Gordon Brown was right to highlight the problem of the boom and bust cycle, which is so regular and so damaging to society. Everyone seeks consistent growth, or at least a consistent environment free of out-of-control expansions and debilitating contractions. Consistency is also essential in the monetary and fiscal environment. When business does not know the value of the currency it must trade in, whether domestically or internationally, the tax it will be subject to, or the stability of prices in the face of inflation, it becomes doubly hard to maintain a consistently profitable business and full employment. In addition to the monetary and fiscal environment and the attendant damage of inflation, capitalist society constantly fights over the regulatory environment. We are told that the supposed "free market" will provide a steadying hand, and conservative liberal governments aim to minimise government intervention and reduce legislation to a minimum. Yet the statute books are full, and they are constantly being amended with reactionary legislation that patches over the inherent flaws of a system which is failing to provide the stability so dearly expected. Rather than a constant and confusing mosaic of patchwork regulation to deal with the latest crisis, society requires principles and clear, stable laws that enable people to plan their futures with confidence. The financial crisis can be characterised by unrestrained credit creation on the back of an out-of-control financial system, one that not only allows the creation of money and interest from nothing, but also gambling on a mind-boggling scale. Wealth has been extracted from the system in never-before-seen amounts, and it will not be easily replaced. From an Islamic perspective this is entirely predictable and preventable. Yet the cure requires the complete application of Islam within the governance structures set down by the Caliphate ruling system. Mfumo wa utawala ambao uchumi wake umeelekezwa katika kukidhi mahitaji ya watu, si mashirika ya benki yasiyo na nyuso. Kanuni zifuatazo za uchumi katika Uislamu zinawasilishwa, si kama hoja za kubishana za kujibu mgogoro na majibu yenye kasoro, bali kama mbadala wa kiitikadi ambao umefanikiwa kwa karne nyingi kwa Waislamu na wasio Waislamu sawa.

Gordon Brown was right to highlight the problem of the boom and bust cycle so regular and so damaging to society. To have consistent growth or at least a consistent environment devoid of out of control expansions and debilitating contractions is what all seek. Consistency is also essential in terms of the monetary and fiscal environment. When business does not know the value of the currency it is forced to trade in, whether domestically or internationally, the tax it will be subject to and the stability of prices vis-à-vis inflation, it becomes doubly hard to maintain a consistently profitable business and full employment. In addition to the monetary and fiscal environment and attendant damage of inflation, capitalist society constantly fights over the regulatory environment. The supposed “free market” we are told will provide a steadying hand. And conservative liberal governments aim to minimise the interventions of government and reduce legislation to a minimum. Yet, the statute books are full and are constantly being amended with reactionary legislation which patches over the inherent flaws of a system which is failing to provide the stability so dearly expected. Rather than a constant and confusing mosaic of patchwork regulation to deal with the latest crisis, society is requiring of principles, and clear, stable laws that enable people to plan their futures with confidence. The Financial crisis can be characterised by unrestrained credit creation on the back of an out of control financial system that not only allows the creation of money and interest from nothing, but gambling on a mind-boggling scale. Wealth has been extracted out of the system in never before seen amounts, and will not be easily replaced. From an Islamic perspective this is entirely predictable and preventable. Yet the cure is requiring of the complete application of Islam within the governance structures set down within the Caliphate ruling system. A ruling system in which the economy is geared towards meeting the needs of the people, not faceless banking corporations. The following principles of economy in Islam are presented, not as reactionary points of debate to be part of the patchwork of crisis and flawed response, but as an ideological alternative which has enjoyed many centuries of success for Muslims and non-Muslims alike.