What is your opinion on Savings Account (Bank interest) in light of Islam?

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I would request you to read my opinion its post number 34 , you can tell me what you think about that .

I think a Caliphate would really struggle in today’s world. To properly avoid interest and follow strict Islamic laws, it would probably have to close itself off or only trade with similar countries. I don’t think it would be able to trade at competitive prices to foreign countries without using interest as a tool to aid both manufacture of products and in trade deals. But that would make it very hard to compete and survive in the global economy. You’d lose out on trade, investment, and access to goods that other countries can make more efficiently.

Things like banning alcohol or enforcing modest clothing could work inside the country. But no government can completely avoid interest in the modern world. Even countries like Saudi Arabia and Pakistan still use interest-based loans and systems because otherwise their economies would collapse.

With the internet and global media, it’s also impossible to stop outside influence. And like we see in Iran, there would always be fights between religious leaders and practical politicians over how to run things.

Overall, I think individuals can try to avoid interest in their personal lives, but for a government, it’s just not realistic anymore. The world is too connected and too dependent on the global financial system.

 

[Justcrazy]

I think a Caliphate would really struggle in today’s world. To properly avoid interest and follow strict Islamic laws, it would probably have to close itself off or only trade with similar countries. I don’t think it would be able to trade at competitive prices to foreign countries without using interest as a tool to aid both manufacture of products and in trade deals. But that would make it very hard to compete and survive in the global economy. You’d lose out on trade, investment, and access to goods that other countries can make more efficiently.

Things like banning alcohol or enforcing modest clothing could work inside the country. But no government can completely avoid interest in the modern world. Even countries like Saudi Arabia and Pakistan still use interest-based loans and systems because otherwise their economies would collapse.

With the internet and global media, it’s also impossible to stop outside influence. And like we see in Iran, there would always be fights between religious leaders and practical politicians over how to run things.

Overall, I think individuals can try to avoid interest in their personal lives, but for a government, it’s just not realistic anymore. The world is too connected and too dependent on the global financial system.

Do you understand what khilafat means ? It means compliance of laws of God in totality , not a few aspects. It is not limited to few countries but across a major chunk of Muslim countries. You will always have issue when you try to have legs on two different boats. One vehicle can have only one driver otherwise there will be contradiction.

I will say again , without Khilafat there is body but no spirit in Islam.

 

[sweep_shot]

I think a Caliphate would really struggle in today’s world. To properly avoid interest and follow strict Islamic laws, it would probably have to close itself off or only trade with similar countries. I don’t think it would be able to trade at competitive prices to foreign countries without using interest as a tool to aid both manufacture of products and in trade deals. But that would make it very hard to compete and survive in the global economy. You’d lose out on trade, investment, and access to goods that other countries can make more efficiently.

Things like banning alcohol or enforcing modest clothing could work inside the country. But no government can completely avoid interest in the modern world. Even countries like Saudi Arabia and Pakistan still use interest-based loans and systems because otherwise their economies would collapse.

With the internet and global media, it’s also impossible to stop outside influence. And like we see in Iran, there would always be fights between religious leaders and practical politicians over how to run things.

Overall, I think individuals can try to avoid interest in their personal lives, but for a government, it’s just not realistic anymore. The world is too connected and too dependent on the global financial system.

Global financial system is a giant ponzi scheme. It is bound to collapse at some point.

World should go back to gold and silver or at least currencies backed by gold and silver.

This interest-based system is evil and not sustainable.