Interest and Economy
“Allah destroys Riba and
nourishes charities.
(Al-
Qur’an 02/276)
EFFECT
OF INTEREST
EFFECT
OF CHARITY
Effects
of Interest / Charity on Economy
Whatever we use or
consume, the starting material comes from earth or heaven. At every stage of
production/processing some component of Debt Servicing is added and passed-on
to next buyer.
The cumulative burden
of Debt Servicing from earth to retail point is passed-on to the end consumer, inflating
price of the goods sold, or value of services provided.
The burden of Debt Servicing depletes the purchasing power of the end
consumer. Depleted purchasing power means lesser demand for goods/services;
this in turn has a recessionary effect on the economy.
In Islam the
cardinal principle of Sadaqat i.e. Zakat and voluntary charity is that the recipient
be made unconditional owner of the amount of Sadaqat.
This augments purchasing of the recipient,
resulting in demand for more goods and services, creating more jobs, giving
impetus to economy.
Aziz-uz-Zaman
7th Jamadi-ul-Awwal,
1439 Hijri,
(25th January,
2018 A.D)
E-mail: azamanquran@gmail.com
E-mail: azizzaman.islam@gmail.com
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