According to the Islamic concept of life, God has created enough resources that meet the needs of all humanity, therefore there should be no economic problem at all, and if a problem of that kind rises, it is because of the human neglect and lack of responsibility towards those resources and his insatiable desires for getting more. Therefore, Islamic view of the existence is that wealth should be considered as a means to satisfy one’s needs and not an end in itself. Once each individual satisfies his needs, he must then turn to his obligations towards his family, friends, neighbors and the society as a whole, thus, each individual is an important actor in an institution where every individual is a promoter of peace and goodwill for all. Continue reading “The supremacy of personal interests over ethics: Different views on wealth growth”
Hello world!
I am a doctoral student at the University of Helsinki. My study is about Islamic financial institutions and the many faces and issues related to them, especially banking systems and interests on loans.
The basic principles of Islamic banking and finance especially on the prohibition of interest on loans and the speculations harmful results on the economy are taken directly from Sharia Law. Islamic law on transactions is very developed and highly regulated. However, Muslim countries’ legal systems are significantly influenced by Western legal systems. Therefore, banking law in the majority of Muslim countries is conventional and not governed by Islamic law. Continue reading “Hello world!”