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As part of the usual agenda of international program, IPIEF invites a visiting professor from Central University of Kashmir, India, to give a lecture on two topics regarding the subject of Tafsir and Hadist in Economics and Business that is Maslahah Mursalah and Riba (Usury). Professor Hamidullah Marazi is a well-known scholar who devotes his life to learning about Islamization.

In the first meeting he talks about Maslahah Mursalah that is by definition is taking advantage and rejecting badness in order to maintain the objectives of sharia, where then he began the lecture by explaining the basic meaning and benefit of Maslahah Mursalah. He explains that Maslahah is divided by two types, that is Maslahah Muktabarah and Maslahah al Mulgha. Whereas Maslahah Muktabarah means the benefit that is supported by syara’ and Maslahah al Mugha is the benefit that is rejected by Syara’ because of its contradiction. He then further elaborates why is it important for the public to acknowledge these two things and he also focuses on how that two things could possibly be applied in daily life and economic activities.

On the second lecture, Professor Hamidullah talks about Riba (Usury). In this lecture he explained why doing Riba activity such as taking interest in economic activities is forbidden in Islam. In Al-Qur’an there’s 18 verses mentioned that reminds us as a Moslem to avoid Riba. He give the example of Riba in our daily life such as when the Bank is taking an interest from our loans.

Towards the end of the lecture he gave us reason and impacto of Riba in our economic activities and daily life that is:

1. Impact on economic activities:

–    Exploitation of the loaners wealth

–    Resources Monopoly

–    Holding back people’s productivity

–    Can encourage inflation

–    Decoupling Real and Monetary sectors.

2. Impact on daily and social life:

–    Riba can cause hostility between individuals and can also reduce the enthusiasm for working together or helping each other with fellow humans.

–    By giving interest to the borrower, it will create a feeling that the borrower does not know the difficulties and does not want to know the difficulties of other people (Ignorance).

He also explains the reasons why Riba is Haram in Islam according to Al-Allamah Ibnu Hajar Al-Haitsami Rahimahullah in the book of Az-Zawajir:

–    It can cause the discontinuation of virtue and good deeds in giving loans which determines the welfare of the world.

–    It can cause the loss of the people’s livelihood, as well as business, industry and even enterprises that determine the welfare of the people.

Finally, he ends the lecture by saying that the practice of Riba tends to cause debtors to increase their debt burden. In his opinion, situation like this is very dangerous for the benefit of the people, ensnaring those who owe the debt burden. Therefore, it is impossible for the borrower to be able to pay it off, which as a result can lead to slavery. As has already been explained about the discussion of Riba, that the main purpose of prohibiting Riba is nothing but to protect the socio-economic life of the people from the impact of usury which is very detrimental to the people.

Since the Qur’an was revealed, how many words of Allah SWT have emphasized deep attention to the life relations of their servants, protecting the weak community by eliminating exploitation efforts from the strong. In this context, the Qur’an condemns the practice of Riba, which essentially increases the burden of dependency on borrowers who experience problems in repaying their debts. As a result, the debt is doubled after exceeding the specified time limit and it can cause harm for the people (especially the borrower) in the long-run.

Therefore, Professor Hamidullah emphasizes that it is very important for us, as a Moslem to follow the rules and guidance that has been written in Al-Qur’an and Hadist by Allah SWT. That we follow the guidance not only as a way to obey HIS saying but also as a way to protect ourself from harm in this world.

Recording click here.