The Great lies–Islamic banking
The reason the Muslims’ minds were unable to pitch an alternative system was mainly due to their subservient state of mind and by not understanding the basics of money and banking. The banking system, driven by riba and the monopolization of money creation, has cleverly managed to elude their minds to have looked at the occult practice of banking in more detail to decode the reality around it. Instead of creating a counterargument, their attention was limited in its very thinking without realizing that a just and moral society cannot be built by ignoring the basic principles necessary for its foundation. Money, as we speak, has never been a monopoly in Muslim marketplaces. People were always free to choose whichever medium they would choose as a token of exchange for their labor and production. They had no compulsion like the banknotes we have today, and this fundamental principle was understood by other civilizations as well. When the money changers started to bank, our learned scholarship found themselves caught in a labyrinth of ignorance and subversion. Therefore, they hardly put any efforts to understand this new way of money creation to have promptly pointed the flaws in the system. Instead, they ignore the very basic and fundamental principle which is the cause of all the evils in the world today. They failed to articulate how the system works and instead endorsed central banking to push the Muslims into perpetual economic slavery. Their vision remained limited in a framework of self-morality as Islam has nothing else to offer. This mindset has created a subversive society which has accepted the flaws in the system as the divine truth without realizing that it has subverted their faith in the process. If Allah has forbidden Riba and declared war against it, then how are Muslims going to build a society which obeys God’s law, and become role models? The learned minds in Muslim societies failed to develop such faculties to address the question of Riba and to provide an alternate model. Instead, they kept arguing about little things that were nothing but a manifestation of their imagination and a limitation to their thinking. They were divided, and this is how the system survived and kept the Muslims in a paradigm of perpetual economic slavery. They remained unfaithful to their faith and destitution has been their fate ever since.
When the question of Riba came into the equation – the subservient mind has to avoid the question regarding central banking and instead built its flawed argument on its purported foundation. This is how they made Islam subservient to the capitalist system, and this failure to articulate what was divine is the greatest intellectual shortcoming of our learned minds. The whole system has to be eradicated to make this adjustment. Riba has no place in a just society built on sound monetary foundation. Over the course of this book, we have learned that the power to issue money belongs to the people, and riba has no place in human society. We understand the consequence of riba as explained in Mathematically Perfected Economy that, “the only way to perfect an economy of perpetual, terminal multiplication of debt in proportion to the original circulation is to eradicate interest, because to maintain a circulation subject to interest requires perpetually re-borrowing whatever we pay against principal and interest as ever greater sums of debt. Every system involving a currency subject to interest, therefore, imposes a maximum possible lifespan on itself, as ever greater sums of interest on an ever escalating sum of debt eventually impose collapse.” We can clearly see how Riba has destroyed the social, moral, and economic fabric of the west, and still we are clinging to the same system; such esoteric deviation is beyond me. Thus, we have no other option but to eradicate the banking system and the usury associated with it. Only then can we move towards a truly just and moral society. We must revert to the Islam, which provides cure to humanity, that we have lost over the course of history, that guarantees such a society by declaring war against those who deals in Riba and discouraging the monopolization of the currency. Muslims had always practiced Muamalat–with a mosque, there was a public marketplace obeying the same rule as that of the mosque, and people were free to choose their medium of exchange. It is imperative that we look into this model to reclaim our lost glory. The only way to break away from this economic slavery is to understand the basics of money and how Riba is manifested through the banking system and the monopolisation of the currency. The very reason that Pakistan came into being was to show the path for humanity to model an economic system based on a true Islamic concept of equality and social justice envisioned by the Founding Father and give hope to the people around the world chained in an invisible bondage of perpetual economic slavery.
A girl wearing a head scarf is a lifestyle that is not compatible with Western values; somehow, that piece of clothing will send tremors through the West because their way of life is threatened. When it comes to money, Islamic banking does not threaten them in any way. Instead, they are opening their doors to Islamic banking and finance; one would wonder why. They were looking for a partner in crime, and Islamic banking has become the right tool to further the theft of human labor and production—now disguised in Holy clothes. We have already concluded that the banks, regardless of being Muslim or Christian, indulge in the first crime of obfuscating our promissory obligations (money creation) that we have to each other and do not risk anything of value in return. Banking’s foundation is based on this theft of principal from the people, and we still have Islamic banks to misguide the Muslims. The only way for the banking system to survive is to tap more resources and enslave as many people in their domain to continue with their theft of labor and production, and Islamic banking has become the right tool to extend their hegemony of global control and power. Regardless of their claims, they had to work, within the central banking framework, and they didn’t have any other option but to match the conventional banking in the marketplace, only to misguide the Muslims with holy words. “The most important form of finance in Islamic banks is called Murabaha. This is nothing but a hidden form of interest. This sales contract, which is well known in Islamic Law, has been perverted in the hands of the Islamic banks. Murabaha constitutes between 80 and 90 percent of the assets of Islamic banks. We could say that without Murabaha, Islamic Banks would not be able to exist today. Under the label of Murabaha, which is a sale, Islamic Banks portray a means of finance based on a well known forbidden practice known as “two sales in one.” This practice of “two sales in one” is a disguising mechanism which presents usury as if it was profit.” This was noted by Shaykh Umar Vadillo in his groundbreaking work. Another two cents worth a question arises here: How do the Islamic Banks make a legitimate claim to the principle plus the markup/Murabaha (unearned profit/riba) when, in reality, they did not risk anything of value or gave up commensurable consideration of its own? Their claim on the principle plus the unearned profit (riba) is nothing but a plain theft wrapped in the illusion of faith. I wonder how they can live with such a colossal betrayal of their faith by twisting the truth and embracing the usurious system with religious endorsement. Instead of creating a counterargument, we have shamefully made a fraudulent institution like a bank “Sharia” complaint, which is an unmitigated effort to preserve the banking system. This is totally evil, yet still we tolerate this filth due to our ignorance. The very idea of a bank is an open declaration of war that Allah has issued in the Quran against the usurers. The only way to a perfect economy is to follow the basic principles laid out in the Quran, and it is now obvious that central banking cannot function without riba and the monopolization of currency. Every day, we gather in mosques and ask for peace, blessing, and forgiveness, but we have no idea that we are being cursed every moment of our existence.