Al-Imran (130)" O YOU, who have attained to faith! Do not gorge yourself on usury, doubling and redoubling it..."Usury has been with us for a long time. It was already there when prophets walked the earth. It was probably invented by the Jews who today have such a knack for financial wizardry. God, however , condemned usury in both the Bible and the Quraan. When God says NO you don't argue with Him. Your God-given intelligence is limited and you are no match for a debate with Him.
Wall Street thrives on usury or interest taking. Their CEOs worship the god profit. That's the only thing they care. They have no social responsibility as spelled out by the Holy Books.
Malaysia has taken steps to make financial institutions operate as close as possible to Islamic teaching. It works this way. Ali buys oranges that Abu grows. Ali then sells the oranges to Ahmad at a profit. That's permissible. At a different level, Ali wants to buy a house that costs $100,000.00 and he doesn't have this kind of money so he asks a bank to buy this house for him. Then he buys from the bank at a slighly higher price. No interest is involved.
Recently leaders from Europe and United States were saying that they would look into the Islamic Banking System to see whether there was anything they could adept.
Wall Street thrives on usury or interest taking. Their CEOs worship the god profit. That's the only thing they care. They have no social responsibility as spelled out by the Holy Books.
Malaysia has taken steps to make financial institutions operate as close as possible to Islamic teaching. It works this way. Ali buys oranges that Abu grows. Ali then sells the oranges to Ahmad at a profit. That's permissible. At a different level, Ali wants to buy a house that costs $100,000.00 and he doesn't have this kind of money so he asks a bank to buy this house for him. Then he buys from the bank at a slighly higher price. No interest is involved.
Recently leaders from Europe and United States were saying that they would look into the Islamic Banking System to see whether there was anything they could adept.
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