Category: Americas, Life & Society Topics: Economy, Islamic Finance, Muslims Views: 5804
5804
Can Muslims provide solutions to the Current Economic Crisis?
America Muslims cannot sit on sidelines talking only about foreign policy related issues. We must play a role in coming up with ideas to help the economy.
The Quran requires Muslims to be part of any change that promotes justice, equality, liberty and rule of law for every creation of God anywhere in the world.
The Quran instructs the believers to cooperate in things that are virtuous and lead to the fulfillment of the covenant with God and to avoid things that promote repression, aggression and things that result in undesirable consequences (Quran 5:2).
Can Muslim Americans offer something new to the nation that will help it overcome its worsening economic crisis and reassure the world that America is a nation that caters to justice and equality of all?
Muslim Americans have ample intellectual resources to make an attempt in this direction if they assume the much needed responsibility of the hour. With many intellectuals, educationists, economists, religious scholars and social activists, a debate within the Muslim community can be initiated to welcome and promote ideas that would result in concrete proposals for the betterment of the nation as a whole.
Muslims claim that the Quran offers guidelines to use human and material resources for the betterment of all. What are those guidelines and how can those guidelines can be given a concrete form and shape?
Muslim American organizations and Muslim intellectuals ought to offer relevant ideas to ensure that they play an active part in the economic recovery process.
Economists alone cannot find an answer to all the fiscal woes that the nation has at present. Economists can help to manage and utilize resources in an efficient and professional manner, yet the economists also need directions to move forward avoiding stagnation in their own ideas.
Can Muslim intellectuals offer some alternative ideas to utilize the natural resources in an affective manner and suggest ways and means to increase the circulation of money in such a way that it is distributed justly among people rather than being controlled and monopolized by a few?
Can Muslim thought leaders provide a deep insight into the functioning of no-interest banking system?
Can Muslim religious leaders offer the collection and distribution of zakat (religious obligation to share one's wealth with those who are less fortunate in their financial conditions) as a viable means to help people circulate the money to uplift the marginalized and weaker section of the society?
Can Muslim scientists and technologists suggest new ideas to make resources more efficient without destroying the environment?
Can Muslim business and fiscal leaders offer concrete proposals to create new jobs so that the economy can be reinvigorated?
Can Muslim health professionals offer fresh perspective in streamlining the health resources to benefit all without losing sight of the business aspects?
Can Muslim activists mobilize their community to devote their energy in volunteering for service programs that would benefit their neighborhoods?
Certainly, Muslims have enough resources to at least make an attempt in this direction. They need to be reminded that their faith is not about improving their own life in ecclesiastical sense but in helping others as well as themselves to make their economic and social conditions better. They need to be reminded the ever lasting Quranic principle that whatever benefits humans as a whole lasts forever.
Those who are concerned about the situation can step forward and list their ideas in the comment section of this article. These ideas will be compiled and sent to the White House.
Dr. Aslam Abdullah is editor of the Detroit based English weekly, Muslim Observer, director of the Islamic Society of Nevada, Las Vegas and the recently elected General Secretary of the World Council of Muslims for Interfaith Relation.
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Older Comments:
MOHAMMAD IMRAN MANSOORI FROM INDIA said:
Yes. Muslims can help to overcome economic crisis. In islam we are suppose to give zakat and fitra on our life and belongings we have. If all muslims who are economically good and will give correct amount of zakat definitely it will help us to overcome the economical crisis.
2009-09-10
AHMED FROM MALDIVES said:
I'm from the Maldivian, a Muslim.
I'm given to understand from the discourse here that a "Bumi" in Malaysia receives perks & special welfare to help him or her live better.
Can any Malaysian government official tell me how I could become a "Bumi" citizen? I'm interested. What are the other pre-requisites if not one who is necessarily an indigenous aborigine?
Appreciate if someone could assist as there is little prospects in my staying in a country that may not stay afloat later in the age of global warming.
I'm given to understand from the discourse here that a "Bumi" in Malaysia receives perks & special welfare to help him or her live better.
