Social Harms Of Interest
“O ye who believe! Devour not usury, doubled and multiplied; but fear Allah that ye may (really) prosper.”
(Surah No. 3: Al ‘Imran; Verse No. 130)
Dear brothers and sisters,
Interest means taking the money lent to someone back at the end of a certain period and by adding some money to the initial capital. It is illegal, unreturned, and unmerited extra money that is paid by debtor to creditor compulsorily. It means having an unearned gain without turning an honest penny and exerting efforts. It means turning the trouble of people who are in need of an opportunity. Islam declares all kinds of interest as haram definitely. It considers the operations with interest as one of the greatest sins.
The prohibition of interest in Islam has many wisdoms in terms of both individual and society. Interest decreases the baraqah of not only the property but also the life. Interest causes many bankruptcies, suicides, dissolution of families, and wasted lives. Low-incomers and the poor are degraded in the societies in which interest is common. The gap between the rich and the poor goes deeper day by day. Virtuous behaviors such as lending for the consent of Allah, solidarity, sympathy, mercy, compassion, benefaction, and infaq are eliminated. Religious and moral values are damaged. Sensitivity to halal and haram weakens. Consequently, trying to make profit without considering whether it is legal cause great unrest in society.
Interest, on the contrary, eliminates the baraqah of the wealth. Its owner cannot make any profit out of it other than sins. It sets up the bankruptcy of its owner both spiritually and materially. The Messenger of Allah (s) expressed that interest made its owner lose eventually as follows, “Those who increase their property by way of interest cannot benefit from their property.” Prophet also said, “No one can eat food that is more favorable than their own gain.” Then, let us stay away from the disaster of interest which has been one of the biggest means of exploitation and oppression in economic life throughout history. Let us understand that we cannot benefit from the property gained by interest.
Jobayer Al Mahmud, Student, Uludag University, Bursa, Turkey