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New Zealand has been named the country most in line with Islamic ideals for the second year in a row, but the area of day-to-day finance remains difficult for Muslims, says a financial commentator.
In the 2019 Islamity Index, released earlier this year, New Zealand ranks first overall, followed by Sweden, Iceland, the Netherlands, Switzerland, Denmark and Ireland. The country with the largest Muslim majority is the United Arab Emirates (UAE) with 44.
New Zealand ranks third in terms of the economy, fourth in governance and legal affairs, fifth in human and political rights, and eighth in international relations.
According to Islam, the use of money for the purpose of earning money is prohibited, which means that the concept of interest is not allowed. Wealth must be generated from legitimate trade and asset-based investing, and investors must also invest in things with social and ethical benefits.
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Dominico Zapata / Things
Anjum Rahman says the index challenges the notion that Islam is incompatible with the West.
Financial commentator Janine Starks said that despite the high ranking, New Zealand’s system was not helpful to Muslims in terms of their daily personal financial needs.
“Basic mortgages, insurance and savings accounts do not qualify and mean that they must make decisions against the protocols of their faith,” Starks said.
“Many KiwiSaver funds are ethical but do not meet the required standards, as even things like companies in the alcohol sector are prohibited.”
Amanah Ethical was the only KiwiSaver vendor to purify its investments.
Anjum Rahman, a founding member of the Council of Islamic Women of New Zealand, was not surprised that New Zealand had the highest ranking.
“In terms of basic Islamic values - integrity, consensus and all those things – New Zealand has done it really, really well, and I wasn’t surprised when I found out in terms of religious freedoms, human rights, all those things that are so important.” Rahman said.
He said the index challenges notions that Islam is incompatible with the West and that Muslims cannot thrive in Western settings.
“Of course we want to do some things our way, but that doesn’t make us less of a part of this country, and I think our dreams and aspirations are similar to those of most of the people here.”
Speaking the truth to power was a fundamental aspect of Islam, he said, and not all Muslim-majority countries allowed it. Some governments did not translate Islamic values into the political and social arena as they should.
“So in that sense in New Zealand terms, we have always felt that we have been able to live the life that we want to lead here, I think most of the Muslim community would say that.
“Of course it was marred by the Christchurch attacks and of course we have our share of racism, Islamophobia, bigotry, so it doesn’t mean it’s perfect, but it’s a scale and on a relative scale it’s doing well.” .
There were a number of areas that were incompatible with Islam, particularly in financial matters.
“In terms of alcohol and gambling, that part of rugby, racing and beer culture, we won’t fit into that, well maybe rugby.
“That is an area of incompatibility if all the social aspects are happening in the pub and we are not going to the pub. But I feel like people are willing to adapt to that. “
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The American economist Hossein Askari, founder of the Islamicity Foundation.
The founding economist of the Islamicity Foundation, Hossein Askari, was born in Iran and has lived most of his life in the United States. He has a Ph.D. in economics from MIT, taught at universities in the United States, and has served on the executive board of the International Monetary Fund.
The index was a way to bring about change in the Muslim world, he said.
“What has happened is that even from the very beginning corrupt rulers and corrupt clergymen came together, hijacked this religion and used it for their own enrichment, for their own wealth, for their own power.
“When you look at Muslim countries, and I say this openly, they are despicable. There is no freedom, there is enormous inequality; look at Saudi Arabia, the inequality is phenomenal. “
He teamed up with experts on the Qur’an to come up with the most important teachings of Islam, and then put numbers on those aspects to create the Index of Islamity.
“I think my index shows which countries would look like Muslim countries that did the things that Islam says you should do,” he said.
“I put aside prayer and all that kind of stuff. And if you look at that list, Muslim countries do it miserably.
“What they do worse is in politics and human rights. Islam is very, very clear, God gave humanity freedom. If God gave us that freedom, what right does a political dictator have to take it away?
Central to Islam was Sharia, which means “the way,” Askari said.
“Islam tries to give you a path, if you choose to take it, to become a better person and create a better society.”
At 75 he dreams of coming to New Zealand, a place he has not visited yet. He calls it a peaceful country, “except on the rugby field.”
