Quote:
Originally Posted by Codename Hijazi
9: In the presence of interest based global financial system, discuss the possibility of interest free Islamic Financial system
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Question no 9 demands two things that is first appreciate Islamic economic system by depreciating Global financial system . Who is running this system ; IMF , World trade center and certain banks ? who is funding these organization ? Discuss the reasons of wall street crisis as well as developing nation who have balance of payments deficit problems due to devaluation of their currency ... Islamic system is based on sadqat +zakat+Taxes
These all meant for equalization of wealth ...In this system Interest had been replaced with zakat which is compulsory and tax /amount that one contained with in year , land tax per income , jizaya and other as well ... Islam allow to retain property but it refrain to exceed the limits ... Interest make a few wealthy n zakat make a developed nation ... we have discussed facts in details