Riba: An Instrument for the Relegation of Wealth

Abu ‘Isa

T The decision on the prohibition of interest by the FSC is a laudable course of action and a step in the right direction.

In the culmination of decades-long struggle to declare interest Haram, the FSC (Federal Shariat Court) initiated the process by passing a monumental decision declaring all forms of interest-based transactions as being absolutely Haram, and stating a deadline of five years for its eradication and transition to an economic system in Pakistan based on the Islamic principles, on April 28, 2022.

There is, in reality, a dire need to grasp the true origins, direction and purpose of the modern economic system based on Riba. The origins of the current monetary system are entrenched in a specific class’s lust for power and control, spiced with a predominant concept of Manifest Destiny, hailing from Western Europe in the early 17^thcentury. The Bank of England pioneered the practice of coining its own credit into money, while other banks were merely banks of deposit. The European-Jewish House of Rothschild took control of the Bank in the 19^thcentury, after which its reach became global. Before this acquisition, they had already figured out the fact, in Frankfurt, that unprecedented wealth could be amassed by lending governments on interest (after artificially creating demand), rather than local landowners and businessmen. Consequently, a gradual looting of the United States and Europe commenced thereafter. Water down the concept of interest-based transactions to local economics and you are left with an upside-down funnel which vacuums the wealth of the masses into the hands of a few predatory elite. As if this was not corruptive enough, these elites are further used as surrogates and agents for an imperial agenda century in the making. Insert the IMF (International Monetary Fund) and Bretton Woods into the equation, spawns of the same scheme of dominance, and the Muslim Ummah (nation) is faced with new and strange economic terminologies. Local currencies used in a country, and “hard” currencies used in transactions between countries – none of them backed by anything. A handpicked few, by default, get regal status, while all other must prostrate to them. On top of this, the leading bankers drive the direction of interest rates, at their convenience, securing themselves, and their benefactors, from revolutions, and playing prominent roles in wars, revolutions, espionage, and business panics. Interest in Islam is absolutely Haram, and there is no way around it. Even so, it must be recognized that the current economic predicament cannot be described simply by the word “interest”, it is something far more sinister. It must be further understood that the word “interest” has been used so far with conscious intent. Interest does not equal Riba; it is a lazy translation. Riba is each and every kind of economic oppression, which can be understood from the Hadith where the Prophet (SAAW) is reported to have said:

“Riba has seventy parts, the least important being that a man should marry his mother.” (Mishkat Al-Masabih, Hadith 2826)

Transactions involving interest or usury are only a part of Riba, it is actually inclusive of a lot more. As for the severity and weight of the sin of Riba, the Prophet (SAAW) said:

“A dirham which a man knowingly receives in Riba is more serious than thirty-six acts of fornication.” (Mishkat Al-Masabih, Hadith 2825)

The Qur’an is categorical in its tone when it addresses Riba. There are two similitudes which are presented in striking contrast. Firstly, in Surah Al-Baqarah, Allah(SWT) makes mention of the disbelievers’ saying, especially addressing the Jewish population, that Riba is just another form of business. He(SWT) then replies to it by simply declaring that He(SWT) made business Halal, while Riba is Haram, drawing a comparison between the two. Business is when the person investing his capital embraces risk, such that he can either make a profit or suffer a loss, leaving the door open for Divine Command to interfere and circulate wealth among the people. Meanwhile, in the case of Riba, the person immunizes himself from all sorts of risk, either through the nature of the transaction or through brute force. The second example can be found in Surah Ar-Rum, where Allah (SWT)strikes a distinct juxtaposition between Riba and charity, and states that Riba shall never increase with Him(SWT), even though it may seem to multiply in this world. It is vital to understand the attributes which differentiate Riba and charity. In the case of Riba, the person adopts a mannerism of unfeeling, malevolent selfishness towards his brother, such that he takes, yet gives nothing in return. Meanwhile, in charity, the person pivots towards goodwill and benevolence in order to give without the desire for return, not even thankfulness.

The decision by the FSC should be supported and nurtured, but what is of greater importance is to understand the fact that this ruling must not be considered a sufficient eradication of Riba from society. There is need to recognize other forms of Riba, including covert Riba in the form of Islamic Banks, engineered specifically for the discerning Muslim, and the lack of a free and fair market because of the use of fiat currency and the abandonment of Sunnah currency.

In order to practically implement the prohibition of Riba, the Sunnah strategy must be applied which ultimately produced a modus vivendi birthing fair economic opportunities, and will produce such results once more if the application is faithful to the archetype. The Prophetic way involved gradual impositions of laws of nullifications and climaxed with the total abolition of Riba. God willing, efforts of similar manner shall bear fruit, and free the nation from the grip of a curse which drags to Hell, and a war that cannot be fought.

The words expressly are “a pound of flesh.”

Take then your bond, take you your pound of flesh…

William Shakespeare, The Merchant of Venice, Act 4, Scene 1