Islam Strongly Condemns the Practice of Usury Which Was the Means of Big Business in Pre-Islam Arabia
By S. Arshad, New Age
Islam
5 October
2020
Islam has
issued guidelines for best practices in every department of life. It preaches
honesty, fair play and transparency in business and financial transactions as
well. Islam prohibits food adulteration, bribery, usurping the property of the
weak or the illiterate by unfair means and advocates transparency in
transactions by keeping a written record of transactions and even appointing
witnesses in important transactions or business contracts to avoid doubt and
misunderstanding. The Surah Baqarah stresses on the importance of written
agreement.
"O you
who believed, when you contract a debt for a specified term write it
down.................And do not be weary to write it, whether it is large or
small, for its term. That is more just in the sight of Allah and stronger as
evidence and more likely to prevent doubt between you, except when it is an
immediate transaction which you conduct among yourselves. For there is no blame
upon you if you don't write it. And take witnesses when you conclude a
contract.(Al Baqarah:282)
This may
seem insignificant today because these practices are followed by all today but
the Quran taught these when the people of Arab were illiterate and ignorant and
the dishonest moneylenders would cheat the illiterate people because they would
not have a written agreement of their transactions.
Similarly,
while doing sale and purchase, the Quran instructs the trader not to weigh
unjustly to make more profit. In the olden days, the sellers would weigh less
while selling things to their customers. The holy Quran describes this a grave
sin:
"And give full measure and weight in
justice". (Al An'am:152)
"And O my people, give full measure and weight
in justice and do not deprive the people of their due and do not commit abuse
on the earth spreading corruption." (Hud: 85)
Islam
strongly condemns the practice of usury which was the means of big business in
pre-Islam Arabia. The money lenders would charge compound interest on loans,
making the borrower collapse under debt. This practice of usury ruined many
families. Islam prohibited this practice of usury to save the poor from the
clutches of cunning moneylenders. The Quran says:
O you who believe, do not consume usury, double
and multiplied."(Al-e-Imran: 130)
The
practice of replacing good quality of rice, wheat and other essential
commodities meant for distribution among the poor by the government is rampant
today. The Quran prohibits this practice in the following words:
"And give unto orphans their property and
do not exchange bad things for good ones and devour not your substance (by
adding it) to your substance. Surely this is great sin. (Al Nisa: 2)
In short,
the holy Quran has clear guidelines upholding best business practices. It
advocates honesty, transparency and liability in business and financial
transactions.
URL: https://newageislam.com/islamic-culture/islam-strongly-condemns-practice-usury/d/123049
New Age
Islam, Islam
Online, Islamic
Website, African Muslim News, Arab World News, South Asia News, Indian Muslim News, World Muslim News, Women in
Islam, Islamic Feminism, Arab Women, Women In
Arab, Islamophobia in America, Muslim
Women in West, Islam Women and Feminism