt. for their needs…just imagine how amazing !!! now the situation is such that France, Sweden and some other countries have adopted segments of the islamic system whereas Pakistan is acting like a two bit w-ore with an ugly derivation of the capitalistic system.

you don’t have to take me back to 1400 years ago.. just 100 years ago under the Usmania Caliph(Ottoman empire), their economical model was able to sustain over 400 years - in layman terms it worked. If you want to follow the Islamic economic system which haven’t much ijtihad in last 800 years, it’s technically not comparable with todays global financial system. That is one of the reason from the thirty years Islamic finance didn’t sky rocket as every other mullah was predicting.