Economic System Guidelines in Qiran
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Peace all,
I have been wrestling with issue of ribaa for some time now. I have posted on this forum regarding my thoughts & concerns. These have brought some responses which have given me some food for thought, & I thank all those who have responded & added to my understanding of this issue.
I also posted a charity poll which did not get much response, but I did receive some food for thought on this & once again would like to thank all who have contributed.
These 2 issue are both components of the socio-econmic system of a community. I have realised that these issues are very difficult to address in isolation ( as any topic is). I would therefore like to initiate a discussion on the topic of a Quranic Economic System (if indeed there is such a thing), or at least on any guidelines put forward for an Economic System in the Quran. I realise that this will involve economic, social, plitical & many other issues. I would, however appreciate any input & suggestions anyone may have.
As a starting point, I would like to put forward the following
In my investigations so far, I have found that the arguments put forward by Parvez are very well referrenced by verses of the Quran. His opinion leans very much to a socialist society. Do you agree that this is indeed te sysytem that AQ directs us toward?
The opinions that lean towards a more capitalistic system that I have come accross seem to be based more on interpretation of current economic theory with scant references to Quranic verses that are somtimes taken out of context. Do you support this idea of a primarily capitalist system with some social issues addressed through the individual's perrogative of what he/she should give in charity & perhaps a tax by the State.
I'm not sure if I just haven't found the strongest opinions on the latter or if they don't exist because the Quran does not support them. I am leaning towards a more socialist environment due to the strength of the arguments I have come accross. I belive this issue is very important as it may require much change in the way we view & lead our lives
I would appreciate solid Quranic backing for any opinions expressed, rather than comments based on the assumption that a socialist system is more equitable or that a capitalist society is the only workable solution due to interpretation of curent economic theory which one assumes to be acceptable or correct.
The threads I started can be viewed at
http//free-minds.org/forum/index.php?topic=9596824.0
http//free-minds.org/forum/index.php?topic=9597010.0
Imraan
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Read my post on http//free-minds.org/forum/index.php?topic=9596824.15
It should be the last one.peace
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Peace progressive1993
Thanks for your response.
In your referenced post, you wrote
But without interest, there would not be an incentive to pay the money back to the lender. Would you pu the people who dont pay the money back to the lender in jail, or would you, as a lender put 1-4% interest on the money so that there is an incentive to pay it back on time.
Furthermore, remember the expression "time is money, money is time". You pay the lender for the time that you have taken from him, where he/she could have used the money as an investment.
Have you considered the nature of money as we know it today? It is merely a promissory note to pay back a debt which is impossible to pay back. It is therefore a liability rather than an asset. To discuss this issue one needs to reflect on the history of fiat currency & the flimsy, indeed non-existent foundation it has been built on.
You will also notice that my post here regards whether a Quranic socio-economic system is more effectively copied by the socialists or the capitalists. The reason for this imo is because according to 9111, our "nafs "& belongings are only entrusted to us. They really belong to God. We therefore have to spend our "nafs" & wealth in fulfilling the promises God has made to mankind. We therefore need to serve God by serving mankind. This seems to be better copied by a socialist system. I thererfore believe that "sadqa" does not mean charity, but rather represents the right of people who are in need to the excess wealth of those who have such excess. THis concept too comes out more clearly in socialism than capitalism. Also, I am of the opinion that this excess wealth & concept of "sadaqa" are only necessary when a Quranic system is not prevalent. In a Quranic system, the needs of all citizens are taken care of as a duty of the government, which in effect is the community at large. Therefore there would be no need for loans as anything one would want a loan for is actually beyond one's needs & can be done without. One of the reasons for my opinion is that we cannot value the abilities of one individual over the abilities of another. For example, a surgeon & the person resonsible for keeping surgical instruments sterile should be paid at the same wage rate since they have both been endowed with their abilities by God according to His laws, and the type of work one does is not the basis of status in the Quran.
Imraan