Riba & Usury

INTRODUCTION

When the poor are permanently poor, and the rich, permanently rich, that is oppression! All around the world today that economic oppression exists, and is constantly increasing, - the poor grow poorer and the rich, richer. Riba is the cause. A predatory global elite, centered in the West, but also present around the world, is constantly sucking the wealth of mankind and impoverishing the masses through riba. Their ultimate objective is to utterly enslave all of mankind in a new sophisticated slavery. Political, legislative, judicial and legal systems, the media etc., are all created by the oppressor, and all function to preserve the system of economic oppression. Allah, the Most High, has strictly prohibited riba. Yet the world today, including the Muslim world, is saturated with riba. This has confirmed the ominous prophecy of Prophet Muhammad (s) who prophesied, in a hadith received from Abu Hurairah (ra), the following:

"There will come a time", he said, "when you will not be able to find a single person in the world who will not be consuming riba. And if anyone claims that he is not consuming riba then surely the vapor of riba (In another text the dust of riba) will reach him". (Abu Daud, Mishkat)

What is riba? Why it was prohibited? What is the logic behind that? What types of interest has Islam prohibited? What should we do about this state of affairs?

Dealing with riba (usury or interest) has spread widely among many Muslims today; to the point that many Muslims do not see any problem with it, either because of lack of knowledge or absent-mindedness. Despite the fact that all Muslim scholars agree that dealing with riba (usury or interest) is a major sin because the prophet (S.A.W.) mentioned explicitly in a hadith reported by Imam Bukhari and Muslim, "Avoid the seven destructive sins", then he mentioned one of them as, "and dealing with riba (usury or interest)"

Muslims are very particular about Halal and Haram. The confusion, whether interest is same as usury (Riba) or not, needs a clarification for good. This is a historic fact that usury has been prohibited in all original texts of Torah, Bible and Qur'aan.

However, practically, Usury or interest is same as a guarantied return to the lender regardless the borrower makes a profit or not. The Islamic view is truly just and humanitarian. It requires a lender to participate in the profit as well as loss of the borrower if any. From Shariah point of view, interest is Riba and it is Haram.

Source: Iqtisad Al Islamy (http://islamic-world.net/economics/index.htm)