Can any Malaysian government official tell me how I could become a "Bumi" citizen? I'm interested. What are the other pre-requisites if not one who is necessarily an indigenous aborigine?
Appreciate if someone could assist as there is little prospects in my staying in a country that may not stay afloat later in the age of global warming.
2009-02-26
SAMY FROM PERAK, MALAYSIA said:
How do the Malaysian Muslim majority solve economic crisis?
Answer - By equating Muslim Malays (i.e. Muslim Indonesian, Muslim Indians, Muslim Filipino migrants) to "Bumis" and enacting Article 153 to feed and subsidise them via the revenues collected from non-Muslim minority taxpayers. (The discriminatory excesses & monopolies taking place in the public and semi-public sectors for more than 4 decades make a mockery of existing Article 8 which provides that all persons are equal before the law and entitled to its equal protection.)
Salem!
Answer - By equating Muslim Malays (i.e. Muslim Indonesian, Muslim Indians, Muslim Filipino migrants) to "Bumis" and enacting Article 153 to feed and subsidise them via the revenues collected from non-Muslim minority taxpayers. (The discriminatory excesses & monopolies taking place in the public and semi-public sectors for more than 4 decades make a mockery of existing Article 8 which provides that all persons are equal before the law and entitled to its equal protection.)
Salem!
2009-02-25
SAMY FROM KNOWLEDGE IS POWER, HALL said:
hall,
"you are trying your best to outs or unseat them, and reduced their position to just another immigrant."
You are an immigrant! Contoh - A Javanese is a pribumi of Java, Indonesia. Only ONE country where your datuks berasal. So Javanese cannot be an original people (pribumei) of Malaya again. Faham! Cannot TWO lah, bodoh! "Bumiputera" cannot suka-suka change like Dr Mahathir from "Indian" to "Malay" to enjoy NEP. Don't be a bodoh (fool). The Orang Asli are the original people (tulen) of Malaya, the Ibans (Sawarak), the Kandasans (Sabah). You bersal dari mana (datuk come from where)? - India, Indonesia or Middle East? Jangan malu and be a derhaka. The white Americans come from Europe & black Americans come from Africa! The original people are the Red Indians of N America. The White & Black Americans don't DENY the fact like you.
"This explained why non-malays refusal on malaysian authority effort to accept indonesian and phillipines refugees."
You must mot be racists. Accept ALL Filipinos & Indonesians. Why only Muslims and NOT Christians.
"non-malays fight for the country?"
Your Sejarah is bad. Everyone knows the Chinese fought the Japanese invaders in Malaya and the Malays worked with the enemies as hei-hoes (local policemen). The Malays worked for the British penjajah as civil servants whilst the Chinese communists fought the British imperialists in Malaya until they give indepedence to Malaya. History lu ta tau!
"today how many of u in malaysian polis or army force?"
You don't even know the non-Muslims are generally discriminated from the civil service especailly the police & military. Go and ask the Indians & Chinese Malaysians when they apply to be policemen or soldiers.
"sacrifice to a country is only possible if you know how to say thank you"
Big sacrifice by the non-Muslims. The Indians & Chinese pay taxes to feed the Malays in NEP.
Frankly, your reply shows you to be real backward in knowledge
"you are trying your best to outs or unseat them, and reduced their position to just another immigrant."
You are an immigrant! Contoh - A Javanese is a pribumi of Java, Indonesia. Only ONE country where your datuks berasal. So Javanese cannot be an original people (pribumei) of Malaya again. Faham! Cannot TWO lah, bodoh! "Bumiputera" cannot suka-suka change like Dr Mahathir from "Indian" to "Malay" to enjoy NEP. Don't be a bodoh (fool). The Orang Asli are the original people (tulen) of Malaya, the Ibans (Sawarak), the Kandasans (Sabah). You bersal dari mana (datuk come from where)? - India, Indonesia or Middle East? Jangan malu and be a derhaka. The white Americans come from Europe & black Americans come from Africa! The original people are the Red Indians of N America. The White & Black Americans don't DENY the fact like you.
