Interest Rates (Riba) Prohibition

Interest rates are also one of those things whose disastourous effects can only be realized when its too late. The quran say when you have accepted the dealing of Riba you have consequently accepted WAR with GOD and thats what exactly it is. We have seen individuals and even countries becoming completely debilitated we can see that the war promised by god is upon us.

Riba is simply a means by which people are allowed to live their future lives in the present. If the natural way to poses a car is to work five years and save then buying it today is spending your five year year-ahead income today. In the long run we would reach a point where we have spent all our future incomes in the present and the results would be unbarable.

Furthermore, interests rate mean higher costs of production for businesses and higher costs of purchasing for individuals. That means the cost of goods are far hingher than their natural costs. We have a far better alternative in stock markets. People gather their incomes and use them to produce goods at natural costs of productions.

Everywhere in the world the default rate on loans and credit card bills is on a hike so if we consider a hundred percent imminent default, everything will onbe day come to a halt.

Please contribute your thoughts.....