[Social justice without elimination of Riba]

Fatawa Question

Dearest Dr. Monzer, As-Salamu `Alaykum, Thank you very much for yesterday’s session, may Allah accept your effort and abundantly reward you, Could you kindly reply to the following question ? As-Salam 'Alaykum wa Rahmatullah wa Barakatuh : Isn't it a fruitless venture, the attempt at social justice without first pondering over what kind of economic structure one is living in ? While the systems of Riba (USURY) prevail in the world and there are central banks, that loan money instead of being treasuries which store money and the money being concocted as if from thin air, how can we expect real social justice where the poor are having a clean and pure chance to excel ? As money is made of paper and slowly being phased into the electronic realm, so money can be added to the money supply at a whim ; what kind of effect does an increase in the money supply have on the purchasing power of the masses that too the money is loaned at interest ? Sunnah money is gold and silver, why ? These are scarce items and so the purchasing power of the masses is protected, you can't print gold and silver or type them into the computer to increase the supply, can you ?

Fatwa

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Publication Date

2011-02-18

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Social justice
• Usury

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-732851

• APA
• MLA
• AMA