Those who devour usury will not stand except as stands one whom the devil by his touch has driven to madness. That is because they say: Trade is like usury: but Allah has permitted trade and forbidden usury…. Allah will deprive usury of all blessing, but will give increase for deeds of charity, for He loves not any ungrateful sinner…. O you who believe, fear Allah and give up what remains of your demand for usury, if you are indeed believers. If you do it not, take notice of war from Allah and His messenger, but if you repent you shall have your capital sums; deal not unjustly, and you shall not be dealt with unjustly. And if the debtor is in difficulty, grant him time till it is easy for him to repay. But if you remit it by way of charity, that is best for you if you only knew. [Surah al Baqarah, verse 275-280].
The Quranic ayaats are crystal clear that Ribaa (usury) in any form is a munkar amaal that will surely lead to damnation. After Multaqa, Aqa Moula (TUS) has repeatedly laid great emphasis and has left no doubt in our mind that ribba will not be tolerated and has no place in our society. At the same time Aqa Moula (TUS) has institutionalized the noble aspect of Karzan Hasana to such an extent that its benefit has permeated into all strata of our society. Mumineen have also freed themselves from the clutches of ‘interest’ and ‘banking finance’ and have brought about a ‘turnaround’ in their businesses and lives.
These are hard times indeed, with the economic ‘meltdown’ effecting all the countries of the world. We have to guard against temptations under these difficult times. Banks are enticing the gullible with attractive schemes, they are aggressively marketing ‘credit’ in league with MNC consumer giants. We should be on guard, because temptations (easy credits) are like tramps, treat them kindly, and they bring others with them.
For those who may still be having second thoughts and may fall prey to temptations because these are really bad and hard times, the following facts and observations will give you a proper perspective of the evils of usury.
Lord Stamp, a director of the Bank of England made the following statement before he was killed: “Banking was conceived in inequity and born in sin. Bankers own the earth, take it away from them but leave them with the power to create credit and with a flick of a pen, they will create enough money to buy it back again…If you want to be slaves of bankers and pay the cost of slavery, then let bankers control money and control credit.
Amazing indeed. Look who is saying, one who has seen it all. Truth finally dawned on him. The system of interest as economic enslavement is well documented. Usury and its consequences, such as debt, joblessness and crime have entrenched a new and insidious kind of servitude. Entire nations have become bonded to bankers. Throughout the history of man there existed various forms of slavery. Today we have perhaps the most intricate network of enslavement strategies that threaten to enslave the entire human race. (Source: Jamiatul Ulama – KZN home page)
The truth is that when banks create money (as cheque money or blips on computer screen) they lend what they have not got to reap and did not sow. Their loans are not backed by any real wealth on their behalf. When you take a bank loan, you pay atleast twice; you give a guarantee of real wealth in case of default, and you pay a penalty (interest) for accepting money as a loan, which costs the lender nothing, and did not exist until, it was created as a loan to you. (Source: Article on Usury – UK Islamic Mission Dawah Centre, Birmingham)
I hope the write up will help in removing whatever lurking doubts one may have and create awareness. We should be ever vigilant against the enticing bank credit entrapments.
May Allah grant our beloved Aqa Moula (TUS) sehato afiyaat-ta-kiyammat. Ameen.