Is the non-usury laws in Islam actually practiced in modern banks in Islamic countries

[REhorror]

Well, we all know the no-usury laws in Islamic teaching.

But is this still practiced in modern Islamic countries? Do your local banks have interest rates?

 

[ARMalik]

Inflation is a major side affect of FIAT currencies. When you understand the true concept of what inflation really is then you can understand why Fiat currencies over time loose value and ultimately die. The interest rates are a tool not only to control inflation but are also used as an ultimate weapon to control the lives of peoples and nations.

Interest, Usury, Riba or whatever other name you want to call it by -- all of this is HARAM in Islam. In fact in Quran God declares war on people who are involved in Usury / Interest. So don't listen to the BS excuses of these corrupt sell out mullahs who somehow try to justify usury/interest/riba.

The fact of the matter is that all these so called Muslim countries do not practice Islamic Finance because there is NO "Practical" Islamic Finance in existence.

 

[Finer]

Yes but the 98% that serve the 1% are all part of the bribe lies and stealing culture. Have you ever been to Pakistan? I think you have absolutely zero idea. U cannot even get a phone line or an electric meter without paying bribes. Judges bribes. You got raped...pay a bribe to get the FIR registered. U have no idea at all
Please go to Muslim lands and see how corrupt people there are then come back and tell me the ideal world u talk about. I would also like to live in the world u talk of but facts are facts

Corruption starts with the top and forces it all the way to the bottom.

If there is no corruption on the top, then the bottom line wouldn't resort to the bribery.

Just because there is corruption that doesn't mean they cannot progress.

Ottoman Empire had some corruptions in the past but that doesn't mean they didn't progress.

Western worlds have major corruptions that starts at the top and it is bottom line that pays the bills and carry the nation for the government while the government feeds the top corporations and bails them out of debt which then transfers to the taxpayers.

 

[Trango Towers]

Corruption starts with the top and forces it all the way to the bottom.

If there is no corruption on the top, then the bottom line wouldn't resort to the bribery.

Just because there is corruption that doesn't mean they cannot progress.

Ottoman Empire had some corruptions in the past but that doesn't mean they didn't progress.

Western worlds have major corruptions that starts at the top and it is bottom line that pays the bills and carry the nation for the government while the government feeds the top corporations and bails them out of debt which then transfers to the taxpayers.

No my dear..
When Islam came did I install Kings and change the system or did it conquer the ordinary people and then it filtered to the top.
Read a book called '7 habits of highly effective people' by Stephen Covey. Even this book tells you fix yourself and your family. Your friends will see u and fix theirs and society will change.

Sadly you have been fed this crap from the elders who still think if you drink water after eating water melon you will get something called heza(still don't know what that is).
You need to stop repeating shit dumb old people say and start to use your own brain.

If you have a just ruler then it's possible yo change society. IK tried why did he fail? Simple because every forker below him was corrupt.

 

[Finer]

No my dear..
When Islam came did I install Kings and change the system or did it conquer the ordinary people and then it filtered to the top.
Read a book called '7 habits of highly effective people' by Stephen Covey. Even this book tells you fix yourself and your family. Your friends will see u and fix theirs and society will change.

Sadly you have been fed this crap from the elders who still think if you drink water after eating water melon you will get something called heza(still don't know what that is).
You need to stop repeating shit dumb old people say and start to use your own brain.

If you have a just ruler then it's possible yo change society. IK tried why did he fail? Simple because every forker below him was corrupt.

I suggest you read the history rather than so-called philosophical book by Stephen Covey.

 

[MastanKhan]

Well, we all know the no-usury laws in Islamic teaching.

But is this still practiced in modern Islamic countries? Do your local banks have interest rates?

Usury is practiced in all banks.

Hi,

USURY is not practiced in all banks---. Only money lenders use & practice usury---.

All other banks use fair interest charges---.

USURY is charging interest like the money lenders used to charge 1400 years ago in saudi arabia---100---200---300 % .

