After six decades of establishment: ?Does the Islamic economy need revisions -Dr.. Ali Mohamed Osman Al-Iraqi

After six decades of establishment
?Does the Islamic economy need revisions
Dr.. Ali Mohamed Osman Al-Iraqi
While the writings of Muslims on the economy and the money and absences for centuries, the second half of the twentieth century saw the largest contributions not only in theorization, but to the applications in banks and insurance companies and established legal oversight institutions and regional institutions interested in this matter, and some of the international banks to open windows to deal Non-interest in their traditional branches. With all this experience, the Islamic countries, despite their availability on a huge stock of natural and human resources, are the highest of the world's poor and the shelter of many disasters, diseases and conflicts. Could the Islamic economy not address the basic issues of Muslim societies and could not mobilize resources? Are you still captive to the founding priorities?
There is no doubt that colonialism played an important role in formulating and linking the economies of the Muslim countries. This link began to prioritize the developing economy and annex it to the colonized state as a store for raw materials and to structure the productive sectors for this purpose. Or economic activity and others.
As the writings and applications of the Islamic economy began in the seventies of the twentieth century, they worked hard and distinguished themselves in modern financial transactions and ensure that they are free from legal violations. We witnessed an expansion in the establishment of Islamic banks and insurance companies, "The Islamic economy seems to have worked hard to solve the problems of the rich Muslims, but it has not been too much for their poor. In my estimation, this is due to several reasons," he said. Most notably:
First, financial transactions do not need complex models that have explanatory, analytical and comprehensive capabilities. They are often monitored and delegated to the facts and introduced into a modern, ready-made system (banks and insurance companies) that are smoothly integrated into the national and international economic structure.
Second, the prevailing economic theories, whether analytical or development schools, rely on a philosophical legacy that promotes individualism, although this is understood within the framework of the capitalist ideology in which it arose, but it is one of the deep gaps that the Islamic economy could not fill. This applies to the entire value system of economic activity, which requires in-depth and painstaking research to formulate a holistic model of the transcendent Absolute, not merely a compilation of texts. Perhaps the ease of application of transactions and the difficulty of downloading the overall model in development and justice is what made the Islamic economy
Expanding banks and limiting its applications to addressing issues of the Muslim poor.
The observer notes that this has produced a confusing and contradictory situation, the most striking of which is the contradiction between the evolution of the Islamic banking system and the atrophy of development models and social justice policies.
This is a call to consider the jurisprudence and applications of the Islamic economy in order to cover the mercy of religion ring groups of people poor and rich, and to provide humanity as a model of justice, equity and efficiency.
 Source: Elaf newspaper