Could Islamic Finance rescue the global economy?

Source: alternet.org

By: Harris Irfan

Is there a place for ethics and morality in the global economy? Should we continue to rely on governments to tweak at the margins of financial regulation, or is there a credible argument that a root and branch reformation is required – a revolution in capitalism?

Anthropologist and co-founder of the Occupy Wall Street movement David Graeber believes – along with an increasing number of leading intellectuals – that the world’s reliance on our current banking system has had a catastrophic impact on society, leading to an increasing divide between rich and poor, an increase in contemporary versions of debt bondage, and perpetuating the idea that credit creation is a mark of human progress.

Mini-Documentary: A Tsunami Of Debt Threatens Democracy (Video)

 Remember the financial crisis of 2008? Are we sleepwalking towards another financial meltdown? While the super-rich are thriving, ordinary households are taking on mountains of debt. Governments may have spent billions on bailout packages and in the absence of a fairer economic system, a debt-fueled bubble may burst with catastrophic results.

Hong Kong Protests Explained In Under A Minute (Video)

 People in Hong Kong are protesting Beijing’s interference in the 2017 elections for Hong Kong’s main leader. But as much as Hong Kongers are calling for democracy, they’re also fighting for the economic future of Asia’s financial center.

Malaysia Airlines: can it survive? (Video)

 The carrier announces financial losses and job cuts as it strives to recover from two passenger jet disasters.

Oh Palestine, you are in our hearts and prayers

Oh Palestine, you are in our hearts and prayers. “Our Lord, pour upon us patience and plant firmly our feet and give us victory over the disbelieving people.” Quran, 2:250

How Student Loan Scammers Are Exploiting The Debt Crisis (Video)

 Americans are now holding $1.2 trillion in outstanding student loan debt, and college graduates are becoming an increasingly attractive target for financial scams. AJ+ explains how companies are trying to exploit the crisis and those struggling borrowers looking for debt forgiveness.
Watch more…

Why Problems Are Good For You

Did you ever experience a dark phase in your life? Lost a job or a loved one? Financial or health problems? Been through a divorce or a rough marriage? Did you find yourself looking towards the sky and asking “Why me?” while hoping and yearning for that perfect life?

If you answered ‘no’ to these questions then better you stop reading right now because this article won’t interest you. If you answered ‘yes’ to any of the above questions then read on….There’s good news and bad news…

The Bad News

I am going to be straight with you. If you waiting for that ‘perfect life’, you going to wait for a long time because that life doesn’t exist. If there was such a thing as a ‘perfect life’, Allah would have given it to His closest servants, the Prophets (Peace be upon them), but they lived lives stacked with difficulty. I won’t elaborate on their sacrifices for I fear this piece will be too long but understand one thing…from marriage to kids, finance to health, the Prophets of Allah (Peace be upon them) experienced an avalanche of trials, and of course, our beloved Muhammad (PBUH) seen the worst. Despite the fact that he was Allah’s most beloved creation, he was orphaned at a young age, lost all his male progeny while still infants and went for days without food just to mention a few.

I know what you thinking…”What about the rich and famous in today’s era?”. Well, truth be told, despite the wealth, there is no happiness. Drug scandals, love affairs, depression, jail -time, I don’t know about you but I don’t see happiness in Hollywood. I mean seriously, I could hold my breath longer than some celebrity marriages. These problems are common and experienced by everyone. The poet says it up beautifully…

“The healthy seek wealth..wealthy seek health..
husbands seek jobs.. employed seek wives..
these are the days of our lives.” @poetrypencil

The Good News

So why did the Prophets of Allah experience rough patches and why do YOU experience rough patches? Because Allah loves them and Allah loves…YOU.

A Hadeeth states:

“When Allah intends good for a person He puts him/her through a test.”(Bukhaari)

But why would Allah put you through difficulty? It doesn’t make sense. It goes against logic!

Well, ask yourself these questions…

1) How often do I read Tahaajud in good times?

2) How much Dhikr do I make in good times?

Very little?

Now ask yourself this…

1) How often do I make Dua in difficult times?

2) How often do I think of Allah in difficult times?

Quite a bit?

The above Hadith makes more sense now doesn’t it?

The point is Allah puts you through a test because He wants the best for you. He wants you to be closer to Him. We might not realize it but ‘happy times’ takes us further away from Allah. We only turn to Him in our days of darkness. With every rough patch we become His friend and He loves that…He loves YOU.

Also, good news, your sins are being forgiven…

“never a believer is stricken with discomfort, hardship, illness, grief or even with mental worry except that his/her sins are forgiven” (Bukhaari, Muslim)

“A Muslim male or female continues to remain under  trial in respect of his/her life, property and offspring  till he/she meets Allah in a condition that all of his/her sins are forgiven.” (Tirmidhi)

You don’t know the true colors of a person until you live with them, travel with them or have financial dealings with them.

 You don’t know the true colors of a person until you live with them, travel with them or have financial dealings with them.
 Usted no sabe los verdaderos colores de una persona hasta que vives con ellos, viajar con ellos o tener relaciones financieras con ellos.
 Je weet niet de ware kleuren van een persoon totdat je bij hen wonen, reizen met hen of hebben financiële omgang met hen.
 Vous ne connaissez pas les vraies couleurs d’une personne jusqu’à ce que vous vivez avec eux, voyager avec eux ou avoir des rapports financiers avec eux.
 Sie wissen nicht, die wahren Farben einer Person, bis Sie mit ihnen leben, mit ihnen reisen oder finanziellen Beziehungen mit ihnen.
 Nǐ bù zhīdào yīgèrén de zhēnmiànmù, zhídào nǐ hé tāmen yīqǐ shēnghuó, lǚxíng yǔ tāmen huòzhě yǔ tāmen de jīnróng jiāoyì.
 Du vet inte de rätta färgerna en person tills du bor med dem, reser med dem eller har ekonomiska förbindelser med dem.
 Vy ne znayete, istinnoye litso cheloveka , poka ne zhit’ s nimi, puteshestvovat’ s nimi ili imet’ finansovyye otnosheniya s nimi.
 Onlarla yaşamak kadar bir kişinin gerçek renklerini bilmiyorum, onlarla birlikte seyahat veya onlarla mali ilişkilerinde var.
 Tu non conosci i veri colori di una persona fino a quando si vive con loro, viaggiare con loro o hanno rapporti finanziari con loro.
 Anda tidak tahu warna sebenarnya dari seseorang sampai Anda tinggal bersama mereka, bepergian dengan mereka atau memiliki urusan keuangan dengan mereka.

Documentary: The American Dream (Video)

 The American Dream is a 30 minute animated film that shows you how you’ve been scammed by the most basic elements of the government system.

From the author: All of us Americans strive for the American Dream, and this film shows you why your dream is getting farther and farther away. Do you know how your money is created? Or how banking works? Why did housing prices skyrocket and then plunge? Do you really know what the Federal Reserve System is and how it affects you every single day?

The American Dream takes an entertaining but hard hitting look at how the problems we have today are nothing new, and why leaders throughout our history have warned us and fought against the current type of financial system we have in America today.

You will be challenged to investigate some very entrenched and powerful institutions in this nation, and hopefully encouraged to help get our nation back on track.
More documentaries…