The Islamic economic model

The main theories behind the system
The distinctive trait is already in the name, indeed the main features of this combination of religious law and economy have importance especially as regards two rules: first of all the Islamic Bank, which join the Shari ‘a model, do not ask for interest fees; then those banks use to borrow money for a project that must have a clear social background utilities. These statements had ruled Muslims’ trade since the beginning, but this system could effort a boost just from the 1970s thanks to the so called “petrol-dollar” which had brought the necessary liquidity to the Islamic banks to rise.
Always concerning the interest rate, if that does not represent a big deal for the banks, it could be for the Islamic state monetary policy. One of the main economic Islamic scholars of the model based on money, Ibn Miskawayh, stated that monetary stability is necessary to give a value to the money itself, “for a State economic wealth and trade prosperity”.
Amartya Sen is another of the most important scholars who sustain the ‘ethic’ economy. He had pointed out that the Islamic finance is a successful example of Islamic ‘ethic’ where old ways for privates’ loan as zakat continue to be the fundament for a wealth sharing. Zakat is a charitable tax which is paid systematically according to the per-capita income. After all, moral philosophy and political economy do not clash if mixed, “on the contrary allows the economy to be build on basis that are acceptable to all … the true welfare, true happiness exist for all or for none. Ideal society is based on two fundamental principles: justice and solidarity”. the mechanism is simple: good Muslim must find happiness sharing a percentage of their wealth to sustain poor, an efficient application of zakat, indeed ensures a constant redistributive effect on national wealth, establishing one of the best bulwarks against social difference disaggregating force.
So that, one theory use to give value to money itself, while the other one use to consider money without any intrinsic value. Will these keywords be able to manage the crisis?
Today, during the globalization era, spiritual and material wellness cannot be considered separately. Islamic initiative for welfare are the results of the neo-liberal politics failures previously created by the Western colonialism. Islamic welfare, instead, regards mostly health and education, with zakat as main operative principle instrument. Some globalization aspects remand to neo-imperialism, cultural homologation and mistreatment to developing countries, politics that are not accepted by Muslim countries anymore, even if states such as Iran or Pakistan had brought from the West the ‘neutral’ structures.