The Art of Islamic Banking and Finance: Tools and Techniques for Community-Based Banking

not able to work and contribute because they are poor, but they

continue to keep their dignity. Those who do not know and the ig-

norant would expect them to be rich and capable, because they do

not extend their hands and beg and ask people to help persistently

in a repulsive way, and whatever you spend in goodness is well

known by Almighty God.

2:274 Those who spend their money in public and in secrecy

will bank their rewards with God, and no one should fear for their

future well-being; and they will never grieve or be saddened.

&God’s judgment is on those who charge riba on loans to the poor and

the needy

2:276 Almighty God obliterates and destroys Riba and He grows

the charities paid in the way of God; and God does not like those

who disobey His orders and who transgress.

2:278 Oh ye who believe, heed Almighty God and stop all

what is left in the practice of riba if you are really believers.

2:279 and if you disobey and continue to charge riba, then

expect the permission by God to the believers to stand to fight you

by all means representing God and His Prophet; but if you repent,

then you can get your original capital with you being treated un-

justly or you treating others without justice.

&Debt forgiveness for those who cannot pay back

2:280 And if the debtor who owes the money cannot pay back the

principal capital because of his financial condition, then be consid-

erate and work with them with mercy, ease, and compassion; and if

you treat those who owe you money with kindness, charitable pos-

ture and ease is in fact better for you if you only know.

2:281 And be heedful of the day when you return back to the

Creator and each soul will be given what it has earned while on

earth and each will be treated with justice and equity.

Developing the Institution of Giving (Zakah)asa
Required Islamic Ritual (Like Prayers)

To change the act of giving from being voluntary to being compulsory, and
to underline the value of giving to the poor and needy and helping them,
alms were included as one of the required five pillars of Islam. In other
words, giving alms has the same weight as the pronouncement and witness

34 THE ART OF ISLAMIC BANKING AND FINANCE