Some Basic Responses to Riba

THE PROHIBITION OF RIBA IN THE QUR’AN AND SUNNAH

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.

The introduction of gold and silver coins as legal tender will eventually cause the collapse of paper money, and that will be entirely to the advantage of the poor masses who have little or nothing to lose. It will be an unmitigated disaster, however for the predatory elite who will no longer be able to increase their wealth unlawfully, and who may also suffer great losses through that collapse.

Source: IMRAN N. HOSEIN

to be continued . . . . 

The Prohibition of Riba (Interest) by Imran Hosein

The Prohibition of Riba (Interest) (Q&A) by Imran Hosein