Quranic/prophetic Perspective on Usury

[system]

Re: Quranic/prophetic Perspective on Usury

@Code_Red

This is veryyyy debatable statement ! And most probably the facts and figures will go against it

Actually no..measure of human condition can be dealt with interms of HDI indicators…lifespan, income levels..data is there. Scientific and economic…all indicators point to a better life fo rhumans within the last 100 yrs than even before.

@Code_Red

The economic system of today, leaves many things to be desired. So saying that there is no better alternative available is wrong.

Islamic system of finances does consider the risk factor, but it is against multiplying and compounding of capital without any constructive/productive activity taking place from this capital.

Islamic finance, is practically not entirely different from current system of finances, but of course the major different is in basics.

Islamic finance is rooted in 7th century arabia and does not have the ability unless changed as the base to become valid today. Simple point is innovation I mentioned earlier. Parameterizing innovation along religious principles will always lead to stagnation because of haram/halaal mentality. Now someone will bring in Medieval sciences in Islam’s golden era, the reality is that advances made then are always compared to europe. China and India were not in scope. Things were already way beyond where Europe was.

@Code_Red

It is very detailed topic, I am not going to discuss it here.

Just want to say that it is common knowledge that current system is not the best, and there are many flaws. You can not say that Islamic system is not fit for mankind, when it was very functional for many centuries in many continents

It might be common knowledge among muslims but among the 5/6th of humanity the current market based capitalism is the best thing since sliced bread. Go ask the billion people in CHina or the billions in INdia whether they would have the Islamic finance system or capitalism as they see today? Siht..go ask Pakistanis.

@Code_Red

Random fact

The earliest known financial transactions (cheques and money orders) taking place through men were recorded in Islamic empires. Where muslim merchant in Egypt and Asia, used to write cheques as payments of goods and transactions took place at some other land (mostly india)

Earliest known financial transactions were actually much before Islam (another fallacy you should erase) in what is today Iraq. Where currency was used to speculate trade timings. Therefore a mecahnism for hedging and assigning value to time therefore giving the transaction itself value of its own.

Human knowledge and ability to adapt cannot be parameterized via religion. Unless ISlamic finance changes, gives up the idiotic concept of equating riba with interest, it will never be a playah..people are much smarter than ever before.