THE CURSE OF USURY

In the Period of Ignorance, before the conferment of Prophethood, blood was cheap and there was no respect of human life. Likewise, the people were suffering from disparity and imbalance of wealth. A wealthy man would be sucking a poor man's blood and would increase his comforts, luxury and resources and there would be none in the world to pity his poverty. The financial system of that time was founded on extremism and intemperance. The system of usury was the backbone of that social system. It was not limited to Arabs only but in all parts of the world, similar financial imbalance was prevailing. In India, according to "Kautaliya" elaboration, interest rate up to 60% of the capital was legal and reasonable. Later, Hindu society reduced this rate regarding it an oppression. During 16th century in England, the interest rate was 10% in practice. In Europe the popular interest rate was 8-9%, but afterwards, describing it as excessive, it was reduced. Islam was the first which declared this system as oppressive and cruel and uprooted it completely. The last Prophet(P.B.U.H.) declared clearly in his last address: (The usurious system prevailing in the Period of Ignorance is hereby abrogated), and further elaborated: (For you is the real amount of loan, neither you practice oppression nor oppression will be practiced on you). It was clarified that what was given out as a loan was the right on the lender and he will get it back. The prevalent interest on this amount is hereby cancelled. Now it cannot be demanded.It needs attention that the Prophet (P.B.U.H.) started his first step on it from his own house and said: And I first of all cancel the interest of my family, Abbas Bin Abdul Muttalib, which is now cancelled).The rejection of usurious business, as found in the Holy Qura'an, does not appear alike on any other action, the Holy Qura'an says: (O ye who believe! Fear Allah, and give up what remains of your demand for usury, if ye are indeed believers). There are two basic types of usury, the first one as mentioned in the preceding verse has further been elaborated by the Prophet(P.B.U.H): Any debt from which you derive a profit is usury. There is another type of usury which is mentioned only in Hadith that all those materials which have been transacted on usurious basis,the same materials are bought and sold on credit after increasing and decreasing it.These days, that type of usury which is clearly declared unlawful by the Holy Qura'an is most common; and in Hadith, even a resemblance of it is forbidden. One narrative says: Give up usury and also anything which look like it. In modern times, the bank loans are included in this type. The Prophet (P.B.U.H.) has not only cursed the borrower but also the lender on usury. He has also cursed the one who co-operates in the transaction. The Hadith says: Curse of Allah is on those who use usury and on the one who lends him and on the one who writes it and on the one who bears witness to it). In one narrative the words used are so horrifying, it says that "The lowest category of usury is like one fornicating own mother". There is a warning in this Hadith for those people who have some involvements in usurious transactions. And those people who openly do business on usury and do not feel bad about it; their Eiman is in danger because rejection of any command of the Holy Qura'an amounts to rejection of faith and no virtue is acceptable after it.In fact, usury is the worst type of transaction in capitalism in which wealth is centralized. This blood-sucking system is common from an individual level to regional, national, international and governmental levels. A money lender realizes more usury from one who is weaker and more compelled. The rich man increases his wealth at the cost of a poorman's hard earned money.In fact, the way world is suffering from monetary imbalance, its basic reason is usury. If the usurious system is cancelled and the system of 'Islamic Poortax (Zakat)' is given recognition, there will not be one destitute person. But the way the wealth is being enhanced by sucking the blood of the poor and being centralized, is a warning bell for the whole world. Even if the rates of usury are reduced but are oppression is after all an oppression, it can never be named justice. The system of justice which the Prophet of Mercy P.B.U.H. presented, has erased the curse of usury completely. The Prophet's Arafat address is a wealth of mercy.