RIBA FREE LENDING AND ECONOMY..

The Holly Prophet(Peace be upon him)said"A time will come over people when not a single person will remain who does not devour riba,and if there be any who refrains from it,still its vapor will overtake him.Interest has been characterized as the very backbone of modern,capitalist economy;the linchpin of virtually all economic institutions and activities of our time. The web of interest encompasses banking and finance,business and commerce,industry and agriculture.Hence the Islamic economy is imperative the he mankind from it.

Always the people deem that the Riba/Usury is prohibited in Islam only,but the(Ihkam) injunctions of the Koran and Sun'nah are for all the mankind. The transactions on the basis of Riba/Usury/interest were also prohibited in the Old Testaments. Mufi Muhammad Taqi Usmani has very kindly worked for us and he writes as under:-

Riba in the Bible:

This prohibition is still available in the old testament of the bible. The following excerpts may be quoted with advantage:

 “Thou shalt not lend upon usury (Riba), to thy brother; usury (Riba) of money, usury (Riba) of victuals, usury (Riba) of anything that is lent upon usury (Riba).”[Deuteronomy 23:19]

“Lord, who shall abide in thy tabernacle? Who shall dwell in thy holy hill? He that walketh uprightly, and worketh righteousness and speaketh the truth in his heart. He that putteth not out of his money to usury (Riba), nor taketh reward against the innocent.”[Psalms 15:1, 2, 5]

“He that by usury (Riba) and unjust gain increaseth his substance, he shall gather it for him that will pity the poor”. [proverbs 28:8]

“Then I consulted with myself, and I rebuked the nobles, and rules and said unto them, ye exact usury (Riba), every one of his brother. And I set a great assembly against them.”[Nehemiah 5:7]

“He that hath not given forth upon usury(Riba), neither hath taken any increase, that hath withdraw his hand from iniquity, hath executed true judgment between man and man, Hath walked in my statues, and hath kept my judgments, to deal truly; he is just,.

He shall surely live, said the Lord GOD.[Ezekiel 18:8,9]

In thee have they taken gifts to shed blood; thou hast taken usury (Riba) and increase, and though hast greedily gained of the neighbors by extortion, and hast forgotten me, said the Lord God.[Ezekiel 22:`12].{Ref:  The Historic Judgment On Interest Page 31:32}


The Holly Prophet Hadarat Muhammad(Peace be upon him)said in the last Sermon delivered on the ninth day of Dhul Hijjah,1o A.H.
"Allah has forbidden you to take usury(Riba, interest),therefore all interest obligation shall henceforth be waived. Your capital,however,is yours to keep.You will neither inflict nor suffer any inequity. Allah has judged that there shall be no interest and that all the interest due to"Abbas ibn' Abdl al Mutalib shall henceforth be waived.Translation rendered by Jamshed Ahmed Hamid in a book"Human Rights-IRI-IIUI


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