A Policy Recommendation for Wealth Creation in the Commonwealth of Nations
The Forum for Stable Currencieshas been meeting at the House of Lords since 1998 to debate not only problems but also solutions on a monetary, economic and financial level. In that process, a submission was made to the Select Committee on the Monetary Policy Committee of the Bank of England and a number of its meetings were attended.
Since then the Select Committee has changed its name and remit to Economic Affairs and has begun an Inquiry into the Global Economy. Our submission of evidence this time makes two key recommendations:
In the Islamic context, usury, the practice of lending money at interest, is a capital sin. Interest-free principles are applied by
Malaysia's experience shows
In the same vein, Britain should not follow the American way of going global with dollars but follow her tradition of the British Empire of trading - but issue Stable Sterling interest-free as a Third Way.