The Secretary-General of the International Union of Muslim Scholars, Ali Al-Qara Daghi - who was hosted by the "Mawazine" program - confirmed that the Islamic economy can address major economic problems such as poverty, unemployment and inflation, and said that the experience of Islamic banks succeeded, as evidenced by the fact that the world turned towards Islamic banking after the global financial crisis in 2008 .

The episode (25/1/2023) of the “Mawazine” program shed light on the issue of Islamic economics, which Al-Qara Daghi defines as the achievement of succession and the reconstruction of the land in a way that achieves the good for all, which seeks to achieve 4 goals: the development of the land in the light of the approach of God Almighty, and the realization of The inherited luxury of the individual, and the hegemony of the state, provided that it is restricted by the controls of the Sharia, and good remembrance, and fourthly, doing good deeds and spending money in what achieves the good of this world and the hereafter.

According to the Secretary-General of the International Union of Muslim Scholars, the Islamic economy can provide solutions to the economic crises the world is witnessing, such as poverty, unemployment and inflation.

Islam has dealt with poverty through zakat and the Islamic endowment, which has a major role in combating this phenomenon.

As for unemployment, Islam believes that the issue of employment is the responsibility of the state, which is the demand to find jobs for people. Islam also dealt with the issue of inflation, and believed that the currency has a value in itself like silver and gold, and if the currency is paper, then the alternative is supposed to be ready in gold.

For his part, the journalist specializing in economics, Mamdouh Al-Wali, referred - within his intervention on the "Mawazine" program - to the contributions of the Islamic economy and the solutions it provides to immediate problems, and said that the Islamic economy provided many solutions to contemporary economic problems through many bodies and institutions related to the Islamic economy. The most prominent of which are Islamic banks spread all over the world, with their various financing formulas, Takaful insurance companies, investment companies operating in the Islamic system, and investment funds of all kinds, in addition to many types of non-bank financing, such as consumer and real estate financing.

Al-Wali said that the Islamic economy provided widespread instruments that contribute to international financing, and many tools such as the zakat institution and the endowment and inheritance system.

The experience of Islamic banks

The Secretary-General of the International Union of Muslim Scholars referred to the success of the experience of Islamic banks, which is the most prominent manifestation of the Islamic economy, inferring that the world turned towards Islamic economics and banking after the global financial crisis in 2008, because it did not lose unlike the traditional usurious banks, and revealed that he personally came to him at the time 4 senior advisers to the British Prime Minister ask how to benefit from Islamic banking, in addition to a meeting he had with former French Minister of Economy Christine Lagarde on the same issue. She even jokingly told him if they would become Muslims if they adopted Islamic economics.

He strongly defended the Islamic economy, and said that Islam came with a complete economic theory, and that the Holy Qur’an contains 360 economic terms, and the Sunnah of the Prophet includes about 700 terms.

He rebuked the people who limit the Islamic economy to Islamic banking, which he said does not represent more than 5% of the Islamic economy.

And while the economist, Muhammad Ramadan, refused to acknowledge the existence of an Islamic economy that could be applied on the ground, he emphasized the existence of Islamic financial and commercial transactions and Islamic financing in general.

Al-Qara Daghi said that this talk is incorrect and contrary to the perfection and approach of Islam, and there are about 500 ancient books and economic theories by Muslim authors, in addition to the fact that the law of supply and demand was established by Imam Abu Yusuf with the caliph Harun al-Rashid.

And on the position of the Islamic economy between the capitalist and socialist theories, Khaled Al-Abd Al-Moneim (member of the Board of Directors of the Kuwait Center for Islamic Economics) indicated that the Islamic economy is an intermediate economy that is evident between the two theories.

And if the capitalist economy enhances the freedom of the market, "let it work, let it pass" and "stimulates individual freedom, and the socialist economy strengthens the concept of collective ownership; the Islamic economy enhances the freedom of the market and enhances its role, and the state does not interfere except in the case of controlling the excessive price that may harm the people."