🇷🇺Russia introduces #islamicbanking system ⚖️ There is no denying that global inequality is at unsustainable levels, and that interest-based economies are no longer fit for purpose Once we strip away the Arabic terminology, concepts like zakat can return our economies to the common sense-based, transparent and equitable set up that the architects of modern capitalism envisaged. Most of us want a societal order where there isn’t a huge vacuum between the classes. Unfortunately, this gap keeps widening as “casino capitalism” and high interest consumer products entrench divisions. Meysam Salimi, Management and Science University (MSU) wrote a peer reviewed journal, namely… “A Comparative Analysis on Capitalism and Islamic Economic System” concluded, “capitalism had a form of disparity with the Islamic economic system in distribution of wealth, Islam believes in fair and equal distribution but capitalism does not accept fair and just distribution of wealth”. Islamic economics, with its 2.5% zakat wealth tax (and much lower taxes in other areas) might give us a clue on how to eliminate the worst social inequality. Islamic economics, can give us clues to solve both these issues. Zakat, or Islamic alms, is a simple, transparent annual wealth tax Let’s only consider tax havens, where estimated wealth of $10 trillion is held around the world. That means if zakat was paid on these funds (perhaps as some kind of amnesty agreement), there would be $250 billion per year flowing into the world’s poorest areas and worthiest causes. In return for the wealth tax, Islamic economics suggests almost zero tax in every other area, including inheritance. And with a prohibition of abusive high-interest businesses and the incentivisation away from interest-based savings accounts, it can reinvigorate the global economy. These are not just Islamic economic concepts; these are universalist traditional Abrahamic ethics, and a common sense way for us all to enjoy a truly free market. To create societies where there is mutual respect and compassion, we need an environment of reconciliation between the elites and the masses. The only way to achieve this is through a wealth tax such as the payment of zakat - one of the pillars of Islam - and an effective tool in addressing our current issues. Gwan Putin! 👏 May many follow suit إن شاء الله #fair #equitable ##trade #economygrowth I•S•L•A•M - P•E•O•P•L•E before P•O•W•E•R #islam #capitalism #revolution #equity #equality #fair #fairtrade #corporatesocialresponsibility #islam #islamic #islamicvideos #islamicnews #islamicreels #news #russia #muslim #muslims #bankingsystem #interest #dagestan #chechnya #islamicworld #muslimworld #tatarstan #zakat