Interest called Riba’, is prohibited and haram money. Allah SWT has prohibited it and any business that involves giving or taking of interest is also haram. Allah has mentioned about interest and its takers at many places in the Quran and has warned them for their act:
“Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever.” [Al-Quran, surah Al-Baqarah, verse 276]
Allah had ordered us to stop the transactions in interest and give charity. When dealt in interest, people strive to earn the most from investing the minimum amount. This causes the imbalance of money supply in the markets. Thus the money circulation stops to only one corner of the society with those who can pay interest and those who know all the tactics to take an interest at every little transaction. We see this happening in society today. There is no money circulation on the society where interest prevails.
But when charity is given, this money is utilized only by those who are poor earners. There is a large number of people who earn less than one dollar daily, so when the charity is paid, money goes down instead of going up, making a complete opposite money circle than is seen in the interest-based society. Money goes down and the level of people’s life standard goes up and equality grows in society. This leads to a balanced economic society and also the expropriation of other’s rights becomes rather impossible. this is just one logic to shun the use of interest there are many others. Allah says in the Quran (which means):
“O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers.” [Al-Quran, surah Al-Baqarah, verse 278]
This verse is a clear cut message of Allah to those who are Muslims. They cannot deal in interest if they want to be believers.
We should fear Allah and we should fear that torment and that humiliation which could be faced if we do not take care of the money we earn.
This is a very serious problem in our society today because there is no business deal which does not involve interest to be paid or to be taken. Similarly, people in their daily lives, get loans for any purpose, these small or large loans also involve a small or huge amount of interest. Once taken, the borrower will have to pay the interest amount or it will be multiplied with each default. This is how one class of people make all the money and expropriates the rights of others.
In Quran, Allah says that when usury is paid, it does not do any good to society or it does not do any good to that person even, rather it only increases the money of those who already have more than enough by expropriating the rights of others. But if zakat is paid, it does not only earn the pleasure of Allah but also beneficial for the society at large. All the debates on economic realities and political system related to economic justice and all can be thrown to dust bin only by following Quran and Sunnah and by adhering to what Allah has told us to do.
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