Re: Usury, Capitalism and Anti-Capitalism
:salam2:
Islam forbid capitalism in shape of 'usury [interest], the Catholic Church also forbids usury, but with the Reformation and Anti-capitalism’s revolt against Papal dogmatic teaching and then the Enlightenment and its rejection of Papal moral teaching, “Christian Europe” over time accepted some forms of interest-charging, allowing for some societal changes after feudalism was replaced by other forms of government.
Christianity has been the source of many criticisms of capitalism, particularly its materialist aspects. Many early and pre-socialist movements as well as later ones drew principles from the Gospels (see Christian socialism and the Social Gospel movement) and against the “values” of profiteering, greed, selfishness and hoarding. However many Conservative Christians in the US are in favour of capitalism in opposition to secular socialism.
Islam forbids lending money at interest, the mode of operation of capitalist finance; however Islamic banks have developed ways to make a profit in transactions that are traditionally arranged using interest. These include profit sharing (Mudharabah), safekeeping (Wadiah), joint venture (Musharakah), cost plus (Murabahah), and leasing (Ijarah).
Any views?
Islam has given us gold standard which is much more stable than any capitalist model.
Only we need an islamic state now as guidance to show world how islamic economics is really done and how it benefits entire people not a select few like in capitalism.