Islamic economics  

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Train wreck at Montparnasse (October 22, 1895) by Studio Lévy and Sons.
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Train wreck at Montparnasse (October 22, 1895) by Studio Lévy and Sons.

Islamic economics is a term used to refer to Islamic commercial jurisprudence or fiqh al-mu'āmalāt, and also to an ideology of economics based on the teachings of Islam that takes a middle ground between the systems of Marxism and capitalism.

Loans

One critic (Muhammad O. Farooq) argues that this unfortunate situation has arisen because the "preoccupation" among supporters of Islamic Economics that any and all interest on loans is riba and forbidden by Islam, and because risk-sharing alternatives to interest bearing loans originally envisioned for Islamic banking have not proven feasible. With the elimination of interest being both the basis of the industry and impractical, shari'a scholars have become "entrapped in a situation" where they are forced to approve transactions fundamentally similar to conventional loans but using "hiyal" manipulation to "maintain an Islamic veneer".$

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Unless indicated otherwise, the text in this article is either based on Wikipedia article "Islamic economics" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on original research by Jahsonic and friends. See Art and Popular Culture's copyright notice.

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