As for the second and third parts of Ibrahim’s
statement, “There can be no economic preeminence without
financial institutions, and no financial institutions without
Interest (Riba)”, they are utterly false. There are many
Texts in the Quran, some of which we have already
mentioned, that contradict Ibrahim’s false statement.
Further, the established Islamic economic practices since
the time of the Prophet, salla allahu `alaihi wa-sallam, until
the present time when banks are widely established, affirm
the falsehood of this statement. Muslim economy has
always been strong during most of the past fourteen
centuries, without relying on banks and certainly without
relying on Riba. During this long period of time, the
Muslims increased their wealth and had their business
transactions duly organized [and fulfilled] for them. In
addition, and throughout this time period, many Muslims
were able to amass great wealth using the permissible
Islamic financial dealings.
Allah gave victory to early Muslim generations over
their enemies, until Muslims and the Islamic State became
masters of the world, for many centuries. During these
glorious centuries, Muslims used to refer to what Allah has
revealed for judgment in their rule over Allah’s slaves.
They did not have any need for banks or usury. Rather, if
one says that usury and banks were and still are the true
causes behind many problems and divisions amongst
Muslims and behind the weakness in Muslim economies,
the hatred that spread between them and the shattering of
the Islamic unity, one will surely be saying the truth. This
is because usury causes hatred and enmity between people,
eradicates Allah's blessings and warrants His punishment,
just as Allah said, [2:276],
what translated means, {Allah will destroy Riba (usury) and
will give increase for Sadaqat (deeds of charity, alms,
etc.)}[2:276].
Furthermore, we must state here that because of
Riba, debts keep on accumulating and multiplying, leading
the indebted individuals and nations to suffer from rising
unemployment and recessions10. In such conditions, those
who have capital prefer to lend their money in return for
high interest returns, instead of investing in beneficial
projects, such as building factories, construction projects,
and so forth.
On the other hand, the various business transactions
that Allah has allowed will surely benefit the Muslim
Ummah, and mankind on the whole, and will ensure an
increase both in wealth and piety for them. Also, what
Allah legislates and allows will certainly provide work for
the unemployed and help for the poor, so that they acquire
an honorable means of livelihood. Hence, the entire
community will benefit from the absence of Riba and from
begging others for help and indulging in the impermissible
means of amassing wealth.
Allah allowed Muslims to establish companies,
factories and various productive institutions that benefit the
people by producing weapons, clothes, furniture, and so
forth. Also, Allah allowed Muslims to participate in
agricultural production, which in turn benefits all Muslims,
especially the needy among them.
[10] [The reader should remember the plight of countries who
were considered potential economic powerhouses a few decades
back, but were brought to their knees because of Riba. The
economies of countries like Brazil, Mexico and Argentina, to
name a few, almost collapsed because of their inability to pay
the huge accumulative services (or Riba!) on their national
debts, let alone paying the principal. Yet, there still some
Muslims who advocate usury, even though Allah and His
Prophet disallowed it. They do not contemplate the economic
disasters brought to indebted nations because of Riba.]
As compared to all these beneficial methods of
economic activity that Allah permitted for Muslims, Riba
harms and works against healthy economies and public
interest, often causing severe economic disasters, as all
those who have a sound mind would concur. Muslims
must never forget that relying on usury as a legitimate
business transaction eradicates Allah’s blessings, results in
being dictated to by the enemies (Kafir debtor nations) and
brings Allah's wrath. We ask Allah to save Muslims from
such an evil fate and to bestow on them good sense, correct
guidance and firmness on the Path of the Truth.
statement, “There can be no economic preeminence without
financial institutions, and no financial institutions without
Interest (Riba)”, they are utterly false. There are many
Texts in the Quran, some of which we have already
mentioned, that contradict Ibrahim’s false statement.
Further, the established Islamic economic practices since
the time of the Prophet, salla allahu `alaihi wa-sallam, until
the present time when banks are widely established, affirm
the falsehood of this statement. Muslim economy has
always been strong during most of the past fourteen
centuries, without relying on banks and certainly without
relying on Riba. During this long period of time, the
Muslims increased their wealth and had their business
transactions duly organized [and fulfilled] for them. In
addition, and throughout this time period, many Muslims
were able to amass great wealth using the permissible
Islamic financial dealings.
Allah gave victory to early Muslim generations over
their enemies, until Muslims and the Islamic State became
masters of the world, for many centuries. During these
glorious centuries, Muslims used to refer to what Allah has
revealed for judgment in their rule over Allah’s slaves.
They did not have any need for banks or usury. Rather, if
one says that usury and banks were and still are the true
causes behind many problems and divisions amongst
Muslims and behind the weakness in Muslim economies,
the hatred that spread between them and the shattering of
the Islamic unity, one will surely be saying the truth. This
is because usury causes hatred and enmity between people,
eradicates Allah's blessings and warrants His punishment,
just as Allah said, [2:276],
what translated means, {Allah will destroy Riba (usury) and
will give increase for Sadaqat (deeds of charity, alms,
etc.)}[2:276].
Furthermore, we must state here that because of
Riba, debts keep on accumulating and multiplying, leading
the indebted individuals and nations to suffer from rising
unemployment and recessions10. In such conditions, those
who have capital prefer to lend their money in return for
high interest returns, instead of investing in beneficial
projects, such as building factories, construction projects,
and so forth.
On the other hand, the various business transactions
that Allah has allowed will surely benefit the Muslim
Ummah, and mankind on the whole, and will ensure an
increase both in wealth and piety for them. Also, what
Allah legislates and allows will certainly provide work for
the unemployed and help for the poor, so that they acquire
an honorable means of livelihood. Hence, the entire
community will benefit from the absence of Riba and from
begging others for help and indulging in the impermissible
means of amassing wealth.
Allah allowed Muslims to establish companies,
factories and various productive institutions that benefit the
people by producing weapons, clothes, furniture, and so
forth. Also, Allah allowed Muslims to participate in
agricultural production, which in turn benefits all Muslims,
especially the needy among them.
[10] [The reader should remember the plight of countries who
were considered potential economic powerhouses a few decades
back, but were brought to their knees because of Riba. The
economies of countries like Brazil, Mexico and Argentina, to
name a few, almost collapsed because of their inability to pay
the huge accumulative services (or Riba!) on their national
debts, let alone paying the principal. Yet, there still some
Muslims who advocate usury, even though Allah and His
Prophet disallowed it. They do not contemplate the economic
disasters brought to indebted nations because of Riba.]
As compared to all these beneficial methods of
economic activity that Allah permitted for Muslims, Riba
harms and works against healthy economies and public
interest, often causing severe economic disasters, as all
those who have a sound mind would concur. Muslims
must never forget that relying on usury as a legitimate
business transaction eradicates Allah’s blessings, results in
being dictated to by the enemies (Kafir debtor nations) and
brings Allah's wrath. We ask Allah to save Muslims from
such an evil fate and to bestow on them good sense, correct
guidance and firmness on the Path of the Truth.
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