Rather than tackling the systemic features of the modern capitalist system that are the underlying cause of the crisis, G20 leaders are gathering in London in a desperate attempt to rescue the crumbling capitalist system.
They plan to make no major reforms that will overcome the cruel injustice of a system that can find trillions of dollars – at short notice – to bail out banks and insurance corporations while the world’s poor still wait for what was promised would trickle down to them.
There is, without doubt, a need for urgent action. Yet the action that is required, is not to repeat the mistakes that caused this crisis: reckless lending, reckless monetary policy, a culture of greed and excess and a regulatory system that simply regulated the rich to get richer.
Today the world needs an alternative economic system. People are no more reassured by Gordon Brown or Obama’s empty rhetoric and their throwing of billions of dollars of taxpayer’s money to rescue the system of the rich. What is needed is a fundamental change and a real alternative.
The Islamic economic system is the alternative to the failed global capitalist system.
The Islamic economic system balances the needs of individuals with the needs of society, it puts economic progress alongside spiritual enhancement, it encourages trade and entrepernuership while not forgetting that society’s greatest wealth is its values and beliefs. The Islamic Caliphate State that implemented this system for 1400 years led the world in science, prosperity and healthcare whilst Europe was lurking in the dark ages. The Islamic economic model uses a fixed currency standard based on the gold or silver metallic standard. The Islamic principles of sound and tangible money cannot now be disputed.
The Islamic economic system prohibits interest and would not have allowed the kind of excessive borrowing sometimes at 30 times a banks overall capital, that we saw done repeatedly by western banks. Islam also prohibits speculation and hoarding which are core staples of the western financial system.
Hizb ut-Tahrir is working in the Muslim world to establish the Islamic economic system by re-establishing the Islamic Caliphate State. We call upon the Muslim peoples to reject this collapsing Capitalist system and embrace the Islamic economic system to liberate her from the subjugation and oppression that capitalism has wreaked in our countries for decades.
We also invite people in the West to study the Islamic economic system as an alternative to the global financial crisis.
This Friday, the 3rd April 2009, 8th Rabi` al-Akhar 1430 Hijri, Hizb ut-Tahrir is launching a new book in London and Beirut, a compilation of a series of papers delivered at its landmark international economic conference held in Sudan in January 2009. The book, titled ‘Towards a Tranquil Safe World under the Shade of the Economic System of Islam’, deeply examines the causes of the crisis and outlines the Islamic alternative.