In response, we state that Muslims benefited from
the Islamic economic system for the past fourteen centuries,
long before banks ever existed. During this long period of
time, the projects and industries that existed in the Muslim
World did not rely on prohibited types of dealings. Further,
we state the fact that in modern times, people do not need
to deal in Riba to sustain their livelihood.
We should note here that all types of mistakes and
injustices result from indulging in the prohibited types of
dealings. This is especially true when the society is not
fulfilling its obligations towards its members, such as being
[17] [High interest rates tighten the money supply and slows the
economy, while lower interest rates loosen money supply and
reinvigorates the economy. This is why the United States
Federal Reserve lowered interest rates several times during the
year 2001, so that the slowing economy recovers momentum
through increased availability of money supplies, which
translate into more hiring and spending on economic expansion,
new plants and higher customer demand. Even Mr. Riba himself
knows this fact, which amazingly escapes the attention of many
Muslims who are fascinated by the calls to incorporate interest
into Muslim Economies.]
sincere, trustworthy and truthful with other people, while
shunning all types of illegal dealings that entail Riba,
Gharar [hidden inability to deliver promised goods and
services], deceit and cheating.
the Islamic economic system for the past fourteen centuries,
long before banks ever existed. During this long period of
time, the projects and industries that existed in the Muslim
World did not rely on prohibited types of dealings. Further,
we state the fact that in modern times, people do not need
to deal in Riba to sustain their livelihood.
We should note here that all types of mistakes and
injustices result from indulging in the prohibited types of
dealings. This is especially true when the society is not
fulfilling its obligations towards its members, such as being
[17] [High interest rates tighten the money supply and slows the
economy, while lower interest rates loosen money supply and
reinvigorates the economy. This is why the United States
Federal Reserve lowered interest rates several times during the
year 2001, so that the slowing economy recovers momentum
through increased availability of money supplies, which
translate into more hiring and spending on economic expansion,
new plants and higher customer demand. Even Mr. Riba himself
knows this fact, which amazingly escapes the attention of many
Muslims who are fascinated by the calls to incorporate interest
into Muslim Economies.]
sincere, trustworthy and truthful with other people, while
shunning all types of illegal dealings that entail Riba,
Gharar [hidden inability to deliver promised goods and
services], deceit and cheating.
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