I'm over 30, and while that answer seems naive, it's objective better for society and banking to function that way instead of predatory usury.

I wonder how historically Islamic banks in the Ottoman empire and arabia worked too before westernization.

Hi,

In arabia, the interest used to be around 100---200-300---500 % and compounded further on default---.

 

[Azadkashmir]

ppl say then how do i buy a house the idea is wat type of house you are going to build if you build small house then it can be done for low budget but big house like mansion then it requires big money thats where ppl want interest on top.

 

[SQ8]

The alternative Islamic system is given by Taqiuddin Annabhani in his book The economic system in Islam. But not only banking has to be changed there are seven other areas like distributing government land among the landless, public ownership of electricity production and minerals etc. The whole economic system has to be changed. America does not allow that.

Yes - America is responsible for the potholes in Pakistan and overflowing gutters. Pakistanis are just poor defenseless and helpless eunuchs in this

 

[REhorror]

This has been an interesting discussion, thank you everyone!

 

[Trango Towers]

I suggest you read the history rather than so-called philosophical book by Stephen Covey.

What r u 5?
Try to understand what philosophical means and then tell me if the book is philosophical. Duhhh

What a waste of conversation

 

[Finer]

What r u 5?
Try to understand what philosophical means and then tell me if the book is philosophical. Duhhh

What a waste of conversation

All the best.

 

[OldenWisdom...قول بزرگ]

Hi,

USURY is not practiced in all banks---. Only money lenders use & practice usury---.

All other banks use fair interest charges---.

USURY is charging interest like the money lenders used to charge 1400 years ago in saudi arabia---100---200---300 % .


Hi,

In arabia, the interest used to be around 100---200-300---500 % and compounded further on default---.

Qur'an [2:275]

Those who consume interest will stand ˹on Judgment Day˺ like those driven to madness by Satan’s touch. That is because they say, “Trade is no different than interest.” But Allah has permitted trading and forbidden interest. Whoever refrains—after having received warning from their Lord—may keep their previous gains, and their case is left to Allah. As for those who persist, it is they who will be the residents of the Fire. They will be there forever.

 

[MH.Yang]

Inflation is a major side affect of FIAT currencies. When you understand the true concept of what inflation really is then you can understand why Fiat currencies over time loose value and ultimately die. The interest rates are a tool not only to control inflation but are also used as an ultimate weapon to control the lives of peoples and nations.

Interest, Usury, Riba or whatever other name you want to call it by -- all of this is HARAM in Islam. In fact in Quran God declares war on people who are involved in Usury / Interest. So don't listen to the BS excuses of these corrupt sell out mullahs who somehow try to justify usury/interest/riba.

The fact of the matter is that all these so called Muslim countries do not practice Islamic Finance because there is NO "Practical" Islamic Finance in existence.

It is fair to eliminate usury, but it is unfair to eliminate interest. We should take into account the prevalence of inflation.

 

[Finer]

It is fair to eliminate usury, but it is unfair to eliminate interest. We should take into account the prevalence of inflation.

Inflation is the result of corporations' greediness in today's worlds.

 

[KingMamba]

OK, sorry for posting this in the Pakistani board, I guess this should be more "World Affairs" kinda thing, is there any Islamic bank at all that still practices no-usury, or do Muslims just accept that every banks sin nowadays?

No Muslim country practices Islamic finance because the stronger non Muslim countries will immediately stamp out any Muslim leader who takes any initiative that can hurt the global financial system either through invasion, sanctions, or coups.

Afghanistan foreign currency frozen following Taliban victory, Morsi killed in Egypt, Iran sanctioned for the past God knows how many years.

Only true power house countries like China can actually withstand the pressure brought to bear by the Western World when push comes to shove.

 

[nahtanbob]

Indentured is the word you're looking for...
Pegged with time!

it is interesting how those cases were handled centuries ago

Inflation is the result of corporations' greediness in today's worlds.

inflation happens when too much money chases too few goods