Mozaik Islam

Menjaga Akidah Islam dan Menghargai Kebhinekaan demi Masyarakat yang Harmonis dan Sejahtera dalam Bingkai NKRI

Financial Institutions Can and Do Survive Without Riba

Second, Ibrahim claimed that, “A financial institution to any economy is just like the heart to the human body.

Again, this is not a true statement. A financial institution can always function without the need for usury, just as was the case with Muslim economy in past centuries, especially during the early time of Islam. During that golden era, Muslim economy was the purest, the largest and the strongest, without ever needing to rely on Riba. Allah gave victory to His religion and raised the flag of Islam high through these early believers, bestowing on them vast provisions; truly, the riches of the earth were uncovered for them. Allah helped the Ummah with these resources, allowing them to fight their enemies and saving them from using what He prohibited for them.

Those who study Islamic history from the time of the Prophet, salla allahu `alaihi wa-sallam, until the time when various financial institutions were established in the modern era, will realize that what we have stated here is the certain truth. On the other hand, Muslims will suffer economically, and Allah’s blessings will decrease, as a result of deviating from Allah’s Law and abandoning what He ordered and the business transactions He has allowed. In the later case, Muslims will acquire Allah’s Wrath and suffer many trials and calamities, because of their defying what Allah has ordained on them1.

Allah said,

 وَمَا أَصَابَكُمْ مِنْ مُصِيبَةٍ فَبِمَا كَسَبَتْ أَيْدِيكُمْ وَيَعْفُو عَنْ كَثِيرٍ 

what translated means, {And whatever of misfortune befalls you, it is because of what your hands have earned. And He pardons much}[42:30],

 وَلَوْ أَنَّ أَهْلَ الْقُرَى آمَنُوا وَاتَّقَوا لَفَتَحْنَا عَلَيْهِمْ بَرَكَاتٍ مِنَ السَّمَاءِ وَالأَرْضِ وَلَكِنْ كَذَّبُوا فَأَخْذنَاهُمْ بِمَا كَانُوا يَكْسِبُونَ 

{And if the people of the towns had believed and had the Taqwa (piety), certainly, We should have opened for them blessings from the heaven and the earth, but they belied (the Messengers). So We took them (with punishment) for what they used to earn (polytheism and crimes, etc.)}[7:96],

 وَلَوْ أَنَّ أَهْلَ الْكِتَابِ آمَنُوا وَاتَّقَوا لَكَفَّرْنَا عَنْهُمْ سَيِّئَاتِهِمْ وَلأَدْخَلْنَاهُمْ جَنَّاتِ النَّعِيمِ ‌  وَلَوْ أَنَّهُمْ أَقَامُوا التَّوْرَاةَ وَالإِنْجِيلَ وَمَا أُنْزِلَ إِلَيْهِمْ مِنْ رَبِّهِمْ لأَكَلُوا مِنْ فَوْقِهِمْ وَمِنْ تَحْتِ أَرْجُلِهِمْ 

{And if only the people of the Scripture (Jews and Christians) had believed (in Muhammad) and warded off evil (sin, ascribing partners to Allah) and had become Al­Muttaqun (the pious) We would indeed have blotted out their sins and admitted them to Gardens of pleasure (in Paradise). And if only they had acted according to the Taurat (Torah), the Injeel (Gospel), and what has (now) been sent down to them from their Lord (the Quran), they would surely have gotten provision from above them and from underneath their feet}[5:65-66],

 وَمَنْ يَتَّقِ اللهَ يَجْعَلْ لَهُ مَخْرَجاً  وَيَرْزُقْهُ مِنْ حَيْثُ لاَ يَحْتَسِبُ وَمَنْ يَتَوَكَّلْ عَلَى اللَّهِ فَهُوَ حَسْبُهُ 

{And whosoever fears Allah and keeps his duty to Him, He will make a way for him to get out (from every difficulty). And He will provide him from (sources) he never could imagine. And whosoever puts his trust in Allah, then He will suffice him}[65:2-3], and,

 وَمَنْ يَتَّقِ اللَّهَ يَجْعَلْ لَهُ مِنْ أَمْرِهِ يُسْرًا 

{And whosoever fears Allah and keeps his duty to Him, He will make his matter easy for him}[65:4].
They call Riba, “Fa-idah (Interest)”

Third, Ibrahim also claimed that, “The questions that we have not found answers to until now pertain to how the Faqihs (scholars of Islamic Jurisprudence) assess the economic significance of al-Fa-idah and why they do not allow loans that incur interest?”

By: Shaikh: Abdul ‘Aziz ibn Abdullah ibn Baz