الخرطوم 25/12 سونا
Written by: Amal Abdul-Hameed/ Khartoum/ Oct 28 (SUNA)- Some of the direct factors that led to the aggravation of foreclosure crisis in the USA in 2007 are injustice , usury and gambling with the investors money which characterize many of investment tools.
The foreclosure crisis stem mainly from the practice of sale and resale of interest - debts. Such practice led to instability of the financial system, deepening income inequality and wasting of the resources of the society. With the latest financial crisis the capitalism has totally fell similar to the socialism which had also failed to cope with the human nature, that favor individual possessing of things and freedom of behavior, and the new scientific and technological developments. Within the malformed system of capitalism the processes of commercial exchange and movement of capitals have lost their noble humanitarian goals and became a mere competition specified with injustice which was rejected by the Islamic religion. Moreover, capitalism system had helped in deepening wealth mal-distribution a matter that resulted in the increase of the rates of hunger, poverty and unemployment in the world. Therefore it is so important to review this system and select the best option to regain the international economical balance. The former finance minister cum economic expert Dr. Abdul-Wahab Osman said the world has been convinced that the Islamic economy system which depends on the principals of the Islamic laws" Shari" acquires immunity against the financial stocks crises. This is proved by the fact that about 90 Islamic banks kept working in the Gulf states, Asia and Africa despite the crisis addition to establishment of Islamic bank branches and service windows in the traditional American and British banks. Also the total values of the assets that are working within the system of the Islamic Shari laws totaled 700 billion US dollar by the end of 2007. He explained that activities of the banking system that depend on sharing of profit and loss have nothing to do with the speculations that are being practiced in the traditional banks. Such activities generate real transparent benefits. The Islamic financial system generates profits equal to 10%-15%, Osman said adding that there is strong tendency in both Asia and USA to adopt the Islamic system after the increase of oil revenues and liquidity in the Islamic world. As for the expected substitute to the capitalist financial system, Dr. Osman stressed that implementation of the Islamic financial system will be faced with strong refusal from the anti-Islamic organizations but it is a good chance for the Islamic economy to face the big challenge of saving the world from the current ordeal. On his part, the Islamic economy expert Abdul-raheem Hamdi said the Western governmental and banking sectors welcomed using of Islamic economic instruments particularly the banking system in replacement of the capitalist system. For example, France issued a law permitting issuance of Islamic instruments, Britain welcomed the establishment of Islamic investment funds, insurance companies and banks and the same steps occurred in Japan and Singapore. The Monetary Fund and the World Bank were preparing, in coordination with the Islamic Bank of Development, suitable equipment for issuance of the Islamic instruments. The Governor of the Bank of Sudan Dr. Saber Mohamed Al-hassan said the Islamic financial system doesn't accept benefits that have no real assets and its rules forbid both the sale of non-existed and what we don't own. Funding in the Islamic economy is directed to the real assets, governed by moral principals, rejects cheating, favors sharing of benefits and loss and taxes are connected to the real production. Al-hassan concluded that with all these merits the Islamic system could be introduced as a solution to the international financial crises. BF / ASB