"This explained why non-malays refusal on malaysian authority effort to accept indonesian and phillipines refugees."
You must mot be racists. Accept ALL Filipinos & Indonesians. Why only Muslims and NOT Christians.
"non-malays fight for the country?"
Your Sejarah is bad. Everyone knows the Chinese fought the Japanese invaders in Malaya and the Malays worked with the enemies as hei-hoes (local policemen). The Malays worked for the British penjajah as civil servants whilst the Chinese communists fought the British imperialists in Malaya until they give indepedence to Malaya. History lu ta tau!
"today how many of u in malaysian polis or army force?"
You don't even know the non-Muslims are generally discriminated from the civil service especailly the police & military. Go and ask the Indians & Chinese Malaysians when they apply to be policemen or soldiers.
"sacrifice to a country is only possible if you know how to say thank you"
Big sacrifice by the non-Muslims. The Indians & Chinese pay taxes to feed the Malays in NEP.
Frankly, your reply shows you to be real backward in knowledge
2009-02-14
MUQEEM FROM PAKISTAN said:
Yes, Financial System based on Islamic Economics foundations has lot of option to creat a viable and stable financial options which especially shock proof from any minor disterbance. Economists from Islamis Society for Institutional Economics www.i-sie.org has actually offered their services to Economic Policy Institute and Congress but no answer yet has been recied.
2009-02-13
HALL FROM MALAYSIA said:
samy, despite the citizenship granted to you and others of your kind by the malays, you are trying your best to outs or unseat them, and reduced their position to just another immigrant. This explained why non-malays refusal on malaysian authority effort to accept indonesian and phillipines refugees. you all worry they are the obstacle!- your true colours are reveal. what! non-malays fight for the country? chinese ran to hong kong and taiwan n today how many of u in malaysian polis or army force? sacrifice to a country is only possible if you know how to say thank you.....are you HINDRAF?
2009-02-13
TAREK FROM EGYPT said:
How Would the Alternative System Look Like?
A few personal thoughts:
1- Abolish all types of interest-based financing and replace the current practice of investment with a new banking system based on real partnerships between investors and entrepreneurs/companies (if they make a real profit they share it, and if they make a loss they also share it)
2- Move consumers from credit cards to debit cards (when you have the money buy, and when you don't save), and eventually get rid of credit cards
3- Break down big trading monopolies, and encourage small business (small is beautiful)
4- Reform stock markets to make them more stable, less volatile, reflecting the real values of companies according to their real balance sheets
5- Abolish future markets (you can't sell a product you don't have) and end all other types of negative speculation which bring no value-added to the economy
..........
All the best
Tarek
A few personal thoughts:
1- Abolish all types of interest-based financing and replace the current practice of investment with a new banking system based on real partnerships between investors and entrepreneurs/companies (if they make a real profit they share it, and if they make a loss they also share it)
2- Move consumers from credit cards to debit cards (when you have the money buy, and when you don't save), and eventually get rid of credit cards
3- Break down big trading monopolies, and encourage small business (small is beautiful)
4- Reform stock markets to make them more stable, less volatile, reflecting the real values of companies according to their real balance sheets
5- Abolish future markets (you can't sell a product you don't have) and end all other types of negative speculation which bring no value-added to the economy
..........
All the best
Tarek
2009-02-13
SAMY FROM GET FACTS RIGHT said:
hall,
"the original people of the land ie the malays"
*ashamed of your ancestry (asal)- Arab or Indonesian or Indian descent? If you were the orang asli (original people) then the Red Indians are English. Please don't make the world laugh. You are fortunate China doesn't use Sejarah to claim back Malaya. Remember, Melaka was a vassal state of China as decreed with the instruments handed down to Parameswara to rule on behalf of the Emperor. If China didn't intervene then today Malaya, like the Petani States (Yala Peninsula), would be under Ayutthaya (Siamese) rule. Dr Mahathir Mohd started out as "Indian" when he was an undergrad in S'pore. Later he converted to "Malay" when he came to Malaya. Absurd & laughable.
