<<--Return to Teacher's Advice Page
The
evils of Riba (usury/interest) Summarised:
In
our grandparents generation, they might have bought a house for a
cost of around 10,000$. If they moved, they would probably sell it to
a person for abit higher (maybe 20,000$) since they want a better
home.
A
new buyer might want the house quick so he buys it on Mortgage, and
topped up with this cost of 20,000$, he pays extra due to the
usury/interest placed in the mortgage - with a total cost being
around 40,000$ for his new home. As he gets wealthier, he wants to
move to a better neighbourhood, so he sells his home for more than he
payed, he might sell it for 60,000$.
The
next buyer wants to buy the home, so he will buy it on Credit (card).
He will then have to pay maybe 100,000$ for the home (including the
Credit he borrowed, plus riba/interest/usury.)
So
we see that the Riba/Usury/Interest system is really harmful to
society as a whole. Whereas the financial elite who lend money, but
charge people usury breakdown society as a whole, while sucking away
the wealth of the poor to feed the already fat rich men.
Whereas
the Islamic system is the total opposite to the Riba/Usury
System;
You
have an old man who is has one foot in the grave (i.e. Near death),
and he places a seed in the ground. Someone asks him why he's doing
this, since he's going to die before he can see the plant grow or
benefit him.
So
he replies; I
am already aware of this,
but
this is continuous charity from me (Sadaqah Jaariyah). It might be
that after I am dead, someone goes past this tree and rests under its
shade, or eats from its fruits.
See
the difference?
We
think about how the future will be of benefit. Whereas the one being
cursed does not care about the weak and oppressed, he is stingy,
corrupt, and just counts his wealth, thinking he will last forever.
Discussed in tafseer Surah Humazah [continue reading]...