In the last century, the modern interest economy, which had its paws on the world through the forced implementation of a global financial system, has begun its journey towards a recession since 2008, from which no one understands the way out.
The Industrial Revolution in Europe in the eighteenth century gave birth to a modern economic system devoid of morality and exploitation. Increasing capital and expanding business are the two goals that justify every looting. Ten years after the victory of World War I were the years of growth of this "interest economy". Bankers made huge "Interest" during the horrors of war by lending money to the arms trade.
When this "interest-bearing Capital (wealth)" came on the market ten years after 1920, it felt as if the door to prosperity had opened. But when this "artificial economic" bubble burst in 1930, the world went through the worst recession in human history, known as the "Great Economic Crisis." As Europe went through a crisis, the economy of communist Russia in its neighborhood was growing by leaps and bounds. The only reason the communist Russia's economy grew was because there was no "Interest".
As a result of the experience of Communist Russia, US Senator Carter Glass and Congressman Henry B. Stigel introduced an act on banking, which was intended to separate commercial banks from investment banking. The bill was passed in 1933. Account holders of investment banks and security firms were barred from taking money so that the common man, even the capital(wealth) of the state, could escape the ravages of interest.
It was a great defeat for the "interest system", but World War II once again bolstered this exploitative interest-bearing banking and economic system, and then in 1945, through the "Bretton Wood" agreement, they trapped the whole world into a "global financial system of interest".
For fifty years it has ruled the world with an exploitative system, counterfeit currency, government debt, global free trade and an unethical corporate culture. But in 2008 it began to decline in such a way that the world's major economies were in turmoil.
Right now, only one bubble of this economic system had burst, which is called "property business". But in every major city in Europe and the United States, people took to the streets against this system, in the New York demonstration they hung the slogan of "We are 99%" around the dog's neck, which meant that this system is only for one percent.
The concentration of capital, hoarding, profiteering, seizure of means of production and exploitation of everything from small business owners to ordinary consumers continue.
The worst example of this is Pakistan's latest economic crisis, which is becoming clear from the basic signs of shortage of goods and rising prices. For the past one year, all of Prime Minister Imran Khan's strategies (if any) have completely failed, and there is only failure and failure for him in this "interest-bearing financial system".
Imran Khan, who repeatedly mentions the "state of Madinah", if he studies the economic system of Madinah with a cold mind, the path will be as clear as daylight and it will not take long to get out of the crisis. The economy of the state of Madinah has, in fact, set such guidelines for the modern world that even today countless economists of the world consider these principles to be the "basic path" to "human welfare".
This economy will not only be created by changing the banking system, but this comprehensive Islamic economy revolves around a Market, which the Prophet of Islam PBUH established in Madinah under basic Islamic principles and which had deserted four Jewish markets already established in Madinah.
How did this happen. The Ansaar of Medina, who had lived there for centuries, only farmed, and the business market was controlled by the Jews. The Companions who had migrated from Makkah with the Prophet of Islam (sws) were in such miserable state that the people of Makkah had snatched all their property from them.
This can be easily deduced from the migration of Sohaib bin Sanan (May Allah bless on Him). he was to emigrate with the Prophet of Islam PBUH and Abu Bakr(May Allah Bless Him), but the people of Mecca tried to stop them from all sides, and numerous pits were dug and covered so that those who went through would fall into them and get trapped. The Holy Prophet PBUH and Abu Bakr (May Allah bless him) escaped from them but Sohaib (May Allah bless Him) fell in one of them and remained in it for many days.
At last, knowing the situation better, he set out for Madinah. The people of Makkah were chasing his footprints, and caught him and said to him, "O Sohaib Rumi, you came to Makkah empty-handed. You have made money in our land." , and you Counted among the honorable, and now you are running away from here with all that wealth. Sohaib (May Allah bless him) told them the place where the wealth was hidden, handed over the wealth to them and started his journey towards the Prophet (sws).
As soon as he came before the eyes of the Holy Prophet (sws), the Holy Prophet (sws) said with great joy, "Sohaib, you have made a profit deal with the Quraysh of Makkah."
(المستدرک علی الصحیحین الحاکم)
Revelation was revealed from Allah, "There are some people who sell their lives for the sake of Allah" (Al-Baqarah: 207).
Poverty prevailed over Muhajireen (immigrants), and the Ansar were engaged in the agricultural profession in Medina, and the business economy was in the hands of the Jews. In this scenario, the first principle of "Islamic economy" was laid down at that time, which is called "Moakhat".
The Ansar divided their palm groves among their Muhajireen (immigrants) brothers. The land belonged to the Ansar, in which the labor of the Muhajireen was shared and thus the both divided crops in half between each other. The early years of the state of Madinah were spent on the principle that the product was owned by the Muslims but the market was occupied by the Jews.
The Jews were so arrogant and hateful that they mocked the Muslims who came to the market, mocked their beliefs, and even one day a Muslim woman went to the market of Banu Qainqa to buy or sell goods. Was stripped naked and others around him started laughing. When the woman called for help, an Ansari man came to her aid but he was killed by them (Jews).
This was the time when the Muslims had just defeated the polytheists in the field of Badr, but the Jews were still so arrogant that once the Holy Prophet (sws) went to a Jewish market, the Jews Addressed to the Prophet (peace and blessings of Allaah be upon him), by saying “O Muhammad, do not rejoice over this victory. You have fought those who knew nothing about war. If they had fought us, they would have known that we were the ones they should be afraid of. "
to be continued.....
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