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Interest is Haraam, prohibited
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Business / Trade / Finance
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Interest, a contract of Servitude
The Slave Masters – Lord Stamp, a director of the Bank of England made the following statement before he was killed: "Banking was conceived in inequity and born in sin. Bankers own the earth; take it away from them but leave them with the power to create credit and with a flick of a pen; they will create enough money to buy it all back againâ€¦. If you want to be slaves of bankers and pay the cost of your own slavery then let bankers control money and control credit."
The Bankers Magazine of the USA had the following cynical comment: "Capital must protect itself in every possible manner by combination and legislation. Debts must be collected; bonds and mortgages must be foreclosed as rapidly as possible. When through process of law, the common people lose their homes; they will become docile and more easily governed through the long arm of the law, applied by a central power of wealth under the control of leading financiers."
Disraeli, one time Prime Minister of Britain stated: "The world is governed by very different personages from what is imagined, by those who are behind the scenes. Governments do not govern, but the hidden hand."
In a newspaper article entitled; "What the banks don't want you to know", Karl Posel, a mathematics professor and author of personal finance books says: "… More than eight million South Africans have bonds, but few realise that banks are milking them dry. Consider the following scenario: You have a R100,000 bond repayable over 20 years at an interest rate of 19,5% a year (assume that this rate remains unchanged). After 10 years of monthly repayment of R1,660 you will have paid R199,200 in total. Guess how much of your debt you have repaid after 10 years? A paltry R12,500. The remaining R186,700 has been nabbed by the bank as interest charges. And the situation after 16 years is even more depressing – of your -total repayment of R318,720 you have paid off only R45,000 of your debt and still owe the bank R55,000"
Eric de Mare states: "Under the prevailing monetary system, none of us lives in a true (economic) democracy. We live under an oligarchy that is all powerful, permanent, and responsible to no one and directly or indirectly dominated, and restricts every individual and every government in the world."
Allamah lqbal says:
"In splendour, in seduction and in grace,
The buildings of banks out soar the House of God;
In appearance it is trade, in reality gambling,
The gain of one is sudden death to millions;
Science, Philosophy, College, Constitution, preaches manâ€™s equality and suck manâ€™s blood.
Want and unemployment, lewdness and intoxication,
Who says the gifts of Occident are few?
Annihilation of man is the business modern civilisation. And the cloak it uses is trade;
Thanks to these banks, the products of ingenuity,
The light of truth from man has departed;
Till this system from the world is uprooted, …
Religion, wisdom and culture must remain a dream.
Major C.H. Douglas in a lecture entitled 'Money: A Historical Survey' – declared "The history of money is one long unbroken history of fraud. It is commonly supposed that a bankerâ€™s profit consists of the difference between the interest he pays for the money he borrows and the interest he charges for the money he lends. The fact is that a banker's profits consist exclusively in the profits he can make by creating and issuing credit in excess of the liquid assets he holds in reserve and in exchange for debts payable at a future time.
Declaration of war!
The Holy Qurâ€™an states: "O â€˜you, who believe, fear Allah and give up what remains of your demand for usury, if you are indeed believers. If you do not abstain take notice of war from Allah and His Rasool" (2.278)
What greater threat could there be than the declaration of war by Allah and His Rasool? Allah does not fight with armaments, the wrath of Allah descends in ways that are impossible to oppose or avert. Murder, fear, crime and bankruptcy, are but some of the missiles that suddenly shatter our lives when Allah declares war against us. Nabi Sallallahu Alayhi Wasallam said: "When usury and fornication appear in a community, the people of the community render themselves deserving of the punishment of Allah.â€? In another tradition, Nabi Sallallahu Alayhi Wasallam has said: "Allah has cursed the one who takes interest, the one who pays it, the one who writes the contract and the one who witnesses the contract."
Deprived of all blessings!
The Holy Qurâ€™an states: "Allah will deprive usury of all blessings but will increase it for deeds of charity for he loves not creatures ungrateful and wicked."
Wealth, property and profits gained through Riba will whither away as do the autumn leaves from a tree. Ibn Masâ€™ud (RA) reports that Nabi Sallallahu Alayhi Wasallam said: "Even though usury (may initially) multiply, it will ultimately lead to poverty."
The gravity of sin
"Those who devour usury will not stand except as stands one who Shaytaan, by his touch has driven to madness. That is because their trade is like usury. But Allah has permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah to decide. But those who revert (to Riba) are the Companions of fire." (Surah Al-Baqarah, ayah 275).
The power of the "hidden hand" in international politics has always been economics. Economic "Aid" is too often the Trojan horse of all other ills. Political independence is an aspect of government that is not too popular with the appendage of the "hidden hand". Experiences of late are clear proof of how the instruments of debilitating power can emasculate those that consume the sweetened hemlock. Above all of this, the system of interest as economic enslavement is well documented. Usury and its consequences such as debt, joblessness, and crime have entrenched a new and insidious kind of servitude. Entire nations have been bonded to the usury warlords and bankers. The mass enslavement of even future generations has no parallel in the history of humankind.
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