Income inequality reduction through alternative financial institutions to riba (an Islamic approach)
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According to the World Bank Statistics (2012) more than 80% of the world's population live in countries where income inequality is very wide. The latest Oxfam report shows that the richest 1% of the world population holds over 50% of the world's wealth. This means that 62 richest people own an estimated wealth of US$1.76 trillion which is equivalent to the wealth of 3.5 billion people who make the poorest half of the world population (2015). The failure of the capitalist system in reducing this income inequality encourages economists to provide justification for this huge gap between the rich and the poor. Some economists believe that the main causes of this income inequalities is due to the unjust financial system which is based on interest/Riba while others tried to provide solution to this problem.
Income inequality , Islamic approach , Alternative financial institutions , Trade , Bai , Zakat , Sadaqah , Waqf
A. Mohsin, M. I. (2017). Income inequality reduction through alternative financial institutions to riba (an Islamic approach). IF Hub, 5 (June 2017), pp. 1-6.
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