AUTHENTIC ISLAM (DEENULLAH) & CAPITALISM
By: Kassim Ahmad
June 6th, 2017
The main difference between authentic Islam (way of life) from capitalistic way of life is the practice of usury, toned down to become interest. Usury is strongly denounced in the Quran. God and his messenger declare war on usury. Trade is allowed, but not usury. Why? Because trade makes a community prosper , while usury deprives.
The so-called Islamic bank goes around interest or usury by making the borrower agree to the terms. This is obviously hypocrisy of the highest order! But then without interest or usury how can the banks make money? In true usury-less banks, borrowing, is taken from the money deposited by millions of people. At any one time, there is much, much more money in the banks than loaned out. The banks use this huge sum to loan out for trade.or the banks can engage in trading too. This is how true Islamic-banking system avoids taking interest or usury, which is strongly forbidden. As I said, trade prospers while usury deprives.
Has there been any system in the world which practiced this zero usury mode of life?
There must have been. At the time of Prophet Muhammad and the four righteous caliphates, this usury-less system must have been practiced. The third caliph, Usman Ibni Affan, was reported to be extremely rich. It is reported that the Arab-Islamic armies of liberation swept thorough the two hegemonic powers of the then world, Persia and Rome, and went to be Power No.One in Baghdad for eight centuries. Medieval Europe sat at the feet of Baghdad for three centuries before their renaissance.
Now we must consider the phenomenon of colonialism. Why almost all European power become colonialist: first wave, Spain and Portugal, then the second wave Dutch and British. The great Malay port of Malacca was the trading home of more than 80 nations in the 14th and 15th centuries. In 1511 Malacca fell to the Portuguese. In the East, only Japan and Thailand became colonialist, Thailand colonized the Malay sovereignty state of Pattani. Japan colonized Malaya for a time before the return of the British.
I have one question to ask about colonialism. Has anyone counted the costs in lives and property of colonialism? It must be countless! It occurs to me that what we are seeing today in the almost everyday occurrence of "terrorism" is an impotent retribution of once colonized sovereign states of the Third World.
How to resolve this contradiction of historical colonialism and counter-terrorism of impotent states? Look at the nuclear-armed superpowers of United Sates, Russia, Britain, France and China - who elected them? See the hypocrisy of it all? The way out is for all the colonial powers to ask forgiveness from the colonized people and pay token compensation.
KASSIM AHAMD is a Malaysian author. His website is