What kind of economic system do you think we have today?

What kind of economic system do you think we have today?

It is not the intention of this blog to discuss the Islamic or Syariah Laws in terms of the Halal and/or Haram of the items we will highlight. We would rather leave that to the Muslim experts or Ulama’ to discuss them. What we would like to highlight here are in terms of what is happening currently in this world, and answers the questions like why, how, and it is really like that?

Let us take Capitalism for an example. Don’t we want to know what Capitalism is all about, and why it is being introduced as part of our economic system? How can Capitalism flourished as a concept and consequently what are the impacts of Capitalism to us specifically the Muslim Ummah.

An example below describe the wealth distribution in the US. Let’s look at it and see if you are baffled by it.

Figure 1: Net worth and financial wealth distribution in the U.S. in 2010

From the chart above we can see that in the year 2010,a whopping 35% of the wealth in US is on the hands of only 1% of its people. While 80% of its people holds only a mere 11% of the wealth in the country. How can this be? Is this a right economic model?

Capitalism is of course not to be blamed solely. It is the human greed that makes it happened like that. We will not try to debate and discuss the pros and cons of capitalism. If we do it, then we will never come to a conclusion, let alone understand all the jargons that come with it like Keynesian, laissez-faire, welfare capitalism and state capitalism.

Hence what we need to do as Muslim Ummah today is first to be aware that we are living in this system. A system build from human greed and will definitely make most of the human suffer. We need to be aware that we are enslaved in this system. The sad thing is most of us are oblivious and don’t even realized that we are trapped in it. It is a vicious cycle, and in addition the other bad things like interest rates (RIBA!!), inflations (results of RIBA), and Paper Money (a RIBA tool) will make you and me my friend, enslaved forever….

So wake up Muslim Ummah. Start by realizing what is happening in the world today, not just your community. Be aware, then we can start thinking of the other steps need to be done to eradicate this disease. Surely Prophet Muhammad SAW must have told us how to deal with it. We only need to now learn how……

May Allah grants the understanding of this Deen…..