Blog Archives

‘Shariah’ is not a scary word

By Elias Karmi, Engage Minnesota

 
The word ‘Shariah’ is a bit prickly even among many of the better educated in the West. I and many Muslims, however, grew up viewing Shariah as an exit from current-day injustices. Now, instead of having to read me blabbering away about it, fortunately for you I came across a highly insightful article by professor Noah Feldman, law professor at Harvard University and adjunct senior fellow at the Council on Foreign Relations. The following are two paragraphs from the first page of the article. Please check out the article and let professor Feldman do all the talking:

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‘Raw capitalism is dead’–and Muslims have a solution

By Elias Karmi, Engage Minnesota

It was just a few weeks ago that U.S. treasury secretary Henry Paulson declared raw capitalism’s death. And if I might add: Thank God someone realizes the futility of our current financial system. Two problems here: 1) it may be too late, and 2) even if we recover, the true solution may never be practiced.

It is challenging for someone who grew up surrounded by our current financial system to be able to feel what is fundamentally wrong with it. To illustrate, let me ask a question: Why is it that you can never own a house or open a business without borrowing money? And if you think that is the way things should be, it is not! Nor was it ever before in human history.

Borrowing money is not how humanity built its great historical monuments. The Pyramids and the Sistine Chapel were not paid for over years and years to come with interest. Yet in today’s world, if you avoid borrowing, you can barely add a wall to your house without going nearly bankrupt. Everyone, from individuals to large corporations and even governments are under some obligation to pay a debt that is often more than their net worth. How did we get here?

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