The Islamic economic model



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The Islamic economic model


The Islamic economic model
After the beginning of the new millennium, Islamic economic and financial model could represent the main reference point for the international economy evolution. Notwithstanding the first approach to the study must rid from the old stereotypes which belong to the word “Islamic”, or to another common mistake as to look at the Islamic finance as a monolith because there is a big stock of different kinds.
The evolution of the Islamic economic model started in the 1970s (1975-1991) with the goal to create a competitive alternative to the conventional banking system. This model indeed would not works on the basis of interest but it would form partnership based on profit-and-loss sharing trough the traditional Islamic practice of mudaraba partnership or trusteeship finance.
Islamic Banking system, an equity investor
‘The society of charity’, this is one of the main slogan to simplify the Islamic both banking and financial system. This model is funded on some values taken from Shari ‘a, religious rules which belong to Islam. However the most significant difference between the capitalistic model and the Islamic model concern one of the prohibition stated by the Koran and so, to do not ask for the interest rate at the time of repayment. This is valid “for loans for productive activities nor for consumptive loan. Inadmissibility of interest rate automatically makes a charitable activity the flow of loans”. Maysir and Gharar are the other two prohibitions which Muslims should undergo. The Arabic word Gharar is a fairly broad concept that literally means deceit, risk, fraud, uncertainty or hazard that might led to destruction or loss. Gharar in Islam refers to any transaction of probable objects whose existence or description are not certain, due to lack of information and knowledge of the ultimate outcome of the contract or the nature and quality of the subject matter of it. The rationality behind Gharar prohibition is to ensure full consent and satisfaction to all parties involved in a contract. Full consent can only be achieved in full disclosure and transparency, through perfect knowledge from contracting parties upon counter values intended to be exchanged.
Shari ‘a, indeed, promotes the principle of profit-loss sharing between banks and entrepreneurs as an approach to encourage the spirit of brotherhood and cooperation in business relations. Mutual risk-sharing could help absorbing loss weight by sharing it equitably between all parties. Tolerable risk and uncertainties cannot exist in contractual obligations. Islam has also categorically and firmly prohibited all forms of gambling. Maysir and Qimar are the most common forms of gambling transactions, which are considered as totally inequitable in Islam. Maysir refers to the acquisition of wealth by chance, whether or not it deprives the other’s right. Qimar means the game of chance in which one gains at the cost of others. Even though, gambling consists in a form of speculation, there should not be any place for commercial operations in Islam as it is purely speculative. This is because the buyer is engaged in a transaction aimed to make profit through trading and not through dishonest appropriation of others’ property. This overlook shows how Islam institutionalization in the economy would bring few guidelines which would help to maintain the ‘global ethic’ for social development, with moderation and solidarity.
According to Shari ‘a rules, to ask for interest is compared to usury. No Interest? So how the Bank will be able to have profit? The theory is a bit more complicated.

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