World Economic Crisis-An Islamic Prespective

 World Economic Crisis-An Islamic Reading

Recently Dr. Salah Al Sawy gave a lecture at Masjid Elfarouq on the World Economic Crisis from an Islamic point of view. He started with describing the problem and the different forms of trade that led to the crisis. Then he spoke about how in Islam all forms of trade are permissible unless proven to be in violation of the basic Islamic principles. He spoke about three of such principles:

1. The prohibition of gambling.
2. The prohibition of Ribba (Arabic for usury or interest)
3. The prohibition of selling what you don't own.
4. The prohibition of selling the unknown or intentionally concealing defects in a merchandise.

In his lecture, Dr. Al Sawy described the actual forms of trade that take place in most of the world's stock markets and proved how they have led to the current crisis. He has also proved that through deep study of these forms, one can see how they are diametrically opposed to the Islamic principles.

To listen to a segment of the lecture: Click here