There are many things which would make a Sharia-based economic system a totally non-hospitable place for ‘Count Dracula’-type vampires, no matter how rich and powerful they may be and the following are just a few of the things which would put people like the Bilderburg Group completely out of business in no time at all:
- **Circulation of wealth is a duty
**
The Qur’an emphasizes that the wealth should not circulate amongst the few, Allah (swt) says referring to wealth:
“That it does not become a commodity between the rich among you.” … [Surah Al-Hashr: 7]
Islam has made the circulation of wealth between all citizens an obligation, and it has forbidden the restriction of such circulation to a certain group of people to the exclusion of others.
Hoarding/monopolizing goods is forbidden. Producers or retailers cannot hoard or monopolize goods in order to cause the price to rise. This is based on the ahadith: “The Messenger of Allah (saw) forbade that a foodstuff be monopolized.” [Athram] and “Whoever monopolized is a wrongdoer.” [Muslim].
- Prohibition of usury
“Allah has permitted trade and forbidden (all) interest.” … [Surah Al-Baqarah: 275]
- It is prohibited to sell what you don’t have
Unlike today where we see short selling or forward selling, where people sell what they don’t yet own
Islam makes it a requirement for traders to own currencies, instruments and commodities before selling them. It is narrated from Hakeem bin Hazam (ra) who said: “I said: O Messenger of Allah, there comes to me a man asking me to sell what I do not have to sell then I buy if from the market. He said: Do not sell what you do not have” [Ahmad]
- The Gold & Silver standard for currency
The Prophet Muhammad (pbuh) established the basis of the Islamic currency, the Dirham and the Dinar upon these tangible things which hold real value and retain value. The Islamic rules have been set in the Quran and Sunnah in terms of Gold and Silver such as the Nisab of Zakah.
It is allowed to have paper notes as long as they are backed by Gold and Silver. Therefore inflation is eliminated as the value of gold and silver are stable. The Islamic state cannot just simply print money as they do today without any asset backing, or create money out of thin air!
And so then, these are just a few of the things which would surely solve much of the financial crisis the world is now facing and instead of turning to billions if not trillions of dollars of bailouts from tax payers money in order to save their collapsing financial system, people should realise that Islam offers the world a practical alternative.