JEDDAH: The interest-free monetary system propounded by Islam is the only way out for humanity to escape from the global economic crisis, says M.M. Akbar, a renowned Islamic scholar from the south Indian state of Kerala, and managing director of Peace Education Foundation.
He said the main causes of the current global crisis were fiat currency (printed without equivalent gold or any other reserves) and interest. “The damage inflicted by fiat currency and interest on humanity is deadly and will last long unless corrective steps were not taken,” he said.
“The so-called financial connoisseurs, except a few ones like Amartya Sen, have failed to realize the underlying problem since they perceive it from within the problem,” he said while giving a lecture at Trident Hotel, organized by Peace Public School in Jeddah.
