Interest free economy

We can establish an interest free economic system. The answer is yes, of course. This system was already established for hundreds of years. And today, if you are determined to establish this system by abandoning the blind imitation of others, then it is not a difficult task at all. Before the advent of Islam, the world economic system was governed by the same interests as the modern world.

Islam changes this system and forbids usury. First, usury is forbidden in Arabia, then wherever Islamic rule is established, usury becomes forbidden. The whole economy continues without interest. This system has been operating in the world for hundreds of years and even today there is no reason for its lack of vitality.

If we have the power of ijtihad and we are strong in the power of debt and at the same time we can be determined to forbid the things which Allah has made haram, then surely today we can abolish usury and introduce Islamic economic system. I have discussed this in detail in my book Sud.

I have shown there that there is no special complication in this matter. The matter is very clear and unambiguous. Those who are working and working in the business with capital and are carrying out organizational activities and activities have no right to invest capital in the business and make a profit at a fixed rate, regardless of whether the profit is successful or not.

The real disadvantage of interest is that an individual or organization invests its capital in the form of a loan in an industry or business or in an agricultural farm and fixes a fixed loss profit on it in advance. The person or organization investing the capital has made a profit in the business. Or does not care about the loss or the amount of profit or loss.

He will only be able to make a profit at a fixed rate every year or month and with this he will be entitled to get the original return. We have to put an end to this tyranny. No one in the world has been able to justify interest. No reason can be given for this legitimacy. Islam, on the other hand, teaches that if you lend, you must repay in the form of a loan.

In this case, you will only have the right to repay the loan. And if you want to make a profit, then you have to be a partner in the business and deal with it that way. Wherever you want to invest your capital in agriculture, industry, business, invest on the condition that you and the entrepreneur will repay the profit at a pre-determined rate.

It is a demand for justice and fairness and thus prosperity of economic life is possible. Where is the obstacle in the way of introduction of this method by eliminating the interest method? The capital that is currently being invested in the form of loans should be used on the basis of partnership policy. Instead of calculating interest, it should be deducted as profit, there is no difficult problem in this regard. The problem is, we do not have the capacity for ijtihad. We are accustomed to blind obedience.

We want to let go of what is coming from the east, close our eyes and ears. We are not ready to formulate a harmonious, legitimate and just economic system based on the principles of Islam through ijtihad. Poor scholars and ulama are condemned for following taqleed or blind - not engaging in ijtihad. While they themselves are blindly following the western thought in the grave, they are not enterprising in ijtihad. If our disease had not reached this deadly stage, this problem would have been solved long ago.