Really interesting article

[union]

Backing away from the interpretations that place a complete ban on interest, etc. That isn't simply going to work in the global economy and even fundamentalist nations like Saudi Arabia charge now.

Interest nearly destroyed the global economy in 2008

It's still the bedrock of capitalism. It has it's cons, but the benefits have so far outweighed the negatives.

[Siciid85]

A liberal interpretation of Islam is the best way forward for Islamic societies. Trying to replicate the 7th century in the 21st century will inevitability lead to failure and stagnation.

wtf do you mean my liberal interpretation?

Backing away from the interpretations that place a complete ban on interest, etc. That isn't simply going to work in the global economy and even fundamentalist nations like Saudi Arabia charge now.

giving away cars, houses, and other properties to people the. Slapping high interest rate on it so that people basically wake up to work just so they could make minium payments and live to work to pay back bloated debt is not good bussiness practice that is leading cause why the global economy slided into prolonged recession. If you have an ax to grind against Allah's words then you are picking the wrong and foolish way to appear " smart and I tune". You will lose. Even non Muslim experts have written truth but you Muslim shy away from the devine truth.

[union]

giving away cars, houses, and other properties to people the. Slapping high interest rate on it so that people basically wake up to work just so they could make minium payments and live to work to pay back bloated debt is not good bussiness practice that is leading cause why the global economy slided into prolonged recession. If you have an ax to grind against Allah's words then you are picking the wrong and foolish way to appear " smart and I tune". You will lose. Even non Muslim experts have written truth but you Muslim shy away from the devine truth.

Ok.

Interest free banking is just hypothetical at the moment and does not exist in the world in any significant way. It's easy to attack an existing system while touting the supposed benefits of another, when the latter doesn't exist and therefore is hard to point out any flaws. If interest free banking is so miraculous and able to avoid recessions, I await eagerly it's fabled appearance.

[grandpakhalif]

F. The Prophet (peace be upon him) said, “Interest has 70 levels, and the least serious of which is equivalent to a man performing incest (intercourse) with his own mother.”[Saheeh al – Jaami’ as – Sagheer, Volume 1, #3541] 

G. The payer and receiver are cursed. [Saheeh Muslim, Volume 3, #3881] 

"And if you do not do it, then take a notice of war from Allâh and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums)." (Al-Baqara-2:279)

[gurey25]

The guy doesnt know what he is talking about..
talk about shody scholarship...

he says islam doesnt ban interest but only excessive usury?
there is no differentiation , its a blanket ban on all forms of interest...

what he says exactly describes how the Christians rationalized interest, it was categorically banned by the church, till someone started to interpret the biblical traditions to mean, not interest but usurious interest..

Muslims cannot use the same approach becuase the quran and sunna are crystal clear on the subject..
So those who want tp westernize islam and assimilate it into modern capitalism are using trading definitions that were used by the rasul salah allah calyhi wasalm and the saxaaba as common and accepted practice to squeeze islam into the western capitalism fit..
these are mudaraba and murabaxa and they form the basis of todays islamic banking

the result is not Islamic and is identical to western banks..

[gurey25]

A liberal interpretation of Islam is the best way forward for Islamic societies. Trying to replicate the 7th century in the 21st century will inevitability lead to failure and stagnation.

This is wrong , nobody has attempted to replicate 7th century islam.
There is no 7th century islam, there is only islam and the example of medina and all the social and economic aspects of it are the perfect example life on this earth.
We have been given a blueprint and an example, and god has always given victory to those who follow the shareeca.

We have been colonized physically through occupation and mentally through westernization.
Even the so called islamist opposition to the west are westernized...

the example of 7th century medina is the best way to build a modern and prosperous economy..

we have been trained and brainwashed to accept the western example as the only example.

I would be ok with that becuase i am as westernized as you, but the sad reality is that we have been brainwashed into accepting colonial relationship vis a vis the west as the only natural course for development.

They told you that if you open up your markets, if you "privatize" your economy, if you maintain stringent fiscal constraints and allow multinationals in you will prosper.. They also told you that state intervention and protecting the local market is bad...

all these are factually incorrect and there are many examples contrary to the fact.

Do you know that out of all the developed and modern economies, only a handful namely , Hong Kong, Switzerland and Netherlands have prospered through this method..

wait this is not even a handful.
it is only 3.. i dare you to find another country that has followed the prescribed neo-liberal free market economics and prospered.
Every other european country and especially the US and canada have followed the opposite of this..

[gurey25]

allot of western and non western thinkers have challenged this interest based economy and all their work
eventually will lead you back to medinat al munawarah and the shareeca.

[grandpakhalif]

gurey your very pragmatic thinker can you recommend some books

[gurey25]

i have allot of recomendations but i would advise you first to start with this book.
It is not meant for economic students but for the general public.

economics is 90% common sense and everybody should understand the entire subject.

its by Bernard Lietaer http://en.wikipedia.org/wiki/Bernard_Lietaer

The future of money..
http://en.wikipedia.org/wiki/The_Future ... d_Scarcity

[Shirib]

How do we run an economy without any interest, when currently the entire monetary system is based on bretton woods which is interest based?

[grandpakhalif]

gurey I think the root of western economic failure is the destruction of the dinar or gold standard, currency itself has no real value except in interest

[gurey25]

you will have to start small.
start with local economy then move upwards..

read the book...

its a good start, it starts by explaining the origin of the current system, and how it developed into how it is today..

and the author is about as mainstream as you get.

he was one of the architects of the euro and worked in the european central bank..

he is now teaching at some buddhist university in the US.

[ToughGong]

the root of western economic failure is the destruction of the gold standard,

[Nomand]

the western collapse started with the end of the USSR.

[gurey25]

not really the gold standard is not the way to go..
The gold standard was much better than today becuase of the stability, bit it requires an empire to keep it going.
The British controlled the world economy through their control of the worlds gold, they forced everyone to become part of the gold standard...

after WW1 they were broke and owed the americans allot of money, this is when people started to get off the gold standard.
after WW2 the bretton woods system was put in place, it wasnt exactly a gold backed economy but it was close, and the world was tied to the dollar.

This has was until 1972 when nixon decided not to back the dollar by anything and print dollars as he saw fit to pay for vietnam..

This is why today the curremcies of the world are a pack of cards , they can crash anytime..
they are not backed by anything..
and the world allows the US to borrow from them free of charge because we all have to use Dollars..