Islamic Monetary System vs. Money as Debt

The current monetary system that involves interests and debts is crashing. Apparently, the money printed and circulated among countries is printed in certain amounts where interests are not taken into consideration, resulting in putting many in debts, as they have to take loans to compensate for that amount of money that does not exist. When comparing that system to the components of sustainability, reality itself has proved that system to be unsustainable. The economic recession has proved the current most-wide-spread monetary system to be unsatisfactory to the economic component of sustainability. This has resulted in violations in the other components, society and environment. Socially, many have lost their jobs due to the fact that their employers cannot hand them their salary. This has lowered down the standards and the quality of life in many households. As for the environment, the result might not have been obvious, but the amount of money spent for the sake of the environment (ex. researches, recycling plants...Etc) reduced because the priorities has changed. It is more important to use money to solve immediate problems such as healthcare problems, nutrition, and hydration rather than spending it on the environment.

My recommendation/alternative monetary system is the Islamic monetary system. First of all, it is flawless, for the one who has put that system is the greatest of the greatest, the perfect creator of all human beings, God (Allah). When comparing the system to the components of sustainability, we see how Islam is a miracle. With all the technologies and knowledge man has reached to today, yet Islam fits in this century. The Islamic monetary system is sustainable when comparing it to the components of sustainability. Economically, when there are no interests in money and loans, the money cycle is in equilibrium. If the money cycle is in equilibrium, then it is going to be in a balanced status making it sustainable. Socially, as a balanced monetary system, everyone will enjoy their financial rights and will be –if God permits- in less monetary and job-loss risks. Environmentally, in contrast to the current popular system, money will hopefully be available sufficiently so that immediate problems would not drain most of the money.

An indicator that the Islamic system is sustainable is that it is still used today. Saudi Arabia is the best example of a country that implements that system (although it could be implemented in a better way that is more devoted, reliable, and honest). The system has been going here for many years and is still seen as an ideal system for the future. Saudis were not much affected by the economic recession as other countries. No one I know has lost his/her job. Other countries such as France are considering adopting the Islamic monetary system. Muslims should be proud to believe in a religion that includes guidance on what is best and how to live a balanced life.

(lol, 3ajabny my global issues course assignment :P)


Anonymous said...

A well structured piece worthy of reading. France adopting our the Islamic System eh? That's something to look for! Thanks for sharing Mayada!

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