DETRIMENTAL IMPACTS OF INTEREST (RIBA) ON SOCIETY: REASONS, MEASURES AND SOLUTIONS FOR MODERN DAY SOCIETIES IN LIGHT OF QURANIC TEACHING AND SUNNAH OF HOLY PROPHET MUHAMMAD (PBUH)

Abstract

Islam is a Global Religion teaching every kind of social, moral, personal and economical values to human beings. One of the most important aspect of today’s era is its circulation of wealth. Wealth is a great blessing of Allah Almighty and that is why Holy Quran and the life of Holy Prophet Muhammad (PBUH) have always been a beam of light for us to follow in this regard. Unfortunately, human desires and modern means of trading have introduced a dominated capitalist system which leave no stone unturned in exploiting mankind. This capitalist system works on interest. In fact, it would not be wrong to say that all international economic forums and organizations have interest rate as their backbone. But Islam declared it haram to prevent the rise of oppression against weaker links of society. Islam introduced alternative trading means including musharakah, Mudarabah, istisna etc. Thus in the era of materialism where every man is running for material things and acquiring wealth has become the only purpose of life, it is crucial to rise on international platforms in order to prevail the Islamic economic structures in world. Ofcource, it is not a one-man job. Governments and organizations will have to work together starting from individual revolution. Individuals will have to control their desires in the first place. In addition to that, new business models incorporating purely Islamic economic structures should be introduced keeping in view the feasibility of them models. This is the only way and hope to save humanity from the dirt of Usury.