glad tidings to the strangers
Just finished reading this document by Umar Vadillo. It points out the flaws of the current capitalist system and shows you how it has lead to unjust economy that functions purely on usury. He then explains how the Islamic economic and monetary system can remove many of society’s financial problems by creating a just, tangible and realistic system that works on mutual understanding and being fair to one another.
1.1 Allah says in the Qur’an: “Allah has permitted trade and forbidden riba”. In trading there is the cure to Riba. Seen as a system trade is Muamalaat.
1.2 We contend that any attempt to eradicate Riba must focus on what is the alternative to Riba, that is to say, understanding what is halal must precede understanding what is haram. This is because we cannot eliminate what is forbidden without providing an alternative from within what is permitted.
1.3 We contend that Riba is a system, not just merely a contract. This is because Riba has developed and evolved over the centuries into a complex system that affects all aspects of the economy and therefore it is crucial to understand Riba in the context of those instruments and institutions that make Riba possible such as banks, credit/paper money, central banks, financial markets and other financial institutions and instruments.
You can read the full document online.