Re: Islamic socialism resulted in utter destruction of Pak economy
pcg, your view of credit is rather one sided. one obvious benefit of credit is that it allows you to acquire valuable assets by spreading the cost of that asset over a long period. for example, when you graduate from college, you can only afford to rent. however by taking a mortgage, you can build equity value in your house which wont be possible if you rent. you can abuse credit by borrowing beyond your capability but that is true for most things out there. anything in excess, such as eating too much biryani, is not good for you. does not mean that you should give up eating biryani.
Obviously, I agree with you to some degree, otherwise, I wouldn't have a credit card.
However, a lot of what you said could be achieved by non-interest loans.
I have a question though...I just realized - would credit even be considered haraam? As long as you pay your money back within a given time frame, right? Like I use a credit card, and then pay the bank back whatever I owe, and they don't charge me any interest. shrugs I guess you can have credit in an Islamic state.
Dekha! Islam isn't so bad after all.