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ARTICLE: | WHAT IS INTEREST AND RIBA? | WHY IS INTEREST HARAM? | The ISLAMIC VIEW |
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04-04-2012, 09:19 AM
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ProomoSam
Join Date
Oct 2005
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Jazakallah khair.
Also, I did some amateur research on the issue, and it seems that usury/interest just creates artificial debt, which can slowly bring everyone into debt if practiced enough.
Don't think I can still post links yet, so if you google "hazariba why riba was prohibited", the first suggestion should be the link, showing in an economic view how interest is pretty much theft, because not only is it illegal in an Islamic standpoint, but by sending out artificial debt into the economy, it will create a cycle of debt that, in the end, can't be repaid.
I also found a good documentary (I have a small interest in economics
) on youtube that tells of monetary theory (where money comes from), and it turns out that in modern times money now represents debt (because there is so much debt now), and helps illustrate how interest fared/played its role in this.
Not sure if I can post videos (don't even know how for that matter), but the documentary can be found on youtube, entitled "Money as Debt". There are 3; it's the first one.
I used to remember whenever pawlak presented threads on how bankers are enslaving us, I always wondered "how?", but after learning how riba works and what it has lead to for us, it turns out that riba/interest actually can bring everyone into debt...
So even more hikmah on the prohibition of riba there. :/
Oh,
/not a scholar, not a professional, not anything of those stuff.
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