Muslims have long been familiar with the scientific, literary, and prophetic miracles in the Qur'an and the Sunnah (example of the prophet). Whether it is in the fields of medicine, embryology, astronomy, physics, mathematics, linguistics, prose, vocabulary, prophecy and numerous other sciences, scholars have diligently done their research to bring to light references providing challenging information that could not have been available to Prophet Mohammad (pbuh) at the time of Revelation. Such knowledge undisputedly confirms the claim that the Message of Qur'an and the Sunnah could only be revealed and inspired by the Divine.
However, some other aspects of the Quran and Islamic way of life, that are not any less of a miracle and in many ways more critical to our daily lives, need to be stressed more often.
The world vision of the Islamic way of life emphasizes a just economic system. Islam does not deny the market forces and market economy. Profit motives and private ownership is acceptable. But the basic difference between capitalist and Islamic economy is that in secular capitalism the profit motive and private ownership is given unbridled power. In Islam the market economy is guided by divine injunctions that keeps the interests of all parties in balance. Volumes have been written about Islamic economics and several major educational institutes, like Harvard University have set up centers to study Islamic finance. Within the Islamic economic system, one of the main elements is the aspect of "Riba". This term encompasses not only the concept of usury, but also that of interest.
Islam's categorical prohibition of transactions involving Riba is a concrete example of how miracles are not merely signs for people to reflect upon and appreciate God's creation. Instead, they are realistic and effective prescriptions to deal with the financial ills, injustice, and abuses created by mankind toward their fellow human beings. This economic miracle is also tangible proof that whatever was prohibited 1400 years ago, is for the welfare of humanity, in all regions and at all times.
The principles of an Islamic economic system are based on simple morality and common sense, which form the bases of many religions.
The universal nature of these principles is apparent even at a cursory glance of non-Muslim literature. Usury was prohibited in both the Old and New Testaments of the Bible. Plato and Aristotle considered charging interest contrary to nature. Shakespeare and many other writers, particularly those writing in the 19th century, have attacked the barbarity of the practice. Much of the morality championed by Victorian writers such as Dickens - ranging from the equitable distribution of wealth to man's fundamental right to work - is clearly present in the Islamic economic model.
While wars, disasters, famine, and calamities affect many people and need to be addressed by the people of conscious; 85% of humanity is suffering from debt and economic injustice. Today, there are developing nations that pay the World Bank and the IMF more than 60% of their national budget just to service in the world economy. Similarly, in countries like the United States, every citizen is born with more than $2,000 in debt. These are clear signs that Riba-based economies are the source of an epidemic injustice that doesn't discriminate between "rich" and "poor", because it bankrupts humans on the national and individual levels, and benefits the minority.
All prophets have struggled to establish a just system for humanity. Jesus overturned the tables of the moneylenders in the temple, because he was offended by their exploitive practice of adding interest to loan capital. In his farewell speech, Prophet Muhammad (pbuh) instructed the Muslims to give up all Riba (usury and interest) they have, whether they were lenders, borrowers, buyers, or sellers.
Gods commands are eternal and equitable and do not change based on the needs of the Federal Reserve or International Monetary Fund. Prohibition of Riba is the best cure to free humanity from economic slavery. It was valid during the time of Jesus (pbuh) and will be valid until the universe stops expanding.
The problem of modern economy is not only Riba .It has features of Maisir-game and Hoarding as well - all forbidden by Quran. Thus -In my opinion - e.g. speculations with currencies, bonds etc. are haram as well.
In fact the secretary of my society makes it a point to mock my view on the subject, the others listen to it quitely and the only ALIM from a Madarasa supports the secretary !!!
I thing somehow there is a need to usurp the masajid for good of Islam. For long muslims of India have not built masajid and controlled it. This led to it being usurped by those who talk and are worse in practise. Most of the trustees are corrupt. We have long invited charity for every other purpose but Masajid construction. Perhaps time to built masajid and pay hefty amount to Imam who will look nowhere for his needs and trustees will be elected by useful musalleen over a secret ballot.
