what are the benefits of the interest free economy

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what are the benefits of the interest free economy
Anonymous
12/22/01 at 00:58:33
Assalmu Alakum,

I was wondering if someone could inform me of the benefits of the
interest free economy from both the Islamic perspective and from the
economic perspective. I would be greatly appreciative because I need this
information really badly. Thank you.

If you do have some information that maybe helpful to me plz email it
to me at the following address:

fawazakhtar@yahoo.com

Thank You Again

Jazak Allah

Assalamu Alakum

Fawaz
Re: what are the benefits of the interest free economy
abdul_Mutali
12/22/01 at 13:26:02
As salamu alaykum
Well,I will just give some daleels abt interest/usury or riba.I once read a book on interest free economy and its benefits,but I cant find it now,anyways InshAllah the following will help.


Those who swallow usury cannot rise up save as he
ariseth whom the devil hath prostrated by (his) touch.
That is because they say: Trade is just like usury;
whereas Allah permitteth trading and forbiddeth
usury. He unto whom an admonition from his Lord
cometh, and (he) refraineth (in obedience thereto), he
shall keep (the profits of) that which is past, and his
affair (henceforth) is with Allah. As for him who
returneth (to usury)--Such are rightful owners of the
Fire. They will abide therein.(2.275)


O ye who believe! Devour not usury, doubling and
quadrupling (the sum lent). Observe your duty to
Allah, that ye may be successful.(3.130)


That which ye give in usury in order that it
may increase on (other) people's property
hath no increase with Allah; but that which
ye give in charity, seeking Allah's
countenance, hath increase manifold. (30.39)

And of their taking usury when they were
forbidden it, and of their devouring people's wealth
by false pretences. We have prepared for those of
them who disbelieve a painful doom.(4.161)



Narrated Abdullah ibn Hanzalah ;
Abdullah ibn AbbasAllah's Messenger (peace be upon him) said, "A dirham which a man knowingly receives in usury is more
serious than thirty-six acts of fornication." Ibn Abbas's
version adds that he said, "Hell is more fitting for him
whose flesh is nourished by what is unlawful." (Tirmidhi)
Ahmad and Daraqutni transmitted it. Bayhaqi
transmitted in Shu'ab al-Iman on the authority of Ibn
Abbas.

Narrated AbuHurayrah
Allah's Messenger (peace be upon him) said, "On the
night when I was taken up to Heaven I came upon
people whose bellies were like houses and contained
snakes which could be seen from outside their bellies. I
asked Gabriel who they were and he told me that they
were people who had practised usury." (Tirmidhi)
Ahmad and Ibn Majah transmitted it.








Re: what are the benefits of the interest free economy
SuperHiMY
12/25/01 at 05:50:39




      AsalamAlay.com,
      Peace and Riba-Free e-Greetings be upon you.


      I'm too lazy right now to type out a proper answer.

      Dig through my website: The IslamBank.Community and InshAllah,
      Some of the articles posted will help ya out.

      aiite?

      http://www.IslamBank.com


      ~ HiMY! ~




Re: what are the benefits of the interest free economy
amatullah
12/25/01 at 20:06:37
Bismillah and salam,

I know this may sound too simple, but since riba is the only thing that Allah himself has openly declared war on in the quran i think one of the first things comes to mind is the benefit of his approval and blessings, and what comes with that. The fruits of that are victory brotherhood light,etc.
Re: what are the benefits of the interest free economy
zanfaz
12/25/01 at 22:36:15
[slm]

can someone suggest good books on Interest free economy/Islamic banking ?

wa'salam
Faizan
Re: what are the benefits of the interest free economy
Marcie
12/26/01 at 08:27:16
As salamu alaykum,  

I once had to write a paper about the benefits of an Islamic economic system as opposed to a capitalist one.  These are some of the books that I used:

Distributive Justice and Need Fulfilment in an Islamic Economy, Munawar Iqbal
Towards a Just Monetary System, M Umer Chapra
The Problem with Interest, Tarek El Diwany

I don't know if they are really good books since economics is not my cup of tea, but they helped me to write the paper.

As salamu alaykum
Marcie
Re: what are the benefits of the interest free economy
Abid
12/27/01 at 06:29:13
Assalamoalaikum

Please have a look at the below group discussion site. This is primarily a site by New Zealanders to reform their banking system and to get rid of the interest economy. These guys are trying to convince the NZ reserve bank and the government to do that.

http://groups.yahoo.com/group/NZ_Banking_Reform/

You will also find the following book interesting and knowledgeable:

The Grip of Death : A Study of Modern Money, Debt Slavery and Destructive Economics by Michael Rowbotham.

I have only mentioned the sources that are non-Muslim and yet are very against riba.

Wassalam


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