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?

 

[Finer]

Now apply inflation to your statement. Is your statement correct?
Example.

I lend you $10 for 1 year today.
Today you can buy 10 apples.

You return $10 in 1 year and I can only buy 9 apples.
Did u return my money?

Also if I will always lose money lending to others why would I lend.

Molvis and Islamic finance shouldn't be mixed

That is why Islam is against inflation. Islam believes in fixated value/currency that should stay valid and stable.

Inflation is the key to destroy the civilizations which it will do as it has done, and what it is doing right now and what it will do in the future.

Islamic finance makes sense because it provides stable and valid platform of money whereas the Wall Street is bit of mystery and not for good reasons.

 

[Trango Towers]

That is why Islam is against inflation. Islam believes in fixated value/currency that should stay valid and stable.

Inflation is the key to destroy the civilizations which it will do as it has done, and what it is doing right now and what it will do in the future.

Islamic finance makes sense because it provides stable and valid platform of money whereas the Wall Street is bit of mystery and not for good reasons.

But there NO country on the planet where this is practiced. So ??????

 

[Finer]

But there NO country on the planet where this is practiced. So ??????

It used to be the case which explains the longest ruling of Ottoman Empire. Before that, it was Arab caliphate which expanded all over regions founded on sound principles of Islamic banking.

They will return but it means war. Those who have control over new world order's banks will not sit idly. Inflation is their bread and butter. It won't go down without fight.

 

[Trango Towers]

It used to be the case which explains the longest ruling of Ottoman Empire. Before that, it was Arab caliphate which expanded all over regions founded on sound principles of Islamic banking.

They will return but it means war. Those who have control over new world order's banks will not sit idly. Inflation is their bread and butter. It won't go down without fight.

For the young OP. It should be clear now that practice Islamic finance in this day and age is almost impossible

 

[OldenWisdom...قول بزرگ]

That is why Islam is against inflation. Islam believes in fixated value/currency that should stay valid and stable.

Inflation is the key to destroy the civilizations which it will do as it has done, and what it is doing right now and what it will do in the future.

Islamic finance makes sense because it provides stable and valid platform of money whereas the Wall Street is bit of mystery and not for good reasons.

There are fundamental conceptual misunderstandings at play here...

The two are not interchangeable. Interest or usury is just one aspect of the whole financial paradigm. Current global financial system is in essence a credit on TIME itself. The more credits you accrue the more time you've purchased... and debts are what you've borrowed from the future. It is created from thin air and disappears into ether. In this equation people are commodity! Profit is it's essence not people.
It is administered through generational amnesia, human greed and by compelling the purchase of fundamentals such as food, fuel, drugs and arms in said coin or credits. You cannot remove interest from it... that is its essence. Your indentured labor insures it... your cyclical payments such as utilities, taxes, insurance etc are restraints... coercions. These invisible confines line the matrix around you... coercing you and designing, charting/dictating your path.

The flipside of such is a tender that is outside such confines. A transaction that delivers value to only transacting participants. Whose value is intrinsic and timeless.
People are at helm here, not profit!

Debt therefore carries no additional value and must be paid in earnest in it's entirety and nothing more. Among other things included in the rites of deceased are obligations of debt. It carries profound significance in fairness and dealings of an individual, thus a burden on The day of Judgment...

Remember at it's core are foundational principles of Islam... that the Almighty is the Sustainer of all life forms on earth. The debt thus issued by sufficiently endowed only furthers exploration/exploitation of resources already provided... hindered merely by incapacity of underresourced.

We live in a world where legacy powers and systems run the gambit. Breaking it's confines are easier said than done.

 

[ProudThamizhan]

Not here... it is static.
Money is itself not a instrument of wealth but transaction and transfer... It is stored value that transcends time. Gold or gold coin whenever/wherever found holds intrinsic value.

A true global impartial method of transfer therefore is/are precious metals.

Today, we not only can make a coin/currency that has built-in precious metals but readily verify it's authenticity. It is this alone that can undo the catastrophe/calamity of colonization and institutionalized usury, fixing of valuation, conversion rates and pegs. Disconnect/detach human endeavor from slaving onerously on productivity scales... be paid instead for a finsihed job, work or task...
And when paid retain it's value!

It means not toiling endlessly to pay for maintenance cycles, such as utilities etc. On arbitrary scales of time.
In current cycle... everyone feeds a pyramid. The wealthiest rides shoulders of the masses!
While the poorest toils alone.
No one becomes rich with labor or (hard)work but by manipulating/manipulation of coin/money/currency and/or markets... whiles success is sold as an aspiration to acquire the same... keeping the eyes on the ball and paying time it's homage... knowing fully well that it is not only a gamble but the society doesn't function or operate with everyone sitting at the same table or doing the same thing.

While the preambles do drag their heels... the subsequent are born into it... they cannot unlearn/undo what governs them... besides the powers that be are it's greatest beneficiaries... they've designed a system that protects their pedigree and pedestal. Besides they have what everyone else wants... money! It suits the designers, for their maximum benefit to egg everyone along. Feed them from the tree that ultimately traps them(the masses) for the rest of their lives. It is therefore, why or how the same interests represent or claim to, both the rich and the poor... remember IT IS the poor masses seeking what the opulent minority possesses.
All smoke and mirrors... hot air... with a structure whose invisible fence is Time itself!

What is the problem you are trying to solve? Today we have laws to curtail usury. If somebody wants to charge you usurious rates they are caught .

For example in recent yrs a bunch of Chinese apps and ppl were caught and prosecuted for app loans and usurious rates.

What is missing is educating those who borrow that they’re signing up for rates.

 

[Finer]

There are fundamental conceptual misunderstandings at play here...

