10/01/2005

Hyscience: Poverty of the Muslim World - Does their religion plays a role ?

Hyscience reminds us that the Koran forbids charging interest either to accomodate for risk or for profit: "Believers do not live on usury, doubling your wealth many times over". Which they postulate is one of the reasons for the poverty of most of islamic citizens. I don't think so, in my experience in South America I saw many a Catholic country harbor poor citizens and Germany had many a poor interest loving Jew before Hitler killed most of them (like New Orleans, the rich Jews left Germany way before the "Hitler typhoon", leaving their poor to fend for themselves). Interesting tidbit anyway! -- law

The poverty of the Muslim world stems especially from two economic prohibitions ordained by the Koran. They limit all believers to just two sources of income: payment for services rendered, that is, wages and salaries, and transfer income which flows from private charity and public welfare.

They prohibit the two other sources of income that render human labor much more productive: interest on savings and investments, and entrepreneurial profit, which rewards investors and innovators. The Koran, Sura 3:13, is specific:

"Believers do not live on usury, doubling your wealth many times over. Have fear of God, that you may prosper, guard yourselves against the Fire prepared for nonbelievers."

Similarly, they prohibit any reward for risk-taking and speculation on the chances of quick or considerable profits.

Economic destitution and political authority undoubtedly explain the migration of Muslims, legal and illegal, amounting to many millions of young people, from Islamic regions to Western countries, such as France, Germany, Italy, the United Kingdom, and many others. In the United States their numbers are growing rapidly, probably exceeding five million now. They are attracted by high standards of living and economic freedoms which are the attributes of the Western order. They labor and prosper, earning profits and interest. But we cannot help wondering what they would do to our economic order if they were in a majority and at liberty to introduce and enforce the economic prohibitions and limitations of the Koran.

Source: Sowing the Wind, p. 265 ff.Hans F. Sennholz

Posted by tim at September 30, 2005 12:10 PM

Poverty of the Muslim World :: Islam And The War On Terror :: Hyscience

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