I hope the title is clear. Is Islam close to communism, close to capitalism? Where is it?
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There are Islamic banks in the USA.In Islam isn't it forbidden to charge interest on a loan? And isn't there an entire Islamic banking sector where there isn't any interest involved?
That's still capitalism, but Islamic capitalism
I was actually wondering this just the other day. Good call!THREAD REVIVAL
Interesting topic
Can anyone inform us on the economic structures of Islamic ruled countries?
"own Allah and the money" ORIn Islam the clerics and the state basically own Allah the money.
All Islamic loans are no interest since interest is not Islamic.Can I get an Islamic bank no interest loan?
I hope the title is clear. Is Islam close to communism, close to capitalism? Where is it?
Well according to my understanding there is not one sect of Islam and even within sects there will sometimes be alternative views, so it's a difficult question to answer in my view.I hope the title is clear. Is Islam close to communism, close to capitalism? Where is it?
Wait wait , they charge rent and plus the loan needs to be repaid? Did i got it right?All Islamic loans are no interest since interest is not Islamic.
If you want to buy a home, for example, the bank will buy the home and charge you rent until the loan is repaid. If the bank loans a business money, they will get a share of the profits until the loan is repaid. Such banks make money but not by directly charging interest on the loans.
Yes this is called zakat.Muslims are instructed to donate a percentage of their wealth to charity each year, but commerce is perfectly acceptable.
So a commercial market economy.
Perfect analysis.Yes this is called zakat.
Many rulers and wealthy Muslims build mosques, drinking fountains, hospitals, schools, and other institutions both as a religious duty and to secure the blessings associated with charity.
(Many also used that money to other purposes).
Zakat is one of the 5 pillars of Islam.
However this is their economic principle:
-the abolition of riba, meaning interest on capital
-the institution of mudarabah, meaning profit-loss-sharing system in Islamic economic ventures
-the abolition of israf, meaning wasteful consumption
-the institution of zakah, which is an organized form of social assistance in an Islamic community
I am not so sure that they abolished interest on capital..
So if I borrowed a million dollars from such a bank with a 30 year payment plan, I could invest that money into something paying interest, and slowly pay the money back over a 30 year period and keep the interest for myself! then after 30 years the loan is repaid but that million that I repaid is now worth a fraction of what it was worth when I borrowed it due to inflation. Sounds like a good way to make money at the expense of the Islamic Banking system.All Islamic loans are no interest since interest is not Islamic.
If you want to buy a home, for example, the bank will buy the home and charge you rent until the loan is repaid. If the bank loans a business money, they will get a share of the profits until the loan is repaid. Such banks make money but not by directly charging interest on the loans.