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Islam economics?

darkkermit
Posts: 11,204
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10/17/2011 10:29:08 AM
Posted: 5 years ago
I don't think even the islamic counties follow this custom. They don't call it "interest", but its pretty much interest that they charge.

It's a terrible idea. If there is no interest there is no incentive to loan money, and as a result it means that poor people can't get money to boast them out of poverty such as start a business or go to college. It also means that the loaners will be at a loss, since there is always a risk of default.

But If some of these protesters want that kind of economy, they can always live there. Just don't be surprised that they get shot in the street with their "I can't afford a shirt" protest :p.
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lotus_flower
Posts: 454
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11/2/2011 7:35:34 AM
Posted: 5 years ago
At 10/17/2011 9:53:52 AM, gerrandesquire wrote:
Apparently this is what wall street protesters are demanding. From what I know, its an economy without interest and increasing taxes to be imposed on the rich. Thoughts?

That is rigid. Did you get this from Glenn Beck?
"Human decency is not derived from religion. It precedes it."
- Christopher Hitchens, God Is Not Great: How Religion Poisons Everything
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http://www.bbc.co.uk...
Mirza
Posts: 16,992
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11/2/2011 8:30:55 AM
Posted: 5 years ago
At 10/17/2011 10:29:08 AM, darkkermit wrote:
I don't think even the islamic counties follow this custom. They don't call it "interest", but its pretty much interest that they charge.

It's a terrible idea. If there is no interest there is no incentive to loan money, and as a result it means that poor people can't get money to boast them out of poverty such as start a business or go to college. It also means that the loaners will be at a loss, since there is always a risk of default.

But If some of these protesters want that kind of economy, they can always live there. Just don't be surprised that they get shot in the street with their "I can't afford a shirt" protest :p.
Very useful information.

Not. You don't understand Islamic economics. Go read some books on it. They're free of charge.
Mirza
Posts: 16,992
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11/2/2011 8:32:29 AM
Posted: 5 years ago
At 10/17/2011 9:53:52 AM, gerrandesquire wrote:
Apparently this is what wall street protesters are demanding. From what I know, its an economy without interest
Without pre-determined interest charges on loans. It means that the concept of Time Value of Money is not ignored whatsoever.

and increasing taxes to be imposed on the rich. Thoughts?
Are you serious? Islamic economics supports no such thing as income taxes!