The masjid will be open to all and everybody will be allowed to preach as long as he/she can provide quranic affirmations.
I take exception to the authenticity and accuracy of the article, "Forgotten Miracle."
It is riddled with errors and gross misrepresentation. Time and space will not permit me to adequately refute many of the claims contained in this piece, which presents itself (on the surface) as true scholarship, when in fact it is nothing more than a series of arguments without factual bases.
First, the Noble Qur'an itself lends no support to the notion of 'miracles.' In every instance when the unbelievers demanded of the Prophet to see something 'miraculous' (as proof of its divine origin), Allah's Messenger was told to respond that he was only 'a man', delivering a Message from a Divine Source ... and that 'miracles' are only with Allah (swt). This statement is incontrovertible.
Second, it is true that many scholars, classical and contemporary, have advocated the idea of miracles within Islam. Some have posited the notion that 'Qur'an' itself is a 'miracle.' This viewpoint is rather tenuous and speculative, only because the noble Qur'an itself does not argue that it is a 'Miracle.'
The Sacred Book states clearly throughout its Text that it is many things, but being a 'miracle' is not one of them. For example, it promulgates the following: it is a Guidance, a Healing, a Book of Wisdom, a Source of Eminence; it confirms previous revelations, fulfils previous prophecy, settles differences of previous books, contains clear explanation of all religious principles, brings revelation to perfection; it is guarded against corruption, is a moral force to conquer all ... among having many other attributes. It also holds that it is 'unique' and 'inimitable.' This is irrefutable.
Finally, the Qur'an is a divine Reading, sent to mankind through the agency of a human, to update and upgrade all previous scriptures; as such, it is primarily a Source of Guidance and a Code of Ethics for all mankind ... in this, there is nothing m
Wallahi akhi the people who use riba are majnoon and those who try to make it look good are further astray.There may be some good in riba like it is said in the Quran about alchole but the
bad overweighs the good so it is haram.Deaf, Dumb and blind they shall return to Allah.
your question that some country's pay 60% of the income to IMF etc is tru but hides one key issue. How come these country's got into this situation? These country's got into this situation becasue they are corrupt and badly managed. They did not use the capital provided for the purpose that it was provided. To link this problem with riba/interest is simplistic and devoid of financial logic. If riba less system is so perfect how come most islamic country's with immense natural resources are still poor? This is nothing to do with riba or riba less system.
Any system even islamic requires income to be produced from assets. Calling it profit/interest/tax is use of english language and tax systems. Key is not income but what rights do the providers of capital have. So if you look at finance devoid of its words you will notice that Islamic system (even the one is Saudi Arabia) is no different from Hindu systems of 4000 years ago or modern western system.
Just by calling interest profit share you do not change the basic nature of income on capital, irrescptive of how it was worded in the 9th century arabia or in the bible before it.
I have noticed many times Islam picks and chooses what is true and what is not depending on it's situation. Seems like the Religon Of imperfect humans not a divine being.
I believe your hart is true and means well toward others so I will Pray for Jesus to touch your spirit. God Bless you and your family.
I know that there is alot of mircales in the kuran and in the suna of the prophet that we can not count.However, I am advicing to all the borhers to show these miricals all over the world and they see these mircals. I think if we do this there might be some other people to become muslims.
Wa salaamu Alaykum wa rahmatu laahi wa barkaatu.
from a muslim bother
My name is Zahid. I am in the process of working with a large group of people who are serious about settling their financial situation so they can devote all orpart of their time in establishing Islamic institutions in the USAand through out the world. So far we have around a 1,000 Muslim families accross the US and Canada who are MashaAllah earning incomes in a Riba-free environment. Our goal is to increase this number to 10,000 by year 2005. Improvements in the economic level of the Muslims is one of the greatest need of our time and we are working towards this need deligently. I invite all those who would like to join me in this great project. For those who are interested in the subject of Islamic Economics I would highly recommend Dr. Israr Ahmed's lecture tittled "Economic Jutice in Islam" distributed by TINA (Tanzeem-e Islamia of North America 1-800-673-TINA). I am not associated with TINA. But those who wish to contact me can reach me at [email protected] to find out how you can take part in this task.
