I’m curious as to your thoughts on this.
The actual Islamic Economic model is capitalist its the moral ethics of the faith that encourages donation and helping poor zakat and (jizayih so non-believer funds get redirected to the poor). Islam tackles the biggest flaw in capitalism how to get the rich to redirect their funds instead of hoarding the wealth. It does this by placing moral obligations upon the person to pay money to the poor because if you tax them too high they will leave the country.
There’s a interesting video on this flaw of capitalism on the school of life. The solution the west has for this is rewarding the rich for doing ethical things. In Islam it’s the fear of punishment and the moral obligation to donate that runs the Islamic economic model. What keeps the economy afloat and successful is the belief in the deen. Interest and corrupt banking don’t exist in this model. People tend to think Islam promotes a socialist economy but its actually the opposite as socialism and Marxism violently oppose religion in every way. In order for this to work 95 percent of the population must be Muslim so this model works when following the word of Allah (swt).
This model is not properly used in the world today as nations like Saudi and Iran are corrupt. It worked well from The eighth century to the twelfth century and served as a basis for Adam Smith’s wealth of Nations and modern capitalism in general.
Let’s, discuss
The actual Islamic Economic model is capitalist its the moral ethics of the faith that encourages donation and helping poor zakat and (jizayih so non-believer funds get redirected to the poor). Islam tackles the biggest flaw in capitalism how to get the rich to redirect their funds instead of hoarding the wealth. It does this by placing moral obligations upon the person to pay money to the poor because if you tax them too high they will leave the country.
There’s a interesting video on this flaw of capitalism on the school of life. The solution the west has for this is rewarding the rich for doing ethical things. In Islam it’s the fear of punishment and the moral obligation to donate that runs the Islamic economic model. What keeps the economy afloat and successful is the belief in the deen. Interest and corrupt banking don’t exist in this model. People tend to think Islam promotes a socialist economy but its actually the opposite as socialism and Marxism violently oppose religion in every way. In order for this to work 95 percent of the population must be Muslim so this model works when following the word of Allah (swt).
This model is not properly used in the world today as nations like Saudi and Iran are corrupt. It worked well from The eighth century to the twelfth century and served as a basis for Adam Smith’s wealth of Nations and modern capitalism in general.
Let’s, discuss