Ilm 2 Amal
Although more of the general public have started to take a bigger interest in the financial affairs of banks and the Economy as a whole after the mass misery it has caused to millions the world over during the Credit Crisis and literal global financial meltdown, it would be fair to say that many people still don’t understand the system in any meaningful fashion.
Muslims in particular should be even more active and concerned with many aspects of the banking system which have been specifically prohibited by Allah and His Prophet (upon whom be peace) because of the inherent harms and injustices contained therein. Fractional reserve banking is one of these areas which we here at 1st Ethical wish to soon provide much more information on to Muslims so that they do not fall into traps which have been so clearly warned about.
And we should all be enthused by the groundbreaking bill announced by Douglas Carswell MP Douglas as he announced a bill that would end fractional reserve banking. This is not just groundbreaking for Muslims but an amazing development in the eyes of the experts and economists, leading one to comment correctly that this was a significant point history no less!
Of course, this will all be far easier said then done, but our support at this time is essential as practising Muslims.