"In the name of God, most Gracious, most Compassionate"
Today in class we were supposed to think of solutions to the global crises that plague the world today. Most of these include people living in Third World developing countries who survive on less than $1-2 a day. These countries are also subjected to a debt regime in which the only way for their government to borrow money from IMF or the World Bank is at exorbitant interest rates and also with strict conditions for use.
These countries then become entrenched in debt because the money that they earn from their GDP is usually used to repay back ONLY the interest rates... and then they have to borrow more money to repay their previous loans... and they don't have any left to invest into their economy.
So it came as a surprise to me when one of my non-Muslim classmates suggested that the world should follow the Islamic Banking way of loans and business partnerships. He was then second by my Professor who is also a Muslim, who said that Islamic Banking practices take a shared responsibility approach with business entrepreneurs. As such, they do profit and lose together with their business partners.
It struck me then at that moment that if right from the start, we had followed the Islamic way of life; follow their banking system, their political system and everything... life would be more peaceful. Our Prophet Muhammad s.a.w had given us all the solutions to the problems that would come after his death and yet we are blinded and unguided in our practices.
Islam is NOT backwards neither is it progressive. What I mean is that it is always constant and applicable till the end of time. If only we stop to think and remember Him and his prophets.
These countries then become entrenched in debt because the money that they earn from their GDP is usually used to repay back ONLY the interest rates... and then they have to borrow more money to repay their previous loans... and they don't have any left to invest into their economy.
So it came as a surprise to me when one of my non-Muslim classmates suggested that the world should follow the Islamic Banking way of loans and business partnerships. He was then second by my Professor who is also a Muslim, who said that Islamic Banking practices take a shared responsibility approach with business entrepreneurs. As such, they do profit and lose together with their business partners.
It struck me then at that moment that if right from the start, we had followed the Islamic way of life; follow their banking system, their political system and everything... life would be more peaceful. Our Prophet Muhammad s.a.w had given us all the solutions to the problems that would come after his death and yet we are blinded and unguided in our practices.
Islam is NOT backwards neither is it progressive. What I mean is that it is always constant and applicable till the end of time. If only we stop to think and remember Him and his prophets.