Islamic economic system

[1 ummah]

We Pakistanis SUCK big time when it comes to developing and nurturing ideas , Islamic economic system is a gold mine but we need to get economists , scholars , researchers on board to get a comprehensive research done on this issue & then we will need a right political leadership who has the will to implement this system.

Billi kay galay main ghanti kon bandhay ?

comeon we have ENOUGH scolars $ experts..we need to EJECT THIS CURRENT system i gues libya will give birth 2 khilafat..

 

[Muhammad-Bin-Qasim]

We Pakistanis SUCK big time when it comes to developing and nurturing ideas , Islamic economic system is a gold mine but we need to get economists , scholars , researchers on board to get a comprehensive research done on this issue & then we will need a right political leadership who has the will to implement this system.

Billi kay galay main ghanti kon bandhay ?

the Kitab al Khiraj was written hundreds of years ago... research already done by Qadi Yousaf ))))

 

[madooxno9]

OK.. if Islamic countries do not collect TAXES ...... but it can be only done if you have other source of income like OIL, MINERAL RESOURCE for infinite time.....Imagine a country like Pakistan ...how does it will run without Taxes , how the research will be funded , how the infrastructure will be developed ???

Further more ... how long can a nation survive without TAX system , can a nation survive in this time without building infrastructures and without merging with global economy???

 

[1 ummah]

OK.. if Islamic countries do not collect TAXES ...... but it can be only done if you have other source of income like OIL, MINERAL RESOURCE for infinite time.....Imagine a country like Pakistan ...how does it will run without Taxes , how the research will be funded , how the infrastructure will be developed ???

Further more ... how long can a nation survive without TAX system , can a nation survive in this time without building infrastructures and without merging with global economy???

it was due to implementation of islamic systems that AFRICA which is SO poor today there were many to pay zakat but no 1 who needed it,and bro pakistan has fertile land,bigest GOLD,DIOMAND,COAL,SALT n other minerals reserves..the only problm is agent,pupit rulers implementing capitalist democracy, they running after worldly gains,they dont fear ALLAH ,only a ruler like omer.abu bakr...,.., (r.a) follower of quran n sunnah can save this world

 

[madooxno9]

bro pakistan has fertile land,bigest GOLD,DIOMAND,COAL,SALT n other minerals reserves

OK.. GOT IT !!

But except fertile land others are not infinite reserves .... and Pakistan's population in growing very rapidly so (i do not have idea weather pak export huge food grains and other stuff or not) but in future i believe production will be = consumption ....

STILL the facts comes ... for long run ..after these reserves will collapse what actually and from where Pakistan will generate income to run the JOB , AND ALL THAT STUFF that is important to keep a nation running.....

 

[1 ummah]

OK.. GOT IT !!

But except fertile land others are not infinite reserves .... and Pakistan's population in growing very rapidly so (i do not have idea weather pak export huge food grains and other stuff or not) but in future i believe production will be = consumption ....

STILL the facts comes ... for long run ..after these reserves will collapse what actually and from where Pakistan will generate income to run the JOB , AND ALL THAT STUFF that is important to keep a nation running.....

i gave a link above...its abt fund in khilafa state,soon will share another abt economic system...read it

 

[Kompromat]

So basically the state will ask me to cough up money to protect me. How's it different from a 'don' asking me for protection money?

And what if I can't pay the money?

Then you wont be charged and your protection would be at state's expense , but only when you CANT afford to pay.

 

[CaptainJackSparrow]

first i am not a economics student or neither i am expert on Islamic system...but i have little knowledge.....you talked on a smaller level....i say that Gold and silver is something which has its own value, you can take it anywhere in world it remains gold without devaluing....in paper money system, you deal in dollar...whether you print on paper or write it in digital figures...it value keeps changing....for example if i take a loan of 100 dollars...suppose my currency devalued as 50%.(half )..so after 1 year i have to give back 200 dollars instead of 100$ (without interest)...so i have to pay double amount....but in gold based economy,i have to give back same amount of money, May be less amount or may be more, which i had taken , according to gold standards around the world....it means nobody can control gold and silver based economy , it remains same throughout the world..!