Read Mufti Taqi Usmani's "The Historic Judgement on Interest", available at many online islamic bookstores. It is an excellent book that demonstrates clearly the truth of this article's claims that any kind of interest is categorically forbidden and that eliminating all forms of interest is 'the best cure to save humanity from economic slavery.'
Honestly, we try, but most times fall far short of, living as Christ did. We'll keep trying.
I guess I just wanted someone in the Muslim world to know all people in the United States are not evil.
It strikes me as strange that someone would kill a person they don't even know well enough to hate. I've written my government to tell them I don't want the United States going to war.
Perhaps there is a Muslim or a Christian who feels as I do. Sadly, I've met very few.
Anyway, I've never really thought of usury in America or anywhere else, but I'll start to.
All I can do, I suppose, is set a good example.
So, peace be to you who reads this. And everyone else, too.
If dealing with interest or riba is not approved of by the prophet(pbuh) why do some scholars like Yusuf El karathawee say it is alright to buy a home for instance in north america by using the interest method. Our brothers in Palestine and Afghanistan and Bosnia are living in old tents and we muslims can not even try the rent method here in north america because we want to save UP LOTS AND LOTS OF MONEY. And the prophet has already mentioned that we should have nothing to do with interest.
So please reply to me with a reasonable answer so i can understand and may Allah guide us all to the straight path.... Ameen
thnbaks you for yet another highly inspiring article- your team never fails to produce excellent content both on ure site and in your newsletters..... jazak Allah Khair....
i thinbk however that muslims must be warned about the potential '..'(distortion) of islamic finance.
never have i heard an argument so silly as the one that says that the islamic home finance programs are halal becoz instead of paying interest on a cash loan- you pay the same amount as a fixed mark up profit.
i am asking that if anyone can recommend sites/ books with accuratre info about how islamic economies functioned in the past- and the permissibility of issures such as leasing.
The article was very interesting and the discussions so far very lively. Some commentators asked for links to websites on the issue. I found a nice one at www.quran.org.uk/ieb_quran_economy.htm
Communism is already dead and capitalism will soon follow. Are we Muslims ready to fill the vaccum? It is not going to be easy as we have not done much research on this and other contemporary issues - very unlike MUSLIMS!
I will appreciate having a copy of Ahmad Bello's work on this.
Finally, I will like to suggest to the webmaster to reorganise the Comments section to follow a thread. This will make reply to certain comment very easy. May Allah reward you abundantly.
the issue of ribba has been major dilema for me as a banking student and at certain times i feel my carreer contradicts the supreme law of ALLAH .Sir as you know lending at market related interest rates forms a significant part of banks income which is ultimately used to pay staff this issue continue to border me as i prepare to write my final papers to qualify as an associate of the chartered institute of Bankers [GHANA].I WOULD LIKE TO READ YOUR OPINION ABOUT THE ABOVE ISSUE.
As far as Riba system and its article is concerned, I totally agree and desire a Riba free envirnment to work. I think, bringing Sharia in your business would help you bring Shaira in your life and day to day affairs.
Not only me, but a day shall (InshaAllah) come when the whole of the humanity will agree on a Riba-Free lifestyle.
Please if you could add one more option on your article page for emailling the page to friends. So that, we can bring awareness to all of our fellow Muzlim brothers & sisters.
Best of Luck & Fi Aman Allah
I would like to inform you your islam newsletters
bring to me a lot in my everyday life.I like reading them and find them in general good and logic.
The writtens are not agressive ( I would like to stress on this as I consider myselve to be a muslim opened to the world and not a fanatic one, a woman in research of being better from day to day up to my possibilities, never forgetting God !) . Concerning Riba, I agree with you !
