When Politics Stinks Like A Decayed Fish, part III, Banking Collapse Usury Related Factors

By Ali Al-Hail

ccun.org, October 22, 2008

 
   The concept of 'Usury' implies excessive interests imposed by money lending banks, upon desperate customers, to borrow money to purchase a home, for example. In Islamic terms the concept 'Usury' means 'Riba'. Charging Riba in Islamic law (Sharia), is utterly, forbidden by Allah, the sole source of legislation.
 
   For; 'Usury' or 'Riba', is a means of putting pressures on the customer, and taking full advantage of her\his needs. This is perceived by Islamic law as an exploitation. Therefore, it's totally, Haram 'prohibited'.
 
   In the West, by the end of WWII, lending mortgaging finance by giant banks such as those collapsed lately (e.g., Freddie Mac, Fannie May, Lehman brothers,) to needy customers, desperate to buy homes, has evidently, become a necessity of Western daily life. The excessive interest rate (Usury, Riba), those banks and others charged their clients, has almost passed unnoticed, as long as the poor customer get a roof over her\his head. The worst is that, the customer would keep paying off interests over the next 25-30 years, without feeling or caring to feel of the accumulated interests, that develop from the annual excessive interests. 
 
   In the West's rigid capitalism, there's no room for humanity, since these lending banks don't see themselves, as running charity organizations. Doesn't matter, how harshly, the customer would suffer, she\he got what they paid for. This is it, either take it or leave it.  This is an aspect, a brutal aspect rather, of Western inhumane capitalism.
 
   Because of this the Islamic Law 1429 years ago, prohibited this kind of 'dirty' business. Allah, almighty God stated in the Holy Qur'an " that they took Riba (Usury') though they were forbidden, and that they devoured men's substance wrongfully-we have prepared for those among men who reject faith a grievous punishment (Holy Qur'an 4:16.) "Those who charge Riba (Usury) are in the same position as those controlled by the Devil's influence. This is because they claim that Riba (Usury) is the same as commerce. However, God permits commerce, and prohibits Riba. Thus, whoever heeds this commandment from her\his Lord, and refrains from Riba, she\he may keep her\his past earnings, and his judgment rests with God. As for those persist in Riba, they incur Hell, wherein they abide for ever" (Holy Qur'an 2: 257.) "God condemns Riba, and blesses charities. God dislikes every disbeliever, guilty. Lo! Those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of Riba, if you are believers. If you do not, then expect a war from God and his messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew" (Holy Qur'an 2:120.) "O you believe, you shall not take Riba, compounded over and over. Observe God that you may succeed" (Holy Qur"an3:130.) "And for practicing Riba, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers, among them painful retribution" (Holy Qur'an 4:161.) "The Riba that is practiced to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold" (Holy Qur'an 30: 39.)                                                
 
Professor, Dr. Ali Al-Hail, Professor of Mass Communication, Twice Fulbright

Award Winner, Fulbright Visiting Scholar, Vice-President Of Qatar Fulbright Group, CSR Award Judge and Board Member of AUSACE, ASC, IABD, NEBAA, BEA, IMDA and EAJMC American Associations.

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