By Mumtaz Alam Falahi, TwoCircles.net,
New Delhi: The present global economic crisis is the outcome of the capitalist economic system whose basic features are interest, speculation, gambling and selfishness. Islam presents an economic system that is based on justice and equity, said renowned Islamic Economist Dr. Nejatullah Siddiqui.
Speaking on “Global Economic Crisis and Islamic Economics” at New Delhi’s Constitution Club today, Dr. Nejatullah Siddiqui said that at present no one has the complete solution to this global economic crisis, all of us should find out the way to rescue the world from this recession.
(L-R) Dr SQR Ilyas, Member, AIMPLB, Muhammad Jafar, Vice President, Jamaat-e-Islami Hind, K Rahman Khan, Deputy Chairman, Rajya Sabha, Muhammad Rafat, JIH leader
Talking about the present economic system he said its basic elements are speculation, gambling, debt financing and uncaring attitude with others. “These factors are the basic cause of present financial crisis,” he said
“No religion Islam included asks its followers to not see their interests in economic activities, but religion also wants that a person should take care of other’s benefits. It prohibits one to gain profit by inflicting harm to others” said Shah Faisal awardee Dr Siddiqui.
Islam prohibits Riba and business activity based on Riba. It prohibits economy based on gambling. But it does not stop one from worldly progress. As far as capitalist economic system is concerned, which has given birth to the present crisis, interest, gambling and selfishness are part of it.
Presiding over the programme, Deputy Chairman, Rajya Sabha, K Rahman Khan said there is an urgent need that Islamic economic system should be presented as an alternative before the world. There is a need to tell the world about the experiences of Islamic banking going on in different countries.
Referring to a statement of the president of UN General Assembly that the world needs an economic system based on justice and equity, Rahman Khan said “these two are pillars of Islamic economic system, so we should present it with full force.”
The programme was organized by Samajik Chetna Manch.