Assalamu 'Alaikum
Pillars of a fully Islamised Economic System:
1) Islamic Monetary system pegged against Gold and
GDP subject to international Hisbah.
2) Islamic Banking on equity only. Investments
taken
on Equity ; Financing given on equity.
3) Bank deposits must be taken on equity; only
then can
the financing be done on equity.
the financing be done on equity.
4) The whole premise of taking deposits on debt
and giving money on debt is to be avoided.
and giving money on debt is to be avoided.
5) Debt only for purchase of assets but even then
subject to ayat 280 AlBaqarah.
subject to ayat 280 AlBaqarah.
6)
Debt to fund working capital of business is prohibited.
7)
Payment System Banks deals only
on "debit card basis".
on "debit card basis".
8)
Investment System banks take money on equity,
invest on equity.
invest on equity.
9)
No Fractional Reserve Banking
10) International Trade on Gold Dinar Exchange system
11) Debt financing only for some financing of cars
and
houses until a more permanent alternative
is executed
12) Zero debt financing for business.
An Islamic system cannot be simply inserted into a
non Islamic overall environment.
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