Only the Khilafah (Caliphate) on the Method of Prophethood can ensure economic prosperity according to our Great Deen.
Islam rejects the growth based economic model which focuses on production, through an economic model which focuses on distribution and circulation of wealth.
Islam rejects the idea of interest based loans as instruments of financing economic activity, whilst ensuring partnerships as investment vehicles instead.
Islam rejects the weak fiat currency, backed by the legal tender of the state alone, and mandates the stable to issue bi-metallic currency, based on Gold and Silver.
Islam explicitly rejects interest accumulating foreign loans.
Islam uniquely advocates three forms of ownership, the private, public and state properties.
Islam uniquely mandates that energy and mineral resources are public property, which cannot be privatized, so their revenues go to the State Treasury to be spent on the citizens.
Islam prohibits oppressive taxation such as general sales tax and income tax, advocating wealth based revenue generation instead.
Islam rejects democracy and hence resources in the economy are not distributed according to the political clout of different groups, but according to the needs of the population.
So let us all strive to bring the economic vision of Islam to life by re-establishing the Khilafah (Caliphate) on the Method of the Prophethood.
Friday, 09 Thul-Qaeda 1440 AH – 12 July 2019 CE