Replace capitalism with Islamic financial system: cleric

Muslims should take advantage of the global financial crisis to build an economic system compatible with Islamic principles, influential Sunni cleric Sheikh Yusuf al-Qaradawi said on Sunday.

"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," said the Egyptian-born, Qatar-based cleric.

"The Western system has collapsed and we have a complete economic philosophy as well as spiritual strength," he said at Sunday's opening of a conference on Jerusalem.

"All riches are ours... the Islamic nation has all or nearly all the oil and we have an economic philosophy that no one else has," Qaradawi said.

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." .... Sharia - Economic terrorism