22
1462 days ago
@BeingSalmanKhan Islam and Economics :
Economic historians tell us that at its inception the capitalist system was simple and beneficent : but that the habit of granting loans at interest step by step grew to its present harmful excess. With this came the bankrupting of small concerns and their amalgamation into huge complex companies and financial structures. Islam labels such usury '"sin", as it does also the crises of boom and slump inseparable from the system.
Islam has legislated for a payment of "Zakat" (the Poor Rate) of 20% on capital gains by the rich for the support of the indigent. This helps to level out differences, to draw economic extremes closer together and to curb excessive piling up of wealth.

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