Why do Muslim Malays deserve Malaya? Ancient China defended Melaka against the Siamese. The Malays didn't fight against the Japanese invaders nor the British occupiers BUT COLLABORATED WITH THEM. Guess who fought the Japs and the Brits out of Malaya? The foolish Chinese!
"for what reason they must give everything to those who come from india and china as businessman."
*I have never asked that you give anything away. Muslim Malays Boleh (can), right? After 45 years of No End Policy (NEP) funded by the non-Muslim minority taxpayers? The non-Muslims citizens merely asks that Malaysia complies with the UN Charter not to practise apartheid i.e. Bumis Vs Non-Bumis and discriminate its own minority taxpaying citizens. Anyway, I don't think the Chinese are parasites. They give taxes and work hard for what they want. Look at China, Taiwan, HK and Singapore. They don't rob, loot and steal from others even though they are not Muslims.
Btw, INDIA does not have such apartheid laws in the constitution written by the Hindu majority. Hindu INDIA even has a Sikh as PM and a Muslim as President recently. Malaysia?
As I've said, in the internet age please get your facts right before you write otherwise you only show your stupidity to the entire wo
"the original people of the land ie the malays"
*ashamed of your ancestry (asal)- Arab or Indonesian or Indian descent? If you were the orang asli (original people) then the Red Indians are English. Please don't make the world laugh. You are fortunate China doesn't use Sejarah to claim back Malaya. Remember, Melaka was a vassal state of China as decreed with the instruments handed down to Parameswara to rule on behalf of the Emperor. If China didn't intervene then today Malaya, like the Petani States (Yala Peninsula), would be under Ayutthaya (Siamese) rule. Dr Mahathir Mohd started out as "Indian" when he was an undergrad in S'pore. Later he converted to "Malay" when he came to Malaya. Absurd & laughable.
Why do Muslim Malays deserve Malaya? Ancient China defended Melaka against the Siamese. The Malays didn't fight against the Japanese invaders nor the British occupiers BUT COLLABORATED WITH THEM. Guess who fought the Japs and the Brits out of Malaya? The foolish Chinese!
"for what reason they must give everything to those who come from india and china as businessman."
*I have never asked that you give anything away. Muslim Malays Boleh (can), right? After 45 years of No End Policy (NEP) funded by the non-Muslim minority taxpayers? The non-Muslims citizens merely asks that Malaysia complies with the UN Charter not to practise apartheid i.e. Bumis Vs Non-Bumis and discriminate its own minority taxpaying citizens. Anyway, I don't think the Chinese are parasites. They give taxes and work hard for what they want. Look at China, Taiwan, HK and Singapore. They don't rob, loot and steal from others even though they are not Muslims.
Btw, INDIA does not have such apartheid laws in the constitution written by the Hindu majority. Hindu INDIA even has a Sikh as PM and a Muslim as President recently. Malaysia?
As I've said, in the internet age please get your facts right before you write otherwise you only show your stupidity to the entire wo
2009-02-12
HALL FROM MALAYSIA said:
Osindak if you are muslim, Allah is not followed by(PBUH) but SWT. Only the prophet (PBUH). You want muslims to surrender all? no problem just ask what are their opinions
2009-02-12
HALL FROM MALAYSIA said:
to samy, the original people of the land ie the malays has the right to protect their interest.
for what reason they must give everything to those who come from india and china as businessman. even in india, only 4% government job are given to indian Muslims, discriminations are at large in india. Non-muslims can survive in muslim control malaysia because muslim dont stop them to seek richness. 98% of all the buildings, especially shop houses belong to non-malays. 80% of estates and other businesses belong to non-malays. 25% malays majority area for parliaments are given to non malays and 90 so states. now you want to be the raja in a malay state...what make you think the malays will bow to non-malays demand?
for what reason they must give everything to those who come from india and china as businessman. even in india, only 4% government job are given to indian Muslims, discriminations are at large in india. Non-muslims can survive in muslim control malaysia because muslim dont stop them to seek richness. 98% of all the buildings, especially shop houses belong to non-malays. 80% of estates and other businesses belong to non-malays. 25% malays majority area for parliaments are given to non malays and 90 so states. now you want to be the raja in a malay state...what make you think the malays will bow to non-malays demand?
