Re: Allama Iqbal and the Reconstruction of Islamic Thought
Salamaleikum
My grantfather had taken loan from some of his rich friend,in 1971 when Afghanistan had began the problem and his all carpet business had failed. He had signed a contract with that person that without fail he would continue giving him or his family such and such amount. He made this comitment because he knew well that the business he is investing would 100% give say Y % profit. He continue paying him this amount until, his business grew and he returned him all money.It is exactly what happens in banks and capatalism. I do not think my grandfather's friend took interest at all. It is correct to think that we give the color of profit to interest. To understand this we should know about businesses and the value of currency change. If some one asks that ok you need one million I would give you but I would take this much and takes advantage of others need. Bank take the money to invest and earns money on it. If bank gives loan then bank is deprieved of using that money in certain business. And the person who is taking loan would invest it in business and earns profit. So bank wants a minimum share from that profit to compensate that loss of not using that money in business. This is what happens in capatalism, and perhaps islamic. Equating all menkind , fullfilling everybodies' need , irrespective of who has worked harder then other for a better life is perhaps not islamic. God has given superority to some on others . And this always true , in every way of life.