For at least the third time, Iranian President Mahmoud Ahmadinejad has launched a verbal broadside at capitalism, this time blaming it for the economic crisis in the West, the current trouble in Europe in particular.

Previously, in September and November of 2009, Ahmadinejad was critical of capitalism:

Ahmadinejad’s repeated attacks on capitalism are more significant than you might think. First of all, in his November 2009 tirade before the Organization of the Islamic Conference (OIC), he called for replacing capitalism with a system based on Islam (Shariah-compliant finance).

Those who think of Shariah-compliant finance as just another form of capitalism should take note of the distinction that Ahmadinejad makes between Shariah finance and capitalism. Shariah finance is NOT part of capitalism. It is a centralized system of economics designed to REPLACE capitalism. And it has done just that in Iran. Iran has more Shariah-compliant assets under management than any other nation in the world and the largest Shariah-compliant financial institutions in the world are Iranian.



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