2009-02-11
KAM FROM CANADA said:
Anne! You must be a new kid on the block here trying to reason with people who believe everything can be explained by sticking to words of Quran. Well, at this rate we should have created atleast a dozen mini-pardises and utopias.
Have you tried to argue with members of flat earth society?
Kam
Have you tried to argue with members of flat earth society?
Kam
2009-02-11
JOND BUNDY FROM WA said:
The first bailout was a steal and there was no riot on the street so why not scam more, another 800 billion, the public are so stupid, we are laughing all the way to the printing press!!
Muslim can do is to sale USD$ as it is a terro,r $ print on 80% cotton at $0.02 cent each for every $100 bill without any Gold and Silver backing! You must read your own book and the bible to understand fiat money is wrong and if you support it you are supporting terror and slavery, "Jesus turn the money changer table" which was Banker at that time!! Making profit out of Money without real trade!!! You must study your own Islamic law about money before your can try to support unfair system!!
Muslim can do is to sale USD$ as it is a terro,r $ print on 80% cotton at $0.02 cent each for every $100 bill without any Gold and Silver backing! You must read your own book and the bible to understand fiat money is wrong and if you support it you are supporting terror and slavery, "Jesus turn the money changer table" which was Banker at that time!! Making profit out of Money without real trade!!! You must study your own Islamic law about money before your can try to support unfair system!!
2009-02-11
MOKTAR FROM MALAYSIA said:
I'm a fellow Malaysian, Muslim though. I empathise with my fellow compatriot, Samy, and sincerely hope our government would show a non-religious and non-racist face to all its citizens in the policies it implements so that the country & the world at large will not misinterpret Islam and we Muslims as being an unfair and unjust people.
Btw, your comments " . . . at the expense of the non-Muslim majority taxpayers." I believe it should read "minority taxpayers".
Btw, your comments " . . . at the expense of the non-Muslim majority taxpayers." I believe it should read "minority taxpayers".
2009-02-10
IMAN FROM USA said:
Dr. Abdullah, please cite the reference(s) in the Qu'ran that say(s) Muslims are "required" to be part of "any" change that promotes justice, equality, libery and rule of law for.... Anyone can say "liberty, justice, and equality" - even communists and Israel says that. I think we can only be part of a change that's Qu'ran based, and we have to be really choosy about what we go along with. Look, the Taliban and Al Qaeda think they are "Qu'ran-based" and even they are wrong. They try to follow the letter of the law and completely leave out the spirit of it. I know what you meant to say, but I think it could be a little more definitive. Also, unless their opinions are Qu'ran-based, I have to say Muslim Americans don't know any more than anyone else.
2009-02-10
JOHN HINES FROM USA said:
Biblical Christianity applied to the economic crisis is the best solution for getting out of it. And Iv'e already communicated this to the white house via there website.
2009-02-10
ANNE XALA FROM CANADA said:
This is a pointless fluff piece. If Muslim 'intellectuals' or 'leaders' could do any of these things, why aren't they doing them in Muslim lands? Shouldn't these fixes be much easier to implement in places where the vast majority of the population holds the same beliefs and opinions as the person suggesting the fix? And if these fixes are sugested somehow in the Quran, what's taking so long for these 'leaders' and 'intellectuals' to implement them... anywhere? Shouldn't we be able to point to one of the nominal Muslim countries, and say, 'there is the perfect system as named in the Quran'?
Again, this is just a pointless bit of fluff intended to make someone feel good.
Again, this is just a pointless bit of fluff intended to make someone feel good.
