Global need for a new economic concept: Islamic economics

One of the major hurdles in eliminating riba from the economy is the division in the Muslim world regarding whether or not modern-day bank interest is riba. Those who believe interest is not riba often argue that it is virtually impossible to have a riba-free economy. This argument is not sound, because it attempts to ignore religious obligations in favor of what is best for the economy. Additionally, the current economic system is a system established by non-Muslims and based on riba. This explains why the removal or riba would cause its collapse. Muslims must design their own economic system without riba. The first step in designing this system would be to identify flaws in the current economic and financial system. The current traditional economic system promotes several forms of riba, and principals contrary to common economic sense as well.