DIFFERENT FORMS OF RIBA
Some of the different forms
of riba would be:
- lending money on interest;
this is known as riba al-fadl; credit transactions ba`i muajjal;
- increasing the price of an
article in consideration of deferred payment. This credit transaction is known
as riba al-nasi`ah;
- employing deception as the
basis for unfair profit, thus compromising the free market; this is called gharar
and it takes many different forms such as: speculative transactions - in which
the masses work to earn their livelihood (rizq) and this rizq is
then sucked away by the predatory elite in a sophisticated form of gambling;
- having someone artificially
bid up the price in an auction, thus corrupting the free and fair market;
- hoarding in order to capitalize
on the resultant artificially created scarcity in the market and thus
compromising the free market;
- monopoly which allows
control over price. Such a situation would result in prices being fixed in
accordance with the plan of the monopolists rather than the free market;
- a sale on the condition of
deferred payment but with an increase in price. The debt is then sold to a
third party for cash at a price which allows both parties to share in the
increase, realized through deferred payment. etc.!
WHICH IS THE MOST DANGEROUS FORM OF RIBA?
Since Allah the Wise, has
chosen to highlight one form of riba by way of making mention of
it in the Qur’an, then clearly that must be the most dangerous form of riba
in the sense of having the capacity for inflicting maximum damage on mankind.
That form of riba
is ‘lending on interest’. And it is precisely that form of riba
which has embraced all of mankind today in its venomous deadly embrace. Perhaps
it is the most dangerous form of riba because it has been
legalized. It thus constitutes one form of legalized theft. There are of course
other forms of legalized theft.
to be continued . . . .
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