Showing posts with label Islamic Finance. Show all posts
Showing posts with label Islamic Finance. Show all posts

Saturday, 2 April 2011

Usury

In the present age, it seems that it is only within Islam, and in a few minor Christian and Jewish groups, that teachings prohibiting dealing in usury remain intact. Elsewhere such teachings have either been long abandoned or been subject to human caprice as the following excerpt shows:

"‎400 BC - 65 AD in Ancient Rome and Greece - The infamous philosophers who condemned Usury were Plato, Aristotle, the two Catos, Cicero, Seneca and Plutarch.

One of the first recorded History of Usury was in India, the Hindu's Vedic in 2000 - 1400 B.C. By 600 B.C, the Buddhist's Jakkata shows contempt for Usury saying “hypocritical ascetics are accused of practising it.” During this time, Vasishtha, a well known Hindu law-maker of that time, made a special law which forbade the higher castes of Brahmanas (priests) and Kshatriyas (warriors) from being usurers or lenders at interest. By 2nd century AD the concept of Usury was diluted, and today in India it is "condemned in principle, usury refers only to interest charged above the prevailing socially accepted range and is no longer prohibited or controlled in any significant way."

The Prophet Ezekiel includes usury in a list of “abominable things,” along with rape, murder, robbery and idolatry. Ezekiel 18:19-13. Jews are forbidden to lend at interest to one another. Exodus 22:25; Deuteronomy 23:19-20, Leviticus 25:35-37."

From Islamicity

Monday, 20 December 2010

"Pay the worker his wage before his sweat dries.”

An informative website detailing different products, in various locations worldwide, which may have been produced using forced labour (AKA modern day slavery).
http://www.productsofslavery.org/

Prophet Muhammed (May the peace and blessings of Allah be upon him) advised us to change a wrong action with our hands, in the first instance, and if we are unable to do that, then we should condemn it by our speech. If we are so powerless that we are unable to do even that, then we should hate such wrong action in our hearts. Allah's messanger (pbuh) also said, "pay the worker before his sweat dries" and ."..assist any person oppressed whether Muslim or non-Muslim"
 
There may be definite scope to embody some of these principles by taking action to oppose the unjust treatment of workers.
 
The problem of maid abuse is a blight on some oil rich Arab societies, too and one which, so far, governments in those regions have been lack lustre on. How far have Muslim societies strayed from the prophetic guidance.