The Islamic Financial System

Interest-free Islamic economic system is partly followed and cheap hajj packages 2015 uk partly not followed in Islamic nations around the world. The only nation, which has followed this program completely in every moment details is Malaysia. So the program techniques in this publish are mostly those applied in Malaysia following the Interest-free Islamic Financial program.

The main function of the Islamic economic system is that it is Interest-Free. As the Qur'an says in Sura al-Baqara Section 2 Passages 278 & 279, "O ye who believe! worry Allah and provides up what continues to be of your requirement for usury if ye are indeed followers. If ye do it not take observe of war from Allah and his Apostle: but if ye reverse ye shall have your investment sums; do not deal unjustly and ye shall not be handled unjustly."

 

Qur'an condemn all wicked actions, but never has the Qur'an cautioned of a war against God Almighty and His Courier except in the case of taking Attention and Usury.

There are several evils of the eye centered economic system, the reason why Islam has banned it.

For example, cheap hajj package 2015 if a individual requires a loan from a financial institution and says the price range of a certain article is 10 money and he wants to a benefit of one money. So the price level would consist of the 10 money price range one money benefit and one money interest and the price level would be 12 money. The price level would go up because appealing and when the price level goes up the requirement comes down and when the requirement comes down the provide comes down and as provide comes down manufacturing comes down resulting in labor problem and lack of employment.

There is Public Disfavor.

For example, if a individual requires a loan from the lender and no matter if he generates a benefit or goes in loss he has to pay that set interest rate. Even if some organic disaster befalls his family, such as surging or earth quake, the individual still has to pay the loan with the eye and a wait would only increase the eye rate. It is social injustice.

There is no social concern.

Suppose, best umrah packages if two entrepreneurs come to ask for a financial loan from a contemporary financial institution and one business owner wants to begin a social or medical center while the other business owner wants to begin an liquor manufacturer or a betting den. But organic the business owner, who wants to begin an liquor manufacturer or a betting den would have better profits and the loan given to him would be more protected and he would provide a greater interest rate as as opposed to business, who wants to open a school or medical center.

 Modern financial institutions are only enthusiastic about getting better and greater profits. That's why they fund betting dog dens rather than educational institutions or medical centers. That is why in the 80s a large number of betting dog dens were funded by contemporary financial institutions globally. For name benefit only a few social tasks are funded by contemporary financial institutions and almost all their loans are depending on better interest.