LAW
USURY
What of interest, or usury, or both, or neither, has the Holy Qor-aan really prohibited? The answer is what you get from whom you ask. The simple and straightforward translation of the six pertinent verses is on this site but briefly they lay down as follows.
- Believers! Do not eat (live off) the interest that has compounded many times. Do duty to God so that you prosper. (003:131)
- Those who eat (live off) the interest rise and grow like they are insane. They argue that the trading resembles usury but Allah has allowed the trading and not the usury. He who received this injunction and acted on it may keep his interest already received. Allah will decide his fate. Those who revert to eat usury will go to Hell and therein abide. (002:276)
- Allah will abolish usury and let charities grow. He dislikes the ingrate sinners. (002:277)
- Believers! Relinquish the remainder of (accrued and unpaid) (002:279)
- And their levy of interest and surely they were stopped from it (004:162)
- What you give in interest to increase wealth of peoples won’t increase nearness to Allah. What you give in Zakat to purify earnings and seek Allah’s pleasure will get near Him. They will then receive multifold increases in wealth and prosperity. (030:040).
Besides the above verses that directly spell out the Prohibition, there are scenarios which deprecate usury particularly in relation to the charities like what is stated in 002:280.
The usury — or in Arabic الرِّبٰوا (= Ray-baa) — is the compounding of interest known as interest-on- interest that goes on multiplying itself as is practiced by the world-wide banking systems. It is the activity, business or demand for lending money to get compounded interest.
Various translators have defined the term usury in their own and different words such as the following.
- Exponentially multiplying interest.
- Interest inflated with layers upon layers.
- Ever-increasing higher and higher interest rates.
- The cunning practiced by world-wide banking systems.
- Hard money loan with harsher, punitive and higher interest rates.
Usury becomes unbearably painful for the borrowers when a default in loan kicks it in. Individuals can suffer personal misfortunes like death, disability or disaster by a natural element. Companies can be affected by a home or foreign governmental action or changed market trends.
The Holy Qor-aan exhorts a safety valve for a loan in default. “A debtor in a straightened situation be granted respite to catch-up with the repayments” [002:281]. But the current Banking System will collapse if this safety-valve was ever put in the loan documents.
One needs to just look at the ever-expanding loan agreements and appendices attached to them which contain secret provisions hidden in the verbose small prints. The simplest form used by private lenders as a personal I-owe-you promissory note still has about two hundred words.
But the usury-infected mortgage documents for even a personal residence have dozens of pages and appendices. The security for the loan can expand from the pin-pointed collateral to all that the borrowers own including an arm and a leg to even the first-born.
Commercial loans customarily require reams of paper and teams of well-versed lawyers to prepare, scrutinize and negotiate them. A hearsay told of US $40 million paid to a NY law firm in 2016 to represent one side of a loan negotiated by one company to settle claims against it.
The bankers including the philanthropic World Bank employees make out that collecting compounding interest is good business. Some Moslem bankers with the same bent of mind also justify interest by arguing that it is only the compounding interest that is prohibited.
The proponents credit the compounding interest as the key to the sky-high growth in all areas of human endeavor. Indeed all people in the world have in varying degrees benefited from the research and advancements in education, science, transportation, construction and medicine.
The opponents underscore the fallacy of the argument from the clear text. It addresses the Believers. It applies to man’s personal life. It guides man to become the best creature. It aims to make him the best possible child, sibling, parent, citizen, a social being and a world citizen.
Indeed a thriving society depends upon hard-working constructive producers. Human village can’t survive on lazy lay-about parasites draining the resources that must be reserved for only the needy, widows, orphans, sick, elderly and others who can’t fend for themselves.
The prohibition in just eight words denounces interest income. It nips the evil before it buds by preventing the multi-dimensional harm that ensues from living on interest income.
Banks promote the seekers, the givers and the exploiters of interest-income. Today bank employees’ sole job is to devise ways to steal others money.
Like the top of an iceberg with over 90% of it invisible under water, the following two reports illustrate how big and deep is the curse of living on interest income that has corrupted the well-being and endangered the future of mankind – and which God foretold will be abolished.
