Article: Confessions of an Islamic Banker
MMJ
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Page 99/100 Confessions of an Islamic Banker
Therefore, what we see and understand the economy during the days of the Prophet pbuh, the Khullafar Arrashideen, the ensuing Caliphates, the Golden Age of Islam, and throughout most of the Uthmaniyyah Caliphate, is that the economy is funded by equity and not debt. Islam insists that all business transactions must involve risk - and hence profit and loss.
Economics is a subject that hinges on debt and interest as a key component of economic theories. It is a well known economic principle that interest is key to the economy. One lowers interest rate to boost an economy, and one raises interest rate to lower inflation. How does this compare with the demands of Islam?
Thus it is amply clear riba is integral in the teachings of Economics. If a government adopts the recommendations of Economics to manage the country then by definition the government practises and upholds riba as a revered tool. The government therefore is in direct contradiction of Surah AlBaqarah ayat 278-279.
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Dikemaskini [Updated]: Sam Ahmad 20251031