Islamic Finance in Europe

It has been my opinion for some years now that Islam’s most useful contribution to modern Western civilization would be to economics and finance. It would make money-people think anew about the assumptions and mechanisms on which Western finance is based and re-introduce the idea that usury is harmful. Debt with interest has been used to enslave and colonize people around the world. A ban on usury would relieve the poor, from the individual to global levels, and thus wealth would be redistributed more fairly. Islamic moral economic principles could restore the moral dimension so sorely lacking in recent times. They would outlaw harmful investments in gambling, speculation, derivatives, alcohol and recreational narcotics, tobacco, pornography, illicit sex and so many other lucrative fields which cause destruction to individuals, families and society, and link finance with real and tangible assets and enterprises. Abu Hurayrah reported that the Prophet, blessings and peace be upon him, said: ‘There will certainly come a time for mankind when everyone will take riba and if they do not do so, its dust will reach them.’ (Abu Dawud, Kitab al-Buyu[, Bab fi ijtinab al-shubuhat); also in Ibn Majah)