Islamic banking: a last ditch to save capitalism

Western capitalist economies, particularly the US, have through greed and consumption brought on disastrous conditions for mankind and the environment. The US is facing recession, low growth rates, and high unemployment. Economic systems should address justice, equity and efficiency. Historically, mankind has at times (even pre-dating Christ) understood concepts of justice, and has morally opposed usury. An interest rate of zero is morally necessary, and is feasible economically. Muslim economists must have the courage to implement divine rules to establish justice and equity, create more Islamic banks to reach a wider group of customers, improve dialogue with Western economists, and reject money market accounts while allowing for capital markets. Equitable distribution of income and wealth is necessary to sustain growth, an outcome that is impossible to achieve through capitalism. Profit and loss sharing can be used to benefit everyone. An Islamic finance system, through the aboliti