This will make a distance , slowly slowly , between the rich and the poor majority in the world. I totally reject the savage capitalism as I see the harm it does in our developping countries. I speak nd say loudly my opinion on this matter with peaple around me.
Thank you indeed to inform us of some dangers and to help us opening our eyes and acting for right and justice as we can.
Allah bless you !
I am writing in response to your article titled 'Forgotten Miracle'. Riba is a very important subject within the Islam. But it is also a subject of misinterpretations and disagreements. Riba can be divided in two components in my opinion, these are: inflation compensation and risk compensation (according to bussiness science). There is no doubt about that risk compensation should be prohibited. But what about inflation compensation? If I borrow money today next year it will be worth less. This means a decline in purchasing power, isn't it right to compensate this? I am confused about it and really hope you could answer this question.
Thanking you in advance for your consideration and I look forward to hearing from you.
i am final year student studying business management in the university. i've had a long standing intrest in islamic finance and this bulletin is serving as a great motivation for me to keep up the search. Alhamdulillah for islamicity, keep up the good work
assalamualaikum warahmathullahi wabarakaathuhu
gr8 job dear brothers, jazak Allah khair
Gods commands are eternal and equitable and do not change based on the needs of the Federal Reserve or International Monetary Fund.
The article is well written and based on facts.
Pray people read it with an open mind and pass on the benefit to humans around the World.
Here is my question: How does a riba-less economy actually work? It's one thing to explain the technical meaning of riba and that it was advocated by the prophets (peace be upon them) yet quite another to 'break it down barney-style' and make it very clear in layman's terms how such a system would work given the fact that we've been indoctrinated with the need and inevitability of interest-based profit and the need to beat inflation, etc. Is there a very well-written (and not too dry) book out there regarding interest...not only about how not to partake in it, but also how it works on the macro-level?
I suggest to you that USA has many faults some unforgivable, but, its capitalism is very different from that of Europe. I feel also the US system of governance and her economic system is closer to what Islam prescribes than what is being practiced in most Muslim majority countries.
The US system ensures distribution of wealth to all and inputs by everyone into the national economy. That is why, poverty is not real but only relative in that country.
Should we not learn from such successes than merely criticize?
We should also learn from American experience, how to avoid decay in social morality that has followed US affluence?
With sincere regards,
Iqbal F Quadir
simplify our finances,and show us the way? we are starving.!
Allaah says (interpretation of the meaning):
"Allaah has permitted trading and forbidden Ribaa. So whosoever receives an admonition from his Lord and stops eating Ribaa, shall not be punished for the past; his case is for Allaah (to judge); but whoever returns (to Ribaa), such are the dwellers of the Fire -- they will abide therein"
"O you who believe! Fear Allaah and give up what remains (due to you) from Ribaa (from now onward) if you are (really) believers"
and because the Messenger of Allaah (peace and blessings of Allaah be upon him) cursed the one who consumes riba, the one who pays it, the two who witness it and the one who writes it down. So it is a major sin.
Narrated by Muslim, 1597.
It was narrated from Abu Hurayrah : (may Allaah be pleased with him) that the Prophet (peace and blessings of Allaah be upon him) said: "Avoid the seven sins that doom a person to Hell." They said, "O Messenger of Allaah, what are they?" He said: "Associating others in worship with Allaah (shirk); witchcraft; killing a soul whom Allaah has forbidden killing, unless that is done lawfully; consuming riba (usury, interest); consuming the property of orphans; running away from the battlefield; slandering innocent chaste believing women."
