Allah warns us in the Quran: “O you who believe, fear Allah, and give up whatever remains of riba, if you be believers. But if they do not, then be apprised of war from Allah and His messenger, though if you repent, you may keep your principal, neither wronging nor being wronged” (Quran 2:275-79). The Prophet Muhammad (Allah bless him and give him peace) said, “Usurious gain is of seventy kinds, the least of which is as bad as a man marrying his mother.”
Besides these religious prohibitions, commercial interest simply does not make sense: interest grows faster than the planet, the economy, and your ability to repay it. It’s time to wake up to the reality of interest-based banking and leave it entirely.
Make this Ramadan the month you completely remove commercial interest from your life:
Make this Ramadan the month you completely remove commercial interest from your life:
STEP 1: MAKE A PLAN
Make a plan to eliminate all interest-based transactions — mortgages, car loans, student loans, savings accounts, and personal loans. Spend less, pay in cash, rent if you have to, take interest-free loans from friends and family, and do whatever it takes to save yourself from a war with Allah in this life and the next. A number of Islamic banks now offer refinancing options that convert one’s conventional mortgage into its Shariah-compliant equivalent.
STEP 2: EXECUTE THE SHORT-TERM
Close all interest-bearing accounts and open an account in an Islamic bank. If there is no Islamic bank in your country, consider opening a non-resident account at one of the many Islamic banks overseas; or as a last resort, only hold an interest-free account and give your bank standing instructions to never pay or charge you interest.
STEP 3: IMPLEMENT THE LONG-TERM
Close all interest-based investments and invest any surplus funds in property, land, precious metals, and Shariah-compliant stocks.
(Approved by Ethica’s Shariah Board)
Credit: ethicainstitute.com
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