Ramadan: Global financial crisis - Islamic banking the solution for the west?

Do you think the west will now turn to Islamic banking, which is more reliable and fool proof than the capitalist system?Ramadan: Global financial crisis - Islamic banking the solution for the west?
Assalaamu alaikum,



Haraam business practices lead to destruction in this life and the next.



I believe the Grand Mufti of Saudi Arabia, may Allaah preserve him, touched on this issue at the Khutbah on Arafah during Hajj of the past year (was someone there who can verify that?).



With Islaam we were taught how to live our lives according to what Allaah is pleased with. And part of that is halaal business practices and transactions.



Shaykh Muhammad ibn Saalih al-Uthaymeen, may Allaah have mercy upon him, years ago spoke about how he expects the people who engage in illegal transactions to ultimately fail.



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From Article (translation) "Ibn `Uthaymeen forecasts the 'Credit Crunch' ":



Shaykh Muhammad ibn Saalih al-'Uthaymeen said:



"I do not claim to see the future, nor do I claim to be a prophet, but these people, their wealth will end up in bankruptcy..."



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Will the West adopt the Islaamic financial system legislated by the Creator? I hope so. I also hope that from this crisis, people will reconsider themselves and realize they must submit to Allaah, worship Him exclusively, as this is His Right and that only way to attain genuine happiness and security in this life and the next.
Keep dreaming. The Islamic banking system is far more cumbersome and has serious shortcomings. For example, the Islamic model of financing is based on partnership, but not all loans can be arranged as a business partnership. What about student loans, loans for medical expenses, family emergencies, etc.? There is no way IN HELL the West will turn to Islamic banking. And why should it? The capitalist system has created far more wealth than any other financial system in history.



It's interesting how over 1,400 years after its creation, the "comprehensive way of life" of Islam has not managed to show the world how to run a thriving Islam-based economy. And why? Because there are so many restrictions and unanswered questions within this "system" that even now Muslim economists cannot produce a "reliable and fool-proof" alternative for the world based on Islamic principles. That should tell you something, but I can almost guarantee it won't.Ramadan: Global financial crisis - Islamic banking the solution for the west?
I don't know about all of the west, but not over here are they going to do any such thing. They've come up with a better solution. Give the whole thing over to the government, so they can mess it up in ways we've not yet even dreamed of.
i dont think so..

they are too proud to accept that islamic banking is more reliable and fool proof than capitalist system..Ramadan: Global financial crisis - Islamic banking the solution for the west?
They already have started studying about islamic banking system
Yes but Muslims still do not have good Real Islamic system yet.
Of course they should but they won't because they are greedy
Um no.
Umm no thanks. Wouldn't want our money going to Hamas.