This in turn would result in the collapse of the banking...

This in turn would result in the collapse of the banking system and high inflation that would seriously harm the poor, the various ongoing projects and people's income. All of this would reflect upon the stature of the new Islamic government, and people would begin wondering whether the previous regime was a better one. This distorts the reputation of Islam in the eye of the people and leads them to think that the western model is superior to that proposed by Islam.

Similar considerations must be taken into account for other laws of the country. Therefore it is important that gradual implementation (of Islamic laws) is carried out according to detailed studies of the various committees, which consist of Muslim jurists and experts of respective fields in co-operation with different organisations. Mudahrabah is referred to a business investment program where one party provides the capital and the other the business expertise.

The parties share the profits and losses of the initiative as defined by the Mudahrabah regulations. M. Shirazi, "Islamic Queries", pages 518-519, cases 2283- 2289. 15The Messenger of Allah has stated this principle. Dynamic Laws All the laws of Islam are vigorous and spirited because they are legislation from a Powerful, Merciful and Wise deity who is Encompassing and Conversant with all aspects (of mankind) - personal, social, mental and physical, present and future characteristics . . .

Allah the Almighty states: "O you who believe! Give your response to Allah and His Messenger, when He calls you to that which will give you life; and know that Allah comes in between a man and his heart, and that it is He to Whom you shall (all) be gathered."16 However, some of Islam's laws appear more vigorous than others, for example: A. The law of "Bayt_el_Maal"17 B. The law of "The dominion of people over their wealth and selves" C.

The law of "Whoever precedes others to something not claimed by another Muslim, has more right to it."18 D. The law of "The land belongs to Allah and to whoever develops it."19 It is important for the young Islamic government to pay great attention and devotion to these laws and plan to earnestly and realistically implement these laws. The holy Qur'an: Public Estate [^8]: 24. This may be referred to as the Central Bank or the Treasury.

18To use an analogy this is similar to say 'first come first serve' basis. 19These principles, in parts B, C, D have been stated by the Messenger of Allah (S). A.