Tuesday, December 17, 2013

Pillars of a fully Islamised Economic System

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.

4)    The whole premise of taking deposits on debt 
and giving money on debt is to be avoided.

5)    Debt only for purchase of assets but even then 
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".

8)    Investment System banks take money 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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