Islamic economics attempts to transform Moslem nations into successful industrial economies by finding guidance in the Koran.
Conventional economists say economic problems in the Moslem world have little to do with countries not being sufficiently "Islamic" because the real problems are government incompetence, vast defence spending and so on. The Koran offers only rough guidelines for economic behaviour in the time of the Prophet Mohammed. These guidelines also have been and remain wide open to all sorts of interpretations, notably in banking. The Koran warns moslems not to deal in "riba." Many insist this to mean a ban on usury or excessive interest, and others interpret that it prohibits all types of interest. Islamic economics would assume that moslems will spend moderately and give to the poor as the Koran instructs, but this is contradicted by the realities of life. Islamic economics would necessitate a significant degree of state intervention.
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