Wait a minute!

So you're telling me that in a Gold based Economy, if I give you a loan of 5 gold coins for 2 years, you'll pay me only 5 gold coins after 2 years?

How then would I be making profit by lending you any gold?

If I'm giving you a loan, I want some profit out of it.

If I give you 5 gold coins, I'd expect to be paid back 6-7 gold coins including inflation. Otherwise what's the point of giving you a loan in the first place?

 

[Leader]

misbehaved?

and is this a reference? for income tax? do you understand what income tax means?

ah doesnt the Hadith Quoted says Tax ? or is it Income Tax?

 

[Ahmad]

do you know the collapse of western banks recently???
it is mainly due to the riba system and loan...
the modern system is failed.
Western universities started researches and education on Islamic economic system....

did you know that the collapse happend due to the recklessness of the bankers, it can happen with Muzaribat and non interest loans as well if it is lent recklessly. I personally think that the non interest or muzaribat system should well be encouraged alongside the interest based loans.

 

[Leader]

did you know that the collapse happend due to the recklessness of the bankers, it can happen with Muzaribat and non interest loans as well if it is lent recklessly. I personally think that the non interest or muzaribat system should well be encouraged alongside the interest based loans.

It was not due to recklessness it was due to unplanned over lending, the system itself is not flawed though, its simply not with accordance to our Faith. that should be the prime reason of rejection.

 

[Ahmad]

Wait a minute!

So you're telling me that in a Gold based Economy, if I give you a loan of 5 gold coins for 2 years, you'll pay me only 5 gold coins after 2 years?

How then would I be making profit by lending you any gold?

If I'm giving you a loan, I want some profit out of it.

If I give you 5 gold coins, I'd expect to be paid back 6-7 gold coins including inflation. Otherwise what's the point of giving you a loan in the first place?

no capitain, in islamic system there are 2 types of loans, one is Hasana and the othe one is Muzaribat. In hasana loan which happens on personal level, there is no interest and nothing--we all do this with our friends and family members, we lend money to each other and have our money back after sometimes. With muzaribat, there is also no interest, but if the lender gives money to the borrower, then the borrower will invest, if the invester makes a profit or loss, the profit or loss will be shared by both lender and borrower. there is another thing which is not clear to me with regards to Muzaribat is that if you want to borrow money for personal use(not investment) what happens then!!.

I think the non interst loans should also be encouraged and worked on.

 

[Ahmad]

It was not due to recklessness it was due to unplanned over lending, the system itself is not flawed though, its simply not with accordance to our Faith. that should be the prime reason of rejection.

As i said, it was due to reckless lending, there was systme in place to say that who is eligible and who is not eligible to have money, but bankers ignored all everything and lent to anybody for their own good(boneses--->spelling?). thats how everhitng happened.

 

[CaptainJackSparrow]

no capitain, in islamic system there are 2 types of loans, one is Hasana and the othe one is Muzaribat. In hasana loan which happens on personal level, there is no interest and nothing--we all do this with our friends and family members, we lend money to each other and have our money back after sometimes.

Fair enough. We all do that.

With muzaribat, there is also no interest, but if the lender gives money to the borrower, then the borrower will invest, if the invester makes a profit or loss, the profit or loss will be shared by both lender and borrower.

That is investment. Much like Honda's investment in India or Intel's investment in China. What's the difference apart from the name?

there is another thing which is not clear to me with regards to Muzaribat is that if you want to borrow money for personal use(not investment) what happens then!!.

Exactly. If you want to buy a car, whom do you ask for loan and why will anybody give you a loan without interest.

I think the non interst loans should also be encouraged and worked on.

Where's the profit in that?

 

[Ahmad]

Where's the profit in that?

i think i explaned this to you. since there is no interest in islamic system, there is something else called Muzaribat, in muzaribat, there is the lender and borrower, the borrower invest in a bussiness, and if the person makes profit or loss, in any case it will be shared with the lender. although i have some questions myself on how it will work.