The two are not interchangeable. Interest or usury is just one aspect of the whole financial paradigm. Current global financial system is in essence a credit on TIME itself. The more credits you accrue the more time you've purchased... and debts are what you've borrowed from the future. It is created from thin air and disappears into ether. In this equation people are commodity! Profit is it's essence not people.
It is administered through generational amnesia, human greed and by compelling the purchase of fundamentals such as food, fuel, drugs and arms in said coin or credits. You cannot remove interest from it... that is its essence. Your indentured labor insures it... your cyclical payments such as utilities, taxes, insurance etc are restraints... coercions. These invisible confines line the matrix around you... coercing you and designing, charting/dictating your path.

The flipside of such is a tender that is outside such confines. A transaction that delivers value to only transacting participants. Whose value is intrinsic and timeless.
People are at helm here, not profit!

Debt therefore carries no additional value and must be paid in earnest in it's entirety and nothing more. Among other things included in the rites of deceased are obligations of debt. It carries profound significance in fairness and dealings of an individual, thus a burden on The day of Judgment...

Remember at it's core are foundational principles of Islam... that the Almighty is the Sustainer of all life forms on earth. The debt thus issued by sufficiently endowed only furthers exploration/exploitation of resources already provided... hindered merely by incapacity of underresourced.

We live in a world where legacy powers and systems run the gamut. Breaking it's confines are easier said than done.

The whole system is designed to be exploitation doesn't make it financial system. Rather it is mob controlled banks so naturally one way or other; we suffer in terms of losing our money whether in the name of interest rate or losing value in currency that doesn't hold well. The only thing that stays the same is the resources and they have bought our governments to control our resources while the taxpayer into their controlled banking systems.

For the young OP. It should be clear now that practice Islamic finance in this day and age is almost impossible

It is possible and it was possible before and it can be possible again. We just have to buy our governments back that should work for our betterments - not the one that holds our 'digitized' currency and dictates our governments into their biddings.

Interest/unsure is the fancy way of exploitation in modern worlds. It is not financial system. It is not profit and loss system. It is not investment. It is looting. And it is not acceptable.

Our taxpayers money should bankroll the government to make us the whole in the manner of the investments that ensures our civilizations grow in profits that should benefits us and only us. Unfortunately, we, tax payers, are bankrolling the mobs instead that buys our government with easy access to our money and make money from our money while we pay the bills. That is not banking. That is highway robbery.

 

[Azadkashmir]

german national socialism no banks no usury print your own back it by labour treasure certificates.

 

[Trango Towers]

The whole system is designed to be exploitation doesn't make it financial system. Rather it is mob controlled banks so naturally one way or other; we suffer in terms of losing our money whether in the name of interest rate or losing value in currency that doesn't hold well. The only thing that stays the same is the resources and they have bought our governments to control our resources while the taxpayer into their controlled banking systems.


It is possible and it was possible before and it can be possible again. We just have to buy our governments back that should work for our betterments - not the one that holds our 'digitized' currency and dictates our governments into their biddings.

Interest/unsure is the fancy way of exploitation in modern worlds. It is not financial system. It is not profit and loss system. It is not investment. It is looting. And it is not acceptable.

Our taxpayers money should bankroll the government to make us the whole in the manner of the investments that ensures our civilizations grow in profits that should benefits us and only us. Unfortunately, we, tax payers, are bankrolling the mobs instead that buys our government with easy access to our money and make money from our money while we pay the bills. That is not banking. That is highway robbery.

Ahh. OK bro it's good to think positive. As you get older you will realise that Muslim world is full of 99.9% harami choors and cowards. They only steal money. Why would they give up power for you tonlive an Islamic life?
You want your country back then prepare to shed blood. There is no other way

 

[Finer]

Ahh. OK bro it's good to think positive. As you get older you will realise that Muslim world is full of 99.9% harami choors and cowards. They only steal money. Why would they give up power for you tonlive an Islamic life?
You want your country back then prepare to shed blood. There is no other way

99 percent? It is one percent that is richer and rules over 99 percent worlds. It is other way around. Poverty leads to crime and because of minority rich greedy people, poverty begets crimes.

In the past, those greedy people were eliminated to ensure the equality economy in the nation flourished thus the civilizations benefited and progressed.

 

[Trango Towers]

99 percent? It is one percent that is richer and rules over 99 percent worlds. It is other way around. Poverty leads to crime and because of minority rich greedy people, poverty begets crimes.

In the past, those greedy people were eliminated to ensure the equality economy in the nation flourished thus the civilizations benefited and progressed.

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

 

[MH.Yang]

But there NO country on the planet where this is practiced. So ??????

China has an anti-usury bill.

Chinese law stipulates that private lending is not allowed to exceed an annual interest rate of 14.5%, otherwise the loan is not legally protected.

Anti-usury laws are a favorable weapon to curb inflation. It also maintains social stability and protects harmonious relations among people.

 

[Trango Towers]

China has an anti-usury bill.

Chinese law stipulates that private lending is not allowed to exceed an annual interest rate of 14.5%, otherwise the loan is not legally protected.

Anti-usury laws are a favorable weapon to curb inflation. It also maintains social stability and protects harmonious relations among people.

And 14.5% is pretty steep
But at least China is beginning to understand the risk of usury

 

[MH.Yang]

And 14.5% is pretty steep
But at least China is beginning to understand the risk of usury

China's anti-usury laws are actually derived from the "庆元关市令" decree issued by the Song Dynasty in China in the 12th century AD.
So China is not copying Sharia law, but our traditions are similar.

 

[Trango Towers]

China's anti-usury laws are actually derived from the "庆元关市令" decree issued by the Song Dynasty in China in the 12th century AD.
So China is not copying Sharia law, but our traditions are similar.

It's not about copying. It's about doing the right thing. Example. A wheel is round. Ut can only be round. It's not copying its what it is