JEDDAH - "The current financial crisis will have devastating effects on humanity as long global community considers 'money' as a trading commodity like any other products. The old transaction system of 'money-product-money' has been replaced by 'money-money-money'. The fundamental causes for this financial recession are "fiat money' and 'interest'.
The damage inflicted by fiat currency (printed without equivalent gold or any other material property reserves) and 'interest' on humanity is deadly and will last long unless the world community realizes the real causes. The so-called financial connoisseurs fail to realize the underlying problem since they perceive it from within the problem.
Economist Amartya Sen advocates that the situation can be overcome only if a balanced flow of wealth from the rich to the poor is, ensured. This is exactly what Islam has been stressing for the last 1400 years, by upholding the Zakat system.
These points were raised at a seminar on Global Financial Crisis organized at Hotel Trident by Peace Public School Jeddah on last Sunday.
The main topic for discussion was presented by M.M. Akbar, a renowned scholar on 'comparative religion' from Kerala.
He highlighted that the interest-free monetary system upheld by Islam "is the only way out humanity can hope for escaping from this perilous predicament. Humanity cannot escape from this crunch and reach a solution unless it can ensure a balanced flow of wealth from the rich to the poor which is ensured by the Zakat system in Islam."
The meeting was inaugurated by K.K. Vijayan, Indian consul for Welfare. The consul urged the audience to learn more from scholars like M.M. Akbar, so that they can participate in the global efforts to alleviate the problem. The meeting was presided over by Abdul Hameed Parappanangadi, managing director of Peace Pubic School, Jeddah.
Akbar who is the chief patron of Peace Public Schools was on a visit to Jeddah recently to promote the Peace Public School in Jeddah.
© The Saudi Gazette 2009
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