Assalam. If Islam had ruled the world our economy would not be based on debt and hatred of risk. There would be no debt investment for the Prophet saw says any benefit from debt is riba. Debt only for Qardhul Hassan assisting the poor and needy. All our investments will be based on equity of Mudarabah and Musyarakah. And we are not allowed to hate risk. Risk is a prerequisite to earning rewards as outlined in our Qaiddhah Fiqhiyyah AlGhunm bi AlGhurm. Singapore has mastered debt investment and riskless investments which favours the already rich in today’s economy. So dont despair. No need to be envious of Singapore. We should be worried if we are as successful as Singapore under the current system. We talk of reforming the monetary system but those who understands, know the system that badly needs to be reformed is the education system. An education that springs from Quran and Sunnah will be very different from the legacy education system we received from the West. And dont make the mistake to think an education system based on Quran and Sunnah will be unscientific. It will be at the height of Science for we will be researching Scientific facts from the Manual given by the Creator! Alas the battle of understanding and realisation, has to be won before the battle of design and implementation. May Allah guide us.
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