divisions can be called the basis of the Judeo-Christian-Islamic law
(Shari’aa). Using this concept, we can state that riba is haram. The Qur’aan
reveals:
3:130 O ye who believe! Devour not usury, doubled and multi-
plied; but fear God that ye may (really) prosper.
4:161 that they took usury, though they were forbidden; and
that they devoured men’s substance wrongfully; we have prepared
for those among them who reject faith a grievous punishment.Charging riba was described as one of the worst sins, as reported in the
Hadeeth(pronouncement) of Prophet Muhammad (pp) that describes ‘‘the
seven most despicable sins.’’ The Prophet (pp) also was reported to have
said that dealing in riba is like committing murder.^33
The following discussion presents a stepwise development that will help
in understanding the structure of the RF system.
The Concept of God Owning Everything
In Islam, it is believed that every asset in this world is owned by God. We
read in the Qur’aan:
31:26 To God belong all things in heaven and earth: verily God is
He (that is) free of all wants, worthy of all praise.In other words, we, as the servants of God, do not own anything in this
world. We are chosen by God in His infinite wisdom to act as His responsi-
ble trustees on the assets with which He entrusts us. We are expected to be
responsible before God and the public for protecting and preserving these
assets. The custodian is also expected to invest these assets prudently and
successfully back into the community. This type of investment will help to
achieve economic prosperity, job opportunities, and peaceful coexistence
within the community, in a fair, just, and equitable way. We act as the trust-
ees of these assets on behalf of their real owner—God—and we will be ac-
countable before Him for any and all breaches, abuse, or misuse of this
trust.
Encourage the Rich to Spend in the Way of God
&Help the Poor—The Qur’aan reinforces the original teachings of Moses
(pp) in the Torah and Jesus (pp) in the Bible about caring for the poor
and needy and not taking advantage of them. The Qur’aan reveals:32 THE ART OF ISLAMIC BANKING AND FINANCE