RIEF

In order to have a sustainable reform of the capitalist system we need a heart transplantation through which the pseudo heart that is commercial lending can be removed and the actual heart that is private property and free markets that has been dislocated can be relocated to its right position. Capitalism has survived several heart attacks like symptoms from the Great Depression to the Global Financial Crisis and many more in between, yet it has survived and has remained resilient. What is that the one thing that works as the heart for capitalism as a system? Two institutions compete and often we are not sure which one is actually the heart. The first institution is private property and free markets and the second institution is interest-based commercial lending. Private property and free markets should have been functioning as the heart of capitalist system but in fact for all practices purposes – the de-facto heart of capitalism has been interest-based commercial len...

Islamic Micro-finance development Poverty alleviation and development of Islamic Financial Services Industry (IFSI) are two key strategic objectives of the Islamic Development Bank Group in addition to enhancing economic cooperation among the member countries. These are also enshrined in the IsDB Vision 1440H and the OIC 10-Year Work Plan. In implementing the IFSI development objective, during 2006 IRTI anchored the preparation of “Ten-Year Framework and Strategies (TYFS) for Development of the Islamic Financial Services Industry”, a joint initiative of the IsDB Group and Islamic Financial Services Board (IFSB). After an extensive consultation process with all stakeholders, the IFSB Council approved the document in its Meeting held in Kuala Lumpur on March 26, 2007. During the consultation process on the TYFS document and at the IFSI Development Forum held in Kuwait as a side activity of the 2006 IsDB BoG meetings, and organized jointly by IsDB/IRTI, IFSB and General Coun...