Pakistan - Riba is not the Only Issue

The announcement that riba will be abolished by the 1st of July only in domestic transactions not only makes a mockery of Islam but it also confuses people into thinking that the most important issue in our economic life is riba. This undermines the whole notion of what an Islamic economic system represents.

We must understand that the Islamic economic system does not equate to the capitalist economic system minus riba. Rather the capitalist economic system contradicts Islam both in its fundamentals and details. Fundamentally, the capitalist economic system always concentrates wealth into the hands of a few rich people whether they live in the West or reside in third world countries, whereas Islamic economic system is based upon the distribution of wealth and prohibits the accumulation of wealth amongst a few individuals. It is mentioned in the Quran "In order that it may not merely circulate between the wealthy among you." [ al-Hashr: 7]. Also in its details the capitalist economic system contradicts Islam such as the free market economy, deregulation, privatisation, price fixing, monopolies, stock exchange, public limited companies, income tax, GST, life insurance, bonds etc. and therefore it is haram upon Muslims to either call for them or to implement them.

Sadly, we find that the state continues to fool the Ummah by prohibiting riba in domestic affairs and at the same time permitting its use in international economic affairs such as debt servicing and repayments of riba to the IMF. Furthermore, the state not only remains silent on the above-mentioned aspects of the capitalist economic system, but also encourages Muslims to enter into haram contracts by forcing the implementation of the capitalist economic system upon them. Consequently, the Ummah has been robbed of her wealth, plunged into poverty and has been deprived of her basic needs all in the name of capitalism.

The wealth, prosperity and the basic needs of the Ummah can only be safeguarded if she returns to live under shade of the Khilafah. The Khilafah state is the one that applies the Islamic Ahkam internally and externally. This includes all the systems of Islam whether they are ruling, social, economic, educational and judicial or matters concerning international relations. There is no room for gradual or partial implementation of the Islamic rules as the current regime and its institutions have led us to believe. The Islamic rules must be applied immediately and comprehensively. It is mentioned in the Quran

"Then is it only a part of the Book that you believe in, and do you deny a part? What is the reward for those among you who do so, except disgrace in this life? And on the Day of Judgement they shall be consigned to the most grievous penalty." [ Al Baqarah: 85]
 

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