Warning Of Quran Against Usury And Interest Based Financial Systems

When people say Islam bestows humanity with a comprehensive action plan regarding every field and aspect of life, it really means every aspect of it! Though this might sound too much to many people based upon their so much information about so many things, but the most important factor they undermine while coming up with such a conclusion is their lack of knowledge regarding the solution Islam offers.

Yes, this happens to be one of the biggest reasons behind people’s disagreement with Islam, i.e. they simply do not know much about Islam. Most of their decisions are based upon biasness against Islam, influenced by mass media campaigns portraying Islam against the truest of its teachings.

Talking of solutions Islam provides about different aspects of life, financial management is one of the major of those. We see countries all around the world following the conventional banking system based on -interest (usury)- which is against the teachings of Islam.

The following verse clearly defines Quran teaching about it:

Al-Baqara [2:275] Those who devour usury will not stand except as stands one whom the Evil One by his touch hath driven to madness. That is because they say: “Trade is like usury, but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (the offence) are companions of the Fire: they will abide therein (for ever).

This verse clearly defines what Allah’s teachings regarding the principles of trade are, i.e. it should be free of usury. However, today’s conventional banking system is totally based on -interest- or -usury-. On a closer look, you come to know that this is something leading the whole of modern-day banking system to a total collapse.

Though it sounds bitter to believe, but this is a fact too obvious to conceal beneath the carpet. Just have a look at what has happened to the American banking system in last few years. It is moving swiftly towards a closed end. The reason is simple, the financial system based upon the principles of usury and interest can be of little good to humanity.

The present day banking and financial system serves nothing more than a cleverly disguised tool of accumulating money in just few hands, making sure to restrict the means of equal and fair distribution of wealth among whole society.

For that, Allah Almighty encourages charity as against usury, and conceals financial betterment of the givers as well as takers of charity. Consider the following verse of Holy Quran in this regard: Al-Baqara [2:276] Allah will deprive usury of all blessing, but will give increase for deeds of charity: for He loveth not creatures ungrateful and wicked.

Now, you may be able to connect pieces of the puzzle altogether. Allah Almighty clearly informs humans that usury will be deprived of any kind of blessing, meaning that the financial and banking system living on the crutches of usury will have to die one way or the other. What we have to realize that Islam has got the solution to all our worldly needs, in addition to guiding us towards the path of eternal enlightenment in the life hereafter. All we need to do is resort to the teachings of Allah Almighty in Qur’an and hadith to make this life and that life convenient for us.

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