Sood Ka Nizam Aur Islami Buniyad - Islamic Financial System

Dr. Israr Ahmad explains why Muslims haven’t been able to establish a fully applicable, interest-free system as an alternative to the Jewish-based interest system. The core issue is the prevalence of materialism in the world, relegating the afterlife to mere belief rather than practical application. People readily understand the demands of a materialistic lifestyle, while Islamic principles are often overlooked. The current banking system is inherently based on interest, with options for alternative models limited to *mudarabah* (profit-sharing), *musharakah* (partnership), and *ijarah* (leasing). The speaker stresses the need for accountability, like the IRS in America, to ensure fair business practices and encourage participation in interest-free systems. However, fundamentally prohibited practices remain unlawful.

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