Amongst this economic crises, a lot of experts are indiretcly highlighting the economic system in Islam. I really would like to discuss this topic more throroughly, unfortunately, I am not an economist and I know very little about it. As I am interested in the topic of ‘Islamic Discussions’, I will focus on a different aspect. In a previous post, I have mentioned that the economic system of Islam is one of the proofs that it is the religion of truth. How can a man 1400 hundred years ago set up the fundamentals for such an economy!
If there is a benefit to this economic crises, it is that it forced people to focus on alternatives and what has succeeded and what has not.
The Sydney Morning Herlad writes:
A thriving financial sector sounds like an oxymoron these days. Even Australia’s banks – among the most profitable in the world – kept a fifth of this week’s interest rate cut to cushion their margins. But there is one sector that has tongues wagging in the hubs of commerce: Islamic finance.
Washington Post writes:
The mortgage industry may be in meltdown, but at least one class of lender appears to be flourishing: Islamic finance companies that offer Muslim home buyers alternative arrangements such as lease-to-own deals so they can avoid making the sort of interest payments that many believe their religion forbids.
Officials at Guidance Residential, a Reston company that has financed more than 5,000 home purchases since it began in 2002, said the company is having its best year yet, with business up 7 percent in the first quarter of 2008 from the first quarter of 2007.
The solution is here