DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - What is wrong with Capitalism? is Capitalism haram?

**SoOW2LeA** · 06-10-2012, 02:41 AM

Capitalism is the private ownership of private property and the creation of goods and services for profit.

And has nothing to do with banks or banking.

Although, most capitalists use banks to fund their business.

Take away fractional reserve banking, central banks and you have a more halal economy, but it is still haraam. It is haraam because private property according to Capitalist Law is joint stock companies, corporate personality and limited liability...Islam has its own laws about these and they do not conform to Capitalism.

Capitalism is many things, it differs according to the person defining it. Fascism also allows private ownership of property and the creation of goods and services, most economies are mixed economies not purely capitalist. Some people argue the US is a fascist economy because of the Military Industrial Complex that President Eisenhower warned about in his last speech as President.

06-10-2012, 02:41 AM	#39
SoOW2LeA Join Date Oct 2005 Posts 520 Senior Member	Capitalism is the private ownership of private property and the creation of goods and services for profit. And has nothing to do with banks or banking. Although, most capitalists use banks to fund their business. Take away fractional reserve banking, central banks and you have a more halal economy, but it is still haraam. It is haraam because private property according to Capitalist Law is joint stock companies, corporate personality and limited liability...Islam has its own laws about these and they do not conform to Capitalism. Capitalism is many things, it differs according to the person defining it. Fascism also allows private ownership of property and the creation of goods and services, most economies are mixed economies not purely capitalist. Some people argue the US is a fascist economy because of the Military Industrial Complex that President Eisenhower warned about in his last speech as President.
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