: An Instrument for the Relegation of Wealth

Abu ‘Isa

In the culmination of decades-long struggle to declare interest Haram, on 28 

In the culmination of decades-long struggle to declare interest Haram, on 28 April 2022, the Federal Shariat Court (FSC) reinitiated 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 Islamic principles.

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 the lust of a specific class for power and control, spiced with a predominant concept of Manifest Destiny, hailing from Western Europe in the early 17^th century. The Bank of England pioneered the practice of coining its own credit into money, at a time when other banks were merely banks of deposit. The European-Jewish House of Rothschild took control of the Bank in the 19^th century, 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, the Ottoman Empire was bankrolled into bankruptcy and a gradual looting of the United States and Europe commenced. 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 centuries 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 become obedient slaves 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, revolts, 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. Transactions involving interest or usury are only a part of Riba, it is actually inclusive of a lot more. The abhorrence and malignance of Riba as a socio-economic vice can be 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) 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 others, 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.

It is extremely unfortunate that the State Bank of Pakistan, assisted by several commercial banks, threw a wrench into the gears of what gave a glimmer of hope for the salvation of this nation, on 25 July 2022 by challenging the verdict against Riba given by the FSC in the Supreme Court. For all intents and purposes this appears to be a last grasp attempt by the representatives of the satanic economic order to continue waging war against Allah (SWT) and His Messenger (SAAW) [Ref: Surah Al-Baqarah, verse 279]. This may very well be the last of the many chances which Allah (SWT) has granted us in order to cease and desist. The responses to this matter by those in the echelons of power have been nothing but a series of disappointments, and this time is no exception. For the person with even the slightest of discernment, it should be clear as daylight that those in power have absolutely no intention nor will to allow any legislation to pass that would replace or even damage this sinful system. The Prophet (SAAW) said, “A ruler is a guardian and is responsible for his subjects …” They would answer in front of Allah (SWT) for what they are doing. Whereas, the believer must take it as a religious duty to struggle to rid himself, individually and collectively, from this state of war against Allah (SWT) and His Messenger (SAAW), for it is the individual that will be made to stand in front of Him (SWT) for judgment, accountable for what he did.

The decision by the FSC should be supported and nurtured, in toto. Moreover, there is need to recognize other forms of Riba, including covert Riba hidden in the form of certain transactions and activities of Islamic Banks, a fact that has been duly acknowledged by the FSC in its recent judgement.

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 (SAAW) 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 even be fought, let alone won.

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