Being an explanation of the Islamic prohibition of riba (i.e borrowing and lending on interest, among other things), and an effort: to remind Muslims of the teachings of the Quran and Sunnah as they pertain to the prohibition of riba and, in partibular, that a violation of this prohibition constitutes a great sin. to expose the grand design of hostile …

Our conference must ensure that we explain issues relating to ‘money’ in a manner that can be readily understood, not just by those present in this gathering here in Kuala Lumpur, Malaysia, but also by the hapless multitudes around the world who know little or nothing of this subject, and who look to us for guidance; hence an imperative of …

The Dinar is the Mithqal and the Mithqal is 72 Grains of Barley. The Open Mithqal Standard is a standard for determining the weight and measure of modern Dirhams and Dinars. The standard is also known as the Nabawi standard as it seeks to more closely replicate the Dirham and Dinar coins used by the Muslims during the time of …

First published: 1996

The author is Director of Islamic Studies, Joint Committee of Mulsim Organizations of Greater New York.

Anas (RAA) said that he heard the Messenger of Allah (SAW) say: “Among the signs of the Last Hour will be the removal of knowledge and the abundance of ignorance …”
(Bukhari, Muslim)

There is widespread ignorance amongst Muslims in this age concerning the subject of the prohibition of riba in Islam. And yet it appears to us from New York, the riba capital of the world, that there is, perhaps, no other subject more important than this to which Muslims should be directing urgent attention, for it is here that the fiercest attack of all has been launched by the enemies of Allah (SWT).The widespread ignorance concerning the prohibition of riba is most certainly a confirmation of that sign of the Last Hour spoken of by Prophet Muhammad (SAW). Any attempt to demonstrate the importance of the prohibition of riba in Islam ought to be based upon the two basic sources of Islam, the word of Allah (SWT) and the word of the Prophet (SAW). The Prophet (SAW) had, earlier in the day of Friday the 9th, of Dhu al-Hijjah 10 A.H., delivered the khutbah alwida’ in which, among other things, he enforced the prohibition of riba retroactively. He thus completed the process of the total eradication of riba from the economy and society over which Islam exercised control. Then, at about the time of asr of that same day, Allah (SWT) sent down the Revelation announcing the essential completion of the process of Revelation of Divine guidance to humanity:

{quran 5:3}

This day have those who disbelieve given up hope of (destroying) your Deen. So fear them not. Rather fear Me. This day have I perfected for you your Deen, and completed My favor unto you, and have chosen for you as your Deen al-Islam (i.e., submission to the Supreme Will of Allah). (Al-Maa’ida 5:3)

It certainly appeared as though the process of Divine Revelation of the verses of the Qur’an had come to an end. And yet this was not so. Some eighty-one days after the Revelation of the above verse the Prophet (SAW) died. Shortly before his death, however, Allah (SWT) sent down the last Revelation with which He completed the Revelation of the Qur’an. In fact that last Revelation also terminated the process of the Revelation of Divine guidance which had commenced with our father Adam (AS), and had lasted for thousands of years. There can be no doubt that the topic chosen for the last Revelation must be one of supreme importance. What was the last Revelation?

The global economic crisis continues to spread worldwide, despite reports of ‘green-shoots’ appearing here and there.  Unemployment is still significantly persistent in major economies – in Europe, America and Japan.  Many quarters, including even the Vatican, are voicing their opinion that Islamic solutions seem worth considering.  The global monetary structure that is fundamentally based on interest or riba has been …

In three verses of the Qur’an Allah Most High has prohibited the unjust diminishing of value of people’s wealth (Wa la tabkhasun naasa ashya-ahum). This unjust diminishing of value of people’s wealth is sometimes achieved through inflation. Hence it is Haram. Inflation is defined as the constant increase in prices for a reason other than that related to market forces …