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"'All Riches Are Ours"

Written by IBD

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October 17, 2008
IBD
issues04101608.jpgIslamofascism: An Arab cleric rejoicing in the "collapse" of capitalism is calling on Muslims to replace it with an Islamic financial system that's done such a bang-up job for them. Egyptian Sheik Yusuf al-Qaradawi, described by the wires as an "influential" cleric, beseeched Muslims to take advantage of the Western financial crisis to build an economic system based on 7th-century Shariah principles banning interest and credit.

"The collapse of the capitalist system based on usury and paper and not on goods traded on the market is proof that it is in crisis and shows that Islamic economic philosophy is holding up," al-Qaradawi said.

Apparently the sheik hasn't looked at any numbers comparing Muslim economies with Western economies. They don't stack up, to put it gently. The best yardstick for measuring global economic success is per-capita GDP. None of the 35 Muslim nations holds a candle to the U.S. (with the exceptions of tiny plutocracies like Qatar).

Al-Qaradawi's Egypt, for example, ranks 111th in the world with a per-capita GDP of $1,697. In contrast, the U.S. ranks 10th with a per-capita GDP of $45,790.

Still, al-Qaradawi thinks the West's financial turmoil proves the superiority of Islamic economics. He urged Muslims to "profit from the crisis to bring about the triumph of the (Islamic) nation, which holds the spiritual and material resources for victory," including "nearly all the oil." (Even more reason to drill.)

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