Islamic Finance: Difference between revisions

Estimates about the worlds total Muslim population range between 1.2 and 1.6 Billion. Most Islamic countries belong to the lower developed countries. Less than 5% of all Muslims are living in Muslim countries which can be considered developed. However, the wealth of all these rich Islamic countries depends on oil. Moreover, many Muslims living in developed countries live in Western non-Muslim countries. In fact, one-third of young Muslims in Kosovo (the newest Muslim State) are already looking to emigrate in search of fortune elsewhere (i.e. The West). This should not come as a surprise, with 73% of their young being unemployed.<ref>[http://www.ansamed.info/en/news/[email protected] Kosovo: young; 73% unemployed, one third prepared to emigrate]</ref>

For example, Malaysia is the only country with a significant electronic industry. However, most products produced in Malaysia derive from production facilities built by foreign manufacturers. Thus, capital and technology are imported from western or far eastern multinationals.  

In some countries with Muslim majority, such as Indonesia and Malaysia, minorities enjoy a significant influence on the national economy. Therefore, many Islamic governments are suppressing there minorities to keep their influence down.

== Haram Businesses ==

Alcohol, pork and gambling are forbidden under strict [[Islamic law]]. There is only restricted or no business possible in those fields as well as taking interest.   

Of course, from these four the Interest-taking is the most important business field, since all banking, financing and investing in the world´s economy depends on interest.

[[Islam]], however, regards interest as usury leading to [[Qur'an, Hadith and Scholars:Slavery|slavery]] and other undesired social problems. However, in today´s world there is no need to disable the whole financing business. The western company laws protect any businessman from going into slavery.   

There are also Islamic banks existing in many Muslim countries, however, many companies would prefer a western bank to fulfil it´s financial needs and stay independent from an investor who buys company shares.  

== Lack of Education in Islamic Countries ==

World Statistic reveal that many Islamic countries face serious problems regarding education.  

== Gender segregation ==

Islamic societies (for example, in Saudi Arabia) are wasting the power of women.

*Women can never meet male teachers directly.  

*High qualified but not desired to work.  

*Cannot drive.  

*Cannot move or travel anywhere alone.  

 

== Discrimination against Non-Muslims ==  

In Malaysia, the Chinese minority effectively controls the economy, but Chinese students have to achieve more points to receive jobs and scholarships.  

This hostile environment in Muslim-Societies is not inviting for foreign investors.

== Mismanagement in Iran ==

Disastrous results with high unemployment rates—15% according to the Iranian government <ref>https://www.cia.gov/library/publications/the-world-factbook/geos/ir.html#Econ</ref>. Since population is very young, rate is expected to rise in the future. Many young Iranians want to emigrate<ref>[http://www.reuters.com/article/worldNews/idUSDAH23888120070323?pageNumber=2 Young Iranians dream of better life in the West], ''Reuters'', 23 March 2007</ref>.

*''Iran's Economic Morass: Mismanagement and Decline Under the Islamic Republic'', ISBN 978-0944029671