Posted in Islamic Finance

Imagine an Interest Free world ? ? ! !

Imagine… imagine a world free of interest… yeah .. it definitely seems like a dream .. to far removed from reality. In this world where bank loans and credit cards are flourishing…we just can not imagine a world without interest.

Statistics by Credit Action UK for Sep,2005 show that the total UK personal debt broke the £1.1 trillion barrier i.e £1,100,000,000,000 in June 2005 and Britain’s personal debt is increasing by £1 million every four minutes ! ! !

Working in the bad bad world of credit finance I have come to appreciate and truly acknowledge that EVERY command of Allah has soo much wisdom behind it that we may never be able to fully comprehend it.

Islam is a complete way of life. It is a just religion and gives everyone equal rights. Any economic activity which would harm anyone,is unjust, socially injurius or morally wrong is forbidden. Interest has been completely forbidden in Islam by Allah’s command in the Quran:

(The Arabic word for Interest and usury is Riba.)

2:275. Those who eat Ribâ (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitân (Satan) leading him to insanity. That is because they say: “Trading is only like Ribâ (usury),” whereas Allâh has permitted trading and forbidden Ribâ (usury). So whosoever receives an admonition from his Lord and stops eating Ribâ (usury) shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to Ribâ (usury), such are the dwellers of the Fire – they will abide therein.

If only the interst free Islamic Banking System prevailed…this dream would turn into a reality…ending the misery of millions of people… making this world a debt free world.