SOME BASIC
RESPONSES TO RIBA
The only possible way that
Muslims can extricate themselves from the poisonous embrace of riba
today, and so salvage something of their Iman, is through waging a
revolutionary struggle to win control of territory in the name of Islam and
thus to restore Dar al-Islam. Since Dar al-Islam no longer exists
anywhere in the world today. Muslims have, in respect of their collective lives,
returned to the pre-hijri stage of Islam.
Their most important goal,
for which all Muslims must collectively strive, is the goal of journeying From
Makkah to Madina One More Time.
As soon as Muslims gain
control of territory the name of Islam, the following steps must immediately be
taken to combat riba:
1) No transaction invoking
lending-for-gain (i.e. lending on interest) would be legally recognized as a
valid transact lion. Thus the lender cannot sue the borrower for recovery of
interest due on a loan.
2) Any credit transaction on
the basis of a price higher than the market price, and without any justification
for the increase in price other than the consideration of credit, would have no
legal validity.
3) The gold dinar and silver
dirham must be recognized as legal tender. When that takes place then all
workers and all sellers of goods, property and services would be entitled to
demand that they be paid in gold and silver rather than paper, and would also
be entitled to renegotiate agreements so that they be based on real money
rather than artificial paper money. The Islamic State will itself set the
example, in its external trade of oil, for example, by demanding payment in
gold rather than dollars!
4) The law must provide for
exemplary punishment which would function as an effective deterrent for those
who may be tempted to violate laws pertaining to the elimination of riba
from the economy.
When banks can no longer
lend money on interest they will be forced to invest their money in the market.
As soon as they do so there will a premium in that market for honesty,
integrity and business acumen. Prices will also fall.
to be continued . . . .
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