2009-02-10
SAMY FROM PERAK, MALAYSIA said:
Perhaps Malaysian Muslims can. South Africa has thrown apartheid into the bins of its history and moved on. Today it is one shining example of an emancipated, open and progressive country, enjoying a respectable place in the community of nations.
Malaysia condemns apartheid and quite rightly so. But in the same breath it is a major proponent of another version of apartheid.
No they do not call it "apartheid"; of course not, but instead 'Ketuanan Melayu' under the guise of 'championing Malay Muslim rights,' and implementing it under the New Economic Policy favouring the "Bumis" (Malay Muslims) at the expense of the non-Muslim majority taxpayers. It's smart, right? In none of them does the word 'apartheid' appear!
They do not blatantly call it apartheid but merely perfected the process of social separation. First of all they ensure the great majority of civil servants, the police and the military are manned by Muslims (the target benefactors) and given good salaries, good perks and assured employment. Rules and regulations, and even laws are then devised to ensure the NEP's unquestionable implementation. The Muslims are then brainwashed the notion 'untuk agama bangsa dan negara' (for religion & race) that there is a higher ideal beyond performing a duty with professionalism and dedication, and that is doing things in the name of such.
Then they design and implement social and economic policies like channeling lucrative government contracts, separate education streams, housing rebates, banking and financial support, scholarships, various licences, places of learning at higher institutions, etc., in favour of, you guessed it, the Malay Muslims.
The entire world saw how the state disadvantaged non-Muslims took to the streets recently. The volcano is boiling. . . Can Muslim majority in Malaysia provide fair treatment to all its citizens especially the taxpayers?
Malaysia condemns apartheid and quite rightly so. But in the same breath it is a major proponent of another version of apartheid.
No they do not call it "apartheid"; of course not, but instead 'Ketuanan Melayu' under the guise of 'championing Malay Muslim rights,' and implementing it under the New Economic Policy favouring the "Bumis" (Malay Muslims) at the expense of the non-Muslim majority taxpayers. It's smart, right? In none of them does the word 'apartheid' appear!
They do not blatantly call it apartheid but merely perfected the process of social separation. First of all they ensure the great majority of civil servants, the police and the military are manned by Muslims (the target benefactors) and given good salaries, good perks and assured employment. Rules and regulations, and even laws are then devised to ensure the NEP's unquestionable implementation. The Muslims are then brainwashed the notion 'untuk agama bangsa dan negara' (for religion & race) that there is a higher ideal beyond performing a duty with professionalism and dedication, and that is doing things in the name of such.
Then they design and implement social and economic policies like channeling lucrative government contracts, separate education streams, housing rebates, banking and financial support, scholarships, various licences, places of learning at higher institutions, etc., in favour of, you guessed it, the Malay Muslims.
The entire world saw how the state disadvantaged non-Muslims took to the streets recently. The volcano is boiling. . . Can Muslim majority in Malaysia provide fair treatment to all its citizens especially the taxpayers?
2009-02-10
ROMESH CHANDER FROM USA said:
Providing solution? Come on. Muslims are lucky if they can save themselves from the economic crisis. Just look at Pakistan. Its economy is in shambles now. Saudis and other petrosheikdoms' income is much lower now; Dubai projects being cancelled left and right; Kuwaiti and Dubai banks being 'nationalized' by governments.
In the west, muslims will be affected heavily and I doubt they will be able to protect themselves from downturn. As long as you are part of the Capitalistic economy, you are going to suffer, like it or not.
Oh, yes, if you are outside the modern economy like in a remote place and are self sufficient, you will not be affected, whether muslim or not.
Religion has nothing to do with it.
Because of low usury rates, I am suffering heavily.
In the west, muslims will be affected heavily and I doubt they will be able to protect themselves from downturn. As long as you are part of the Capitalistic economy, you are going to suffer, like it or not.
Oh, yes, if you are outside the modern economy like in a remote place and are self sufficient, you will not be affected, whether muslim or not.
Religion has nothing to do with it.
Because of low usury rates, I am suffering heavily.
2009-02-10
