Recent interview with Saudi billionaire (in USD) at Forbes here. Not short, pretty wide ranging discussion that includes the concept of unemployment in Saudi Arabia and his views on tax policy in Saudi Arabia.
Wealth creation in the Islamic world is very important because Islam, really, is a blend of capitalism and socialism. For example, there’s a verse in the Qur’an, and if you go to my hotel George V, you’ll see that verse up there, that says, “If you thank God, God shall give you more.” That’s pure capitalism, obviously. It says you can earn more. Yet, on the other hand, Islam has a compulsory tax, which is more important than the tax in the United States. For example, if you don’t pay tax in the United States, that’s a crime, obviously. But in the Islamic world, that’s more than a crime. It’s against faith. I take this issue of wealth creation and paying our Islamic zakat very religiously. It’s really very much part of Islam. It says “You can create as much wealth as you want, but be sure that you abide by the rules and relations of Islam that says you have to pay that every year for the needy, the poor, et cetera.”