There are significantly three initial points to understand the current economic crisis. First of all, what is happening at present symbolizes the break-up of the interconnecting set of bargains by which the world economy has been administered since mid-eighties. These agreements signified a brief `solution\' for capital to the crises which arose a decade earlier. Secondly, the tight spots of Seventies and the attempts to resolve them. A vital negation within capitalism between the design of profits in the sphere of production and the realisation of those profits in the area of circulation and exchange had appeared in Eighties. Thirdly, in the past, weak situation of British capital, at least the section of British capital that located territorially in Britain, has left Britain at risk to undergo the crisis first which is then followed by US in the present scenario.

The economic catastrophe has a number of aspects but pivotal ones are the build-up of debt, both corporate and household, specifically household debt. Linked with this is the likelihood of a return to international economic instability and of the refusal of the rest of the world to fund US (and UK) trade shortfalls. The other factor is the effect of the ecological crisis on the world financial system, which brings with it the prospect of an end to two decades of low commodity prices. On the other hand, these must be seen as medium-term developments, determining the underlying tensions within which more immediate changes take place.

What replaces the ongoing crises depends mainly on interest-free economy rather than profit-based or wealth-accumulation based economy of the last decades which had failed in all the possible dimensions and left the world in an economic depression. Thus there is a strong need to strike at the root cause to dismantle the failed economic state and to establish a just and fair economic system with evidence or proof of success.

The question arises now, can the world which is in the state of pure chaos formulate a devout economic system which can prove it to be successful and also to rectify an already botched but so called modern economic methods. The simple answer to all the missing pieces of economic puzzle is 'Islamic Economic System' which neither considers a human as an economic unit nor as a simple matter rather as an individual with organic needs as well as instincts. Therefore, Islam organised these instincts and needs in a way that ensures the contentment of the needs of the stomach and the necessity to reproduce and others in the similar context but not by suppressing the needs or rights of others. Thus in a way to guarantee comfort, averting conflicts and a lapse to a primitive level through the anarchism of instincts. In Islamic economic system, there are sets of rules for the means to acquire riches and commodities, how they can be utilised and their manner of disposal. The Islamic economic system is built upon three principles:

• Ownership through inheritance and investments

• Disposal of ownership through shares

• The distribution of wealth amongst the people through Zakat and Ṣadaqah
  

The main aim of distribution of wealth is to prevent a minority of the populace from controlling the majority of the wealth so that the majority of people are not deprived of satisfying some of their needs. Thus Islamic economic system is the only modus operandi to go after in order to save the world from current financial folly.

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