Why is riba condemned in Shariah?

The Western economic system, which is based on interest, has resulted in concentrating the wealth and resources of the world into the hands of a few select individuals.

The money of the rich is pooled in banks and offered to the poor, according to their financial status, under the pretext of fulfilling their needs and requirements with the condition of interest attached, thereby making it extremely difficult for them to continue life and escape their poverty.

The outcome is that the wealthy thrive and prosper through the blood and sweat of the poor. Hence, they create monopolies and become richer while the poor become poorer in slogging to pay off their debts to the rich. In essence, riba has achieved nothing besides widening the gap between the rich and the poor, causing man to fall deeper into the abyss of destruction. Worst of all, it gradually sucks the blood of the poor and entraps them in slavery that is not in the form of shackles and chains, but rather in the form of anxiety and sleepless nights.

Many countries’ deficit accounts run into billions due to the interest-bearing loans that are borrowed from other countries, the brunt of which is borne by none but the citizens of the borrowing countries. The reality of the matter is that today’s ten richest men in the world own more than the combined wealth of 48 poor countries of the world. Millions are malnourished, lack access to pure water, are underprivileged in terms of the basic necessities of life and are deprived of education.

In contrast, Islam advocates brotherhood and showing kindness and compassion to the creation. One is permitted and encouraged to earn a halaal living. However, this must be done together with maintaining a balance and with fulfilling the needs of the creation.

And Allah Ta'ala (الله تعالى) knows best.