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Peaking whilst in the Middle Ages, the religion of Islam has a tenuous relationship with the idea of voluntary poverty. [3] While Sufism has encouraged the renunciation of material wealth, Sunni and Shi'ite scholars have traditionally held that self-denial is inconsistent with the Quran's admonition against those who would forbid the good that God has put in this world for his people to enjoy.
Michael Bonner writes on poverty and economics in the Qur'an that the Qur'an provided a blueprint for a new order in society, in which the poor would be treated more fairly than before. This "economy of poverty" prevailed in Islamic theory and practice up until the 13th and 14th centuries.
Over 70% of the Muslim population in most Muslim countries is impoverished and lives on less than US$2 per day. In over 10 Muslim-majority countries, over 50% of the population lived on less than $1.25 per day income, states Shirazi. [93] Zakat has so far failed to relieve large scale absolute poverty among Muslims in most Muslim countries. [93]
According to the author, the Islamic world is locked in an internal struggle over how best to address and ultimately solve the problems endemic to many of its societies: namely, widespread poverty, extreme economic inequality, the prevalence of government by despotic rulers, and the inability to keep pace with emerging economies.
Islam recognizes no distinction among human beings based on color, language or tribe. All are considered equal in receiving human rights and in discharge duties. According to Islamic teaching, no privileged or chosen class exists except those having piety or moral excellence. [36] A Quranic injunction forbids the Muslims to underestimate others.
Qardh al-hasan contracts between Islamic banks and borrowers state that the borrower only has to pay back the amount borrowed, although the borrower can pay back extra money as thanks. Loans such as this are used as an attempt to alleviate poverty and create economic growth.
A comprehensive list of discriminatory acts against American Muslims might be impossible, but The Huffington Post wants to document this deplorable wave of hate using news reports and firsthand accounts.
Islamic economics grew naturally from the Islamic revival and political Islam whose adherents considered Islam to be a complete system of life in all its aspects, rather than a spiritual formula [86] and believed that it logically followed that Islam must have an economic system, unique from and superior to non-Islamic economic systems.