Capitalism is all about corruption by the strong, rich and powerful and oppression on the weak, poor and innocent. In the democratic political system, when a party comes to power for five years, advisers, ministers and members of the parliament consider it an opportunity of their fourteen generations to plunder from people. In fact, the system supports and protects the perpetrators who pillage the Ummah's money and resources. After a series of scams in the share market, quick rental power plants and multilevel marketing companies, Hallmark scam is the latest one which again proves how shameless these politicians are in their lootings.

So far it has been revealed that only the Hallmark company has looted more than Tk 2,600 crore (USD 317 million approx) from the Sonali Bank, the largest state-owned commercial bank in Bangladesh. Furthermore a recent audit unearthed misappropriation of funds of more than Tk 3,600 crore (USD 440 million approx) orchestrated through only one branch. Officials of the central bank, Bangladesh Bank, are now saying that from 2009 till June 2012, a total of Tk 10,000 crore (USD 1.22 billion approx) has been looted from the entire banking system through 25 banks which includes both state owned and private banks. In the Hallmark case alone, it is reported in the media that 26 banks including foreign banks are involved to take the money out of the country using various means.

Along with opposition party BNP, the media and civil society are demanding proper investigation and legal actions against the individuals involved in the scam. They are giving lectures on need for accountability, establishment of rule of law, importance of taking appropriate measures to restore public confidence on the country's banking system etc. What they fail to see is that the whole system and government machinery was involved to execute such a massive scam and protecting the responsible individuals and beneficiaries. It is reported again and again in the media that the health adviser, the board of directors of the bank, the chairman, managing directors- past and present - all are involved and are beneficiaries of this massive rigging of public deposits. Hallmark issue was notified to the Finance Minister two years ago and no action was taken. The actions taken by the anti-corruption commission has always been to give cleanliness certificate to the thieves. Our Prophet (SAW) said, "If you don't feel ashamed, do whatever you like." (Sahih Bukhari)

Capitalism's root is falsehood; its fruits are corruption and zulm. Here people rule by the man-made laws instead of what Allah (swt) has revealed. It is a system to fulfill few individuals' whims and desires. On the other hand, Islam is based upon truth; its fruits are fairness and tranquility. The ruling system given by Allah (swt) deals with all aspects of human life: from smallest to the largest. Islam recognizes the nature of human being whose demand for luxury is endless. Rasul (SAW) said, "If Adam's son had a valley full of gold, he would like to have two valleys, for nothing fills his mouth except dust. And Allah forgives him who repents to Him." (Sahih Bukhari)

At the same time, Islamic state creates an atmosphere where people do not concentrate on accumulation of wealth by any means. The Khilafah "Caliphate" State, whose basis is the Qur'an and Sunnah stops all forms of corruption. Allah (swt) says,

"Whoever took (property) illicitly will bear what he acquired on the Day of Judgement." [Al-Imran: 161]

While the Khilafah "Caliphate" stops all illicit transactions and corruptions with an atmosphere of Taqwa and laws and state systems in place, it is also obliged to fulfill peoples' basic needs from food, clothing, shelter, health and education. The state also strives to fulfill luxury needs of Ummah as much as possible. So the only way to get rid of this rampant corruption and looting of peoples' money under the capitalist democratic system is by establishing Khilafah "Caliphate" state where the Khaleefah will use Ummah's resources according to the Qur'an and Sunnah and ensure basic rights of all citizens of the state.

Rayan Hasan
Bangladesh