This week I ask Dr Abul Izz Abdul Salam, a professor and expert in comparative economics from Jerusalem Palestine, to take a look at how Islam deals with the creation of wealth and at the same time address the problem of stagnant money that remains the prize of the rich 1%. It is common in the west to find multi-billionaires hoard vast amounts of wealth or invest their capital in financial markets that have little impact upon the real productive economy. It was the meltdown of these markets in 2008 that contributed to the biggest economic crash since the 1930’s leading to a global slowdown.
What is the guiding philosophy that underpins an Islamic economy when it comes to economic growth, the wealthy and the circulation of money in that economy and what role, if any, does the government play in regulating this activity?
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