📘 ❞ Interest and Its Role in Economy and Life ❝ كتاب ــ جمال زارابوزو

عن كتاب Interest and Its Role in Economy and Life:
Interest is defined in the Oxford English Dictionary as, “Money paid for

the use of money lent (the principal), or for forbearance of a debt, accord-
ing to a fixed ratio.”1

Actually, individuals and the world as a whole probably know too well the

burden of interest, such that no one truly needs the above definition. Inter-
est is something that is known to anyone living in a capitalist country. It

has become so completely institutionalized and accepted in modern econ-
omies that it is almost impossible to conceive that there are some who

completely oppose it and refuse any transactions that involve interest. But
there are devout Muslims who refuse to deal in interest.

The actual reason why such Muslims do not deal with interest is that inter-
est has been forbidden by the Islamic religion, as shall be detailed shortly.

At the same time, though, Muslims believe that God’s guidance is based

on His knowledge, wisdom and justice. In other words, God does not for-
bid something from humans for no reason whatsoever. Hence, there are

definitely sound reasons—some of which we may be able to clearly recog-
nize—why God has forbidden this practice.

In today’s world, Muslims are constantly being bombarded with argu-
ments in support of dealing with interest. Many Muslims have succumbed

to such pressure and supposedly rational arguments, leading them to ac-
cept the concept of interest.

Therefore, this short article is intended to discuss the Islamic stance on

interest as based on the basic texts of the faith as well as enter into a ra-
tional discussion of interest to determine if the arguments given in favor of

interest are truly valid.
God’s Guidance for Mankind
Islam teaches that God has mercifully given guidance to humankind for all

aspects of life. This guidance covers not just acts of worship but every-
thing from economics and business ethics to marital relations, international

relations, ethics of warfare and so forth. It is one of the distinguishing

1 Oxford English Dictionary Software (Oxford, England: Oxford University Press, 2002), entry,
“interest.”

An article explains why the Muslims abide by the prohibition of usury while the Jewish and Christian secularists are calling to to affirm it.
A glimpse at some texts from the Quran and the Sunnah which severely warn against the taking of interest.
Interest and Usury in the Bible Judaism and Christianity and according to early thinkers.
An article explains how something so despised such as interest could be justified and even institutionalized as a standard.
The various ways in which thinkers in the past have tried to conjure explanations for the existence of interest.
The various ways in which interest has harmed society.
The devastating ills of interest on an international level.
An Islamic solution to the interest model, and how economy can still thrive without interest.