The Objectives of the Prohibition of Riba By: Elhadi Habbani

Thanks Mr. Elhadi !!

It is a well researched topic that covers all the aspects of the interest issue. I may concentrate on the main objective of interest is to increase the unfair distribution of wealth among people which is cited in many verses of the Quran. The end result of excessive interest is making the rich more richer and the poor more poorer. It creates a vicious cycle of poverty by pushing those who live in the margin of society to indulge deeper into an endless loop of poor consumership. Interest helps in feeding inflation at an alarming rate !!! Inflation is the chronic cancer of the modern day economy.

The best example is the credt card inflated rate of compound interest which ranges between 18%-25% !!! Though how simple it looks but many teenagers fall into this setup trap of getting a credit card that will give them some sort of financial indepedence at the outset of their manhood life. While in fact it throws them deeper into this circle of being in debt for the rest of their lives. Many people, specially new immigrants, are completely unaware of the deadly accumulated compound interest that they should pay in a simple transaction of buying a car or a house if you do not have a considerable amount of its original price. These poor teens feel excited by owning something but unaware that the small amounts they pay every month might go for ever if they do not pay a hefty amount of the main principal. I personally call it modern time slavery which is far worse than the known old slavery trade. At least the latter includes some human gestures of forgiveness but the former type is a one way venue. These lenders are vampires who suck your blood and sweat to the last drop.
However, I do invite Sudanese parents who reside in western countries is to explain early to their teens the dire consequences of this detrimental lucrative trap of using credit cards lavishly while not owning the means to pay it sooner !!!! It is better to hold tightly on horses before falling into the debt (death) ravine....!!!

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