Sunday, May 9, 2010

Symposium on "Destructive effects of Interest(Riba`) & Its Islamic Solution

Should Ulema start speaking not only about Namaz, Fasting, but also on burning issues of the society like on the evil effects of interest bases economy, they together with intellectuals work towards eradication of this evil, the society will get rid of this evil. These were these marks made by Jb Abdul Rafeeq, Member, Central Advisory Council, Jamaat e Islami Hind, while presiding over the seminar on “The Destructive effects of Interest(Riba) ans Islam the only solution” organised by Jamaat e Islami Hind, Gulbarga on 02.05.2010 at Mohammad Function Hall.

He said why people do note develop hatredness about Interest like they hate adultery, alcoholism, gambling and eating pork ? The interest based economy has engulfed the society like cancer even though stringent guidelines have been given in Qur`aan and sunnah. As soon as the Islam prohibited Interesr Hazrat Abbas (R) the Uncle of Prophet PBUH came forward and waved the interest of the people owed to him. He said Islam prohibited Interest while business as Halaal. Today the one who gives loan lays the conditions whereas Islam teaches that the loan giver should accept the conditions of the loan taker.

Addressing the large gathering he said Prophet PBUH brought about reforms the economic system and made Masjid e Nabavvi as the hub of economic activity, where different commodities were brought and sold based on the Islamic guidelines. Prophet PBUH appointed inspectors to monitor the regulations. There were women inspectors, which reveals that even women were participating in business activities. It is time to create such small markets in different localities so that the benefits gained and the society is freed from Interest.

He felt that ways have to be created in India for the interest free market by amendments in Parliament. Kerala has taken initiation in this regard and found to be a good experiment. He said the halaal earning should be made. Today even non Muslim brothers are introduced to non Interest banking ie., Islamic Banking. They showing keen interest. He said there are over 300 Islamic banks spread over 75 countries in the world. And asked why not in Mumbai and Chennai. Its need of the hour that muslim Ummah should become practicing ummah. He quoted many incidents from the early days of Islam.

The symposium was attended by about 550 people comprising of Intellectuals, leading businessman, Ulema, dignitaries. Moulana Vasiullah Rahmani, Khateeb & Imam of Masjid e Aiwanshahi and Moulan Nisar Ahmed Qasmi of Masjid Arafat spoke as chief guests. Moulana Vasiullah Rahmani said interest is made haraam for humanity. Even non Muslim brothers also be protected from this evil system He said we try to lend loan to those who are actually benefited from zakaat. He called for the establishment of baitul malls where in needy are given interest free loans.

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