Relevance To Modern Times
Siddiqi suggests the key to whether the idea of prohibition of riba is effective is whether it can produce stability and efficiency in the economy and if it is conducive to growth and development and increase justice and fairness.
The model of profit-sharing on the liability side of the banking system would make the financial system more stable than using riba. The sharing arrangements between suppliers and users of resources for producing wealth improves business cycles and stability in the economy.
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Famous quotes containing the words relevance to, relevance, modern and/or times:
“... whatever men do or know or experience can make sense only to the extent that it can be spoken about. There may be truths beyond speech, and they may be of great relevance to man in the singular, that is, to man in so far as he is not a political being, whatever else he may be. Men in the plural, that is, men in so far as they live and move and act in this world, can experience meaningfulness only because they can talk with and make sense to each other and to themselves.”
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“Wherever the relevance of speech is at stake, matters become political by definition, for speech is what makes man a political being.”
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“This seems a long while ago, and yet it happened since Milton wrote his Paradise Lost. But its antiquity is not the less great for that, for we do not regulate our historical time by the English standard, nor did the English by the Roman, nor the Roman by the Greek.... From this September afternoon, and from between these now cultivated shores, those times seemed more remote than the dark ages.”
—Henry David Thoreau (1817–1862)