Ali Gomaa Says Islamic Economy Depends On Free Markets

Ali Gomaa, former Grand Mufti of Egypt, said Islam prohibits monopoly and its economy is based on free markets, saying Prophet Mohamed (peace be upon him) prohibited monopolizing trade.

During a workshop on Islamic finance, he affirmed that Egypt has many Islamic banks such as Faisal Islamic Bank and Al Baraka Bank as well as some conventional banks which offer sharia-compliant banking products.

Islamic heritage has about 45 sharia-compliant contracts and jurisprudence and sharia scholars affirm that new Islamic and usury-free contracts can be drafted.