Narrated by al-Bukhaari, 2615; Muslim, 89
riba (usury, interest), then it is haraam and is one of the major sins and one of the seven sins that doom a person to Hell. All of the nations regarded it as forbidden, even the Greeks who were idol-worshippers. One of them, whose name was Solon said: Money is like a sterile hen; a drachma cannot give birth to a drachma. In the Christian belief it says that one who consumes usury should not b
What are we going to do about it? We don't have any other choice but to bank with conventional banks. Muslims (Arabs & others) have been present in the western world for centuries and we don't even have a bank that operates according to the principles of Islam (maybe in England, I don't know of any in the US and Canada). Even a Swiss bank is getting ready to start operating an Islamic Bank in one of the middle eastern countries.
Just recently Saudis removed 200 billions dollars in investment from the US.
Most of us (Muslims) are very well versed in what needs to be done. It is time to act.
THANK YOU FOR ALL YOUR EFFORTS
Is there no difference between these two form of borrowing principles? Are both of them exactly the same? It is here that Islamic scholars are debating and researching. Usury is more exploitative and economically enslaving than interest.
Money borrowed on simple interest for educational purposes which is at 2 to 5% is less exploitative than usury which is between 20 to 40%. Some Islamic scholars see no difference between interest and usury, and there are numerous other Islamic scholars that see the difference. It is the usury that is prohibited Islamically rather than interest in my opinion.
We all know that money worth 20 years ago does not have the same purchasing power today. Example: One thousand Pakistani rupees in 1980 was enough to feed a family whereas you need 8,000 rupees today to buy the same goods and services. Hence it is unfair for a lender to ignore the inflationary aspect of the free market economy where the purchasing power is diminishing every year of any currency in the world.
In the days of our Prophet lending had more devastating and exploitative characteristics that is what was prohibited Islamically.
However, each person is responsible to do what they think is in their best economic interest. There is no Islamically ruled government anywhere among the 56 Muslim countries. The systems of economics offers many choices, terms and conditions for both the borrower and the lender. You and only you are responsible to Allah for either encouraging or discouraging the use of interest or usury as you see fit.
I appreciate the bulletin.Especially as i work in a Riba based bank.My country does not have an islamic financial lending institution / bank.
What can be done by foreign islamic banks for us?We shall be pleased to repay all loans on a non interest /shariah compliant basis?
If anyone has the answer please e-mail me
Also, what countries is he talking about? What are some of the countries "like the United States" in which people have this kind of debt? I suspect there are none. At any rate, the author should be careful about making grand statements that he cannot support with examples or documentation.
You seem to have music in you website, which is prohibited by Islam. thankyou allah hafiz.
Your article is very interesting, as almost all of them are, and usually I would not have posted a comment was it not for the ending you chose "...until the universe stops expanding.".
I hope we will see, in a very near future, imams who majored in physics, chemistry, etc.,and who will look at the Coran the way our ancesters, the fathers of modern science, once have.
Prophet Mohamed(pbuh) came with a message that ushered the beginning of an era of knowledge and enlightment. I am convinced that amazing discoveries in the realm of quantum physics and other branches of science await the brothers and sisters who will take the time to look at the Coran the way God and his Prophet (pbuh) intended us to.
Astronomers around the world have been feuding about what will become of the universe since Hubble's time. Is it cyclicle? Will it expand "forever"?...some of us have known about the "Big Bang", the expansion of the universe and what comes next for 14 centuries. Why don't muslims make claims to that? Why did I hear of evolution through Darwin and not Ibn Abbas who exposed it centuries before? Why did I hear of atomic power through Eintein and not Jabir Ibn Hayan who knew about it in the 9th century AD?
Simply because the poeple around me reduced Islam and the Coran to a set of rules and articles of law that are most of the time misunderstood and selectively applied.
Is the difference between Man and Jin a hint to the duality in the way matter behaves as a wave or a particle? What is the relevance of the number 19? What is the meaning of those set of 3 or 4 letters with no "apparent" meaning at the beginning of some Suras?
I hope that we will see more "scientific" articles that find there inspiration in The Coran, and please, Brothers and Sisters, none of those "please believe us it true" articles where poeple with obviously limited scientific background try to prove that Coran is real. We know it is the truth so let's start acting like bel
I believe that it has been documented that King Soloman owned vast lands throughout many foreign territories, Prophet Jesus was a merchant and Prophet Muhammad also. I assume that they were in the business of making a profit but yet God selected them with favor.
