AL QURAN SAYS: ' kulu-washrubu wa la tasrefu. Innahu la yoohibul musrefeen'
(eat and drink but do not waste. Allah loveth not the prodigal)
That is because the underlying cause of the great global credit crunch is the ingrained societal behaviour of the US and many other economies over the past two decades: instant gratification of "needs" without reference to the ability to earn the satisfaction of doing so. This did away with the economic virtue of thrift and encouraged excessive consumption. Excessive consumption resulted in global imbalances such as the US current account deficit. US and many other economies over the past two decades.
Quote by : David Roche, President and Global Strategist at Independent Strategy, London.
Hadees e Rasul e Karim (SA) 'majhul' is haram. Vepar (business) is halal and also full of blessings. 'Majhul' on the other hand is prohibited strictly, as it is speculation. Eg: I sell my date crop, receive the consideration of the sale, much before the date palms are to yield the crop. This is speculation.
Syedi Sadikali Saheb has so aptly conveyed, and now the truth is hitting right on the faces of all those, who have indulged in speculative businesses in any form.
'zahir ma halavat che, pan zehr che khufiyah ma'
An interesting read from Intent Blog comment on the article entitled 'Thrift'
How does the stock exchange work:
One day a man appeared in a village. He declared to want to buy acorns and he wanted to pay one Euro a piece for them. Because there were a lot of acorn trees in the village, villagers quickly began to gather acorns. A week later the man bought thousands of acorns for one Euro a piece.
The man declared that he would be back a week later and would pay two ‘Euri’ for one acorn.
And again villagers started to gather acorns, although there were a lot less left now.
A week later the man appeared, paid two ‘Euri’ per piece and declared he would be back again one week later and would pay five ‘Euri’ per acorn.
The stock of acorns was almost gone and the villagers did their utmost to yet find as many acorns as they could. And they still found some. The man appeared exactly on time, one week later, paid five ‘Euri’ per acorn and declared to come back a week later again and then would pay twenty ‘Euri’ per acorn.
However, the villagers could not find a single acorn anymore.
Then, a day later a second man appeared with a big bag with acorns on his back. The villagers asked whether they could buy the acorns from the man, but the man asked 15 ‘Euri’ for one acorn.
The villagers gathered all the money they could find. They put all the savings they had together and bought the big bag with acorns.
However, one week later the man did not appear. The villagers never saw the man again.They lost all their money and the only thing they had left was a large amount of acorns.
And in this way, ladies and gentlemen, the stock exchange works…...
Posted by heartphone on December 11, 2008 11:05 AM
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