The Essence of the Holy Qur’an
Social Harms of Interest
“O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful.”
(Surah 3: Al Imran, Verse: 130)
Dear Brother 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 the 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 opportunity. Islam declares all kinds of interest as haram. It considers the operations with interest as one of the greatest sins. ]
All commands and prohibitions of Allah are for the good of His servants. They are for their peace in the world and the happiness in the Hereafter. Prohibition of interest in Islam has many wisdom. Interest decreases the baraqah of not only the property but also of 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 behaviours such as lending for the consent of Allah (swt), 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 a profit without considering whether it is legal causes great unrests in society.
Although a person who makes operations with interest thinks that he makes profit effortlessly and easily. In fact, he is deemed to lose. However, the Almighty Allah (swt) points out this fact in the Holy Qur’an as follows, “Allah will deprive usury of all growth but will give increase for deeds of charity, for He loveth not creatures ungrateful and wicked.” Then, let us stay away from the disaster of interest, which has been one 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, Istanbul, Turkey