Posts Tagged ‘Interest’

Universal Prohibition of Interest-Based Transactions

By Ali Shareef The financial crisis of the past few years has resulted in some deep soul-searching as we struggled to understand why what seemed to be the bedrock of financial stability came crumbling down. First Wachovia, the nation’s number four bank holding company, then Fannie Mae and Freddie Mac, followed by Merrill Lynch. It […]

We Don’t Go to Bars, Why Do We Go to Banks? (Part II)

By Douglas Kelly Part I | Part II You don’t have to be a scholar or an economist to see that usury was at the heart of the global financial crisis.  Everybody wants a “guaranteed” return on his or her money, but Allah (swt) is the only One who can guarantee anything.  The world’s greed for […]

We Don’t Go to Bars, Why Do We Go to Banks?

By Douglas Kelly Part I | Part II When I recently consolidated a student loan I had taken out many years ago, I noticed that the amount I owed was more than double what I had originally borrowed.  I’m still in school, so I don’t have double the education from when I first took out […]

The Case Against Interest (Part I)

Part I | Part II The prohibition of interest in Islam is a Divine ruling; hence a Muslim seeks to submit to it. Nonetheless, there are two crucial aspects to such submission. Firstly, we believe that all Divine rulings have wisdom, even if we are not cognisant of the wisdom. Secondly, with abstinence of and […]