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Vol 13, Issue 1 , No. 36

February 1998

International Money Markets

Speculation & Gambling

Theft, robbery, speculation, gambling, fraud, exploitation and money interest are all forbidden in Islam. Whereas, in the secular liberal system, some of these ­ speculation, gambling and money interest ­ are now actively promoted, some like theft and robbery are out of control, while for some like wage and tax, exploitation and injustice are tolerated. In view of the dominance of the secular liberal system in the world today, it is important that both Muslims and the liberals know why Islam forbids these practices, though upholding free markets like the liberals.


Deadline

for articles to be included in the

February 1998 issue of INSIGHT is

25 January, 1998


We Muslims are increasingly facing situations where our cultural values against these activities are being made more difficult to sustain as a result of developments in the liberal system. Indeed, some institutional developments such as that in the international monetary system and the internationalisation of the money markets are introducing most extensive and unprecedented opportunities for the practice of all of these activities, especially by the powerful against the weak.

It is therefore important that the Quranic guidance be discussed and clarified in terms of knowledge we have on these activities. Your contribution is urgently sought.

Suggested topics/Areas to tackle

 1. The Quranic and Hadith guidance and reasons for prohibition of speculation. gambling and money interest.
 2. Pervasiveness and inter-conectedness of these activities and thier relevance to prohibition.
 3. Assessment of the type and extent of damage caused by these practices.
 4. Anecdotal reference to the practice and their damage.
 5. Effects of freedom in markets.
 6. Some comparison of the Islamic appraoch with that of the liberals.
7. The evils of the present money market economy and how Islamic principles can eradicate these evils.
 

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