News / Islamic Awakening

Islamic economy vs. capitalism

Saturday, 14 November 2015 10:31 AM [ Last Update: Saturday, 14 November 2015 10:26 AM ]

The Quran emphasizes honesty in all dealings, including financial transactions.

Western-style capitalism has created many problems in recent years as witnessed by the collapse of the banking system.

In Islamic economic theory, money is merely a medium of exchange, not a commodity to be traded. The Quran emphasizes honesty in all dealings, including financial transactions.

Muslims are told not to cheat in their trade and to engage in business relationships that involve the gain of one party at the cost of another, such as gambling and usurious loans.

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