Sunday, May 09, 2010

Interest based economy, Islamic Banking and Jamaat-e-Islami Hind

Prophet Muhammad PBUH reformed and refurbished 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 Muhammad (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 asked why people do not abhor 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.

More than 300 Islamic banks are functioning in 75 countries throughout the world. When London, Tokyo, Singapore and Hong Kong can become hub and house of Islamic Finance why not Mumbai or Chennai, he asked.. Its need of the hour that muslim Ummah should become practicing ummah. He quoted many incidents from the early days of Islam.

From a speech delivered by Janab H. Abdur Raqeeb while presiding over the seminar on “The Destructive effects of Interest(Riba) and Islam the only solution” organised by Jamaat e Islami Hind, Gulbarga on 02.05.2010.
To read the full report click here.

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