On Oct 8, 2016, a US Bank named Wells Fargo’s CEO John Stumf left his office in humiliation of a personal loss of US $41 million and forfeited severance package. The Bank itself was fined $185 million for fraud by its employees who had committed that just to meet their sales quota. The news channel ABC reported that another US $190 million were paid to settle the customer fraud cases against the bank
On July 2017, Indian Parliament was informed of 156 senior officials of state banks who were suspended, another 41 who were transferred, and another 26 criminal cases that were filed with the police. And all that was based upon one investigations by the Indian Law Enforcement.
Several arguments, explanations, interpretations and discussions can be found in other translations. But the proof lies in the pudding and the few events mentioned above show why, what and how the living upon compounded interest income is really bad for all.
Law – Usury
LAW
USURY
What of interest, or usury, or both, or neither, has the Holy Qor-aan really prohibited? The answer is what you get from whom you ask. The simple and straightforward translation of the six pertinent verses is on this site but briefly they lay down as follows.
Besides the above verses that directly spell out the Prohibition, there are scenarios which deprecate usury particularly in relation to the charities like what is stated in 002:280.
The usury — or in Arabic الرِّبٰوا (= Ray-baa) — is the compounding of interest known as interest-on- interest that goes on multiplying itself as is practiced by the world-wide banking systems. It is the activity, business or demand for lending money to get compounded interest.
Various translators have defined the term usury in their own and different words such as the following.
Usury becomes unbearably painful for the borrowers when a default in loan kicks it in. Individuals can suffer personal misfortunes like death, disability or disaster by a natural element. Companies can be affected by a home or foreign governmental action or changed market trends.
The Holy Qor-aan exhorts a safety valve for a loan in default. “A debtor in a straightened situation be granted respite to catch-up with the repayments” [002:281]. But the current Banking System will collapse if this safety-valve was ever put in the loan documents.
One needs to just look at the ever-expanding loan agreements and appendices attached to them which contain secret provisions hidden in the verbose small prints. The simplest form used by private lenders as a personal I-owe-you promissory note still has about two hundred words.
But the usury-infected mortgage documents for even a personal residence have dozens of pages and appendices. The security for the loan can expand from the pin-pointed collateral to all that the borrowers own including an arm and a leg to even the first-born.
Commercial loans customarily require reams of paper and teams of well-versed lawyers to prepare, scrutinize and negotiate them. A hearsay told of US $40 million paid to a NY law firm in 2016 to represent one side of a loan negotiated by one company to settle claims against it.
The bankers including the philanthropic World Bank employees make out that collecting compounding interest is good business. Some Moslem bankers with the same bent of mind also justify interest by arguing that it is only the compounding interest that is prohibited.
The proponents credit the compounding interest as the key to the sky-high growth in all areas of human endeavor. Indeed all people in the world have in varying degrees benefited from the research and advancements in education, science, transportation, construction and medicine.
The opponents underscore the fallacy of the argument from the clear text. It addresses the Believers. It applies to man’s personal life. It guides man to become the best creature. It aims to make him the best possible child, sibling, parent, citizen, a social being and a world citizen.
Indeed a thriving society depends upon hard-working constructive producers. Human village can’t survive on lazy lay-about parasites draining the resources that must be reserved for only the needy, widows, orphans, sick, elderly and others who can’t fend for themselves.
The prohibition in just eight words denounces interest income. It nips the evil before it buds by preventing the multi-dimensional harm that ensues from living on interest income.
Banks promote the seekers, the givers and the exploiters of interest-income. Today bank employees’ sole job is to devise ways to steal others money.
Like the top of an iceberg with over 90% of it invisible under water, the following two reports illustrate how big and deep is the curse of living on interest income that has corrupted the well-being and endangered the future of mankind – and which God foretold will be abolished.
On Oct 8, 2016, a US Bank named Wells Fargo’s CEO John Stumf left his office in humiliation of a personal loss of US $41 million and forfeited severance package. The Bank itself was fined $185 million for fraud by its employees who had committed that just to meet their sales quota. The news channel ABC reported that another US $190 million were paid to settle the customer fraud cases against the bank
On July 2017, Indian Parliament was informed of 156 senior officials of state banks who were suspended, another 41 who were transferred, and another 26 criminal cases that were filed with the police. And all that was based upon one investigations by the Indian Law Enforcement.
Several arguments, explanations, interpretations and discussions can be found in other translations. But the proof lies in the pudding and the few events mentioned above show why, what and how the living upon compounded interest income is really bad for all.
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