Maybe we should be careful too remember our purpose by serving God with the offerings available from any overflow that might be acummulated through lease agreements being that; their are so few who are thimking big enough to give the less fortunate.
Their are also referances in the Holy Quran that mention God giving his choosen people an ability as merchants to gain advantages and deflect the onslaught of evil. Should I seek the understanding and grasp the methods that are supernaturally layed on my lap?
Or would a believer simply dismiss the oppertunity not trusting God will or his own faith? I choose to fight a good fight.
I provide International and domestic merchant accounts and transation proccessing equipment that save the merchant in expense. I also find that it ables them too stop charging extra to those who can least afford surcharges.
Praise to Allah www.businessassets.org
What about for some of us not born with privillages and we had to take loans to fund our education or to some extent start up a bussines in countries like canada where Islamic non riba banks(loans) are not available?
I ask all muslims to take their money out of non- Islamic banks and buy property, gold, invest with muslims, put in safe deposit boxes...
Putting your money (if you have some) in un-Islamic banks brings a WAR from Allah swt to you.
Read Quran: 2:279
2:279 If ye do it not, Take notice of war from Allah and His Messenger. But if ye turn back, ye shall have your capital sums: Deal not unjustly, and ye shall not be dealt with unjustly.
Allah swt has already declared war on Arab countries that put their money in European and foreign banks to take usury.
The level of humiliation there is unprecedented!
YES I AM TOTALLY AGREEE WITH ALL STATEMENTS
FROM YOUR SIDE I NEED THESE TYPES OF LETTORS IN
THANKYOU VERY MUCH
It is quite ironic that the main concept of Interest is not understood by the writer.
All capital is a claim on the assets for which it is used. The assets make a return for the owner of the asset. This return from the asset is than paid to the providers of capital. Now to call it interest or profit or dividend is largely the use of langauge.
The more important part is how and in what proportions the profit is distributed to the capital providers.
The key is the claim on the profits of the asset use and how this claim is excercised, in this there is not much difference in the Islamic system, post rennaissance christian system and 5000 year old Hindu system.
Thus to use this as some sort of "God"or llah's principle is kind of stupid, after all 2000 thousand years ago there was no money so what was God/Allah doing than?
Interest or dividend is nothing but return on capital and under any system (even Islamic finance)the capital providers make money. Now not to call it interest is just matter of convinience but does not change the centrality of claim on assets income.
I am really happy to read all this because this is very true that the current miseries off the world are due to this Economic system of Interest that is making a few people the masters of the whole world population.
I certainly cannot pay tens of thousands of dollars to attend grad school, nor would I be able to afford to pay for a house in cash. My relatives are not wealthy enough to offer me an interst-free loan. What can I do but take out a loan and pay the required interest?
I would be very interested in reading any comments regarding this subject. Thank you.
After readind the message of `Riba` hardly any good muslim will put his eyes the other side. Problem is not what I belive the problem is our enviorment. I pray for your good thought I ideas.
God bless you
Shahid Khawaja. USA
And Allah knows better
Interest is like a shackle: it truly does equal unlimited power and is inequitable, because it allows the rich to increase their wealth exponentially through compounding interest while they sit on their hands.
Jakallah for touching on this subject. Please write more about riba. We need more articles to show the world the exploitation that riba does.
Each and every country deserves an Islamic Bank with proven results to attract not only Muslims but also non-Muslims.
Iam very happy that I see this kind of article on your site.
This is the best time to show all aspects of Islam not only the fundemental beliefs.
The fact that Islam is a system that is the best for mankind (but also seldom implemented).
Brothers, an article about the reign of the "fifth caliph" Omar Abdulaziz. I believe that it will give your readers the insight of what is the benefit having a true Islamic State.