Consider Islamic economics: RS Dy Chairman

NDTV.com, India :Deputy Chairman of Rajya Sabha K Rahman Khan said on Saturday that Islamic economics could be an alternative system to achieve a just and stable economic order amid the ongoing global financial crisis.

"We cannot just say Islamic economics is best in the world. It is one of the alternative systems which can be evolved to achieve a just and stable economic order," Khan said while addressing a seminar on the global economic crisis and relevance of Islamic economics.

"Islamic economics prescribes various sets of rules which is based on the principles of justice and morality," said M Nejatullah Siddiqui, Islamic economist and former research professor at Islamic Centre in King Abdul Aziz University, Jeddah.

"Islamic economics stands for abolition of 'riba' (bank interest) and 'maysir' (gambling-like speculation) in financial dealings as well as a regard for the interest of others in one's pursuit of material gain," he added.

Siddiqui argued that debt-finance coupled with speculative products whose intricacies defy understanding provide ample opportunities to greedy profit-maximising agents to exploit the aspirations of ordinary investors and for goading home owners and consumers into living beyond their means and chasing untenable dreams.