Thread by @SiriuslyCold

We're never going to solve Islamic banking without going back to first principles and defining riba properly according to the Qur'an.

God has allowed trade and forbidden usury… (2:275)

So what is usury? Watch the video!

#IslamicBanking

And afterwards, we will find that conventional banking, with the policies that are reasonably good and equitable, is already Islamic, without needing specific labels.
And there is no need to compel people to use it either because the right way is clear from error.

But it's really difficult to get people to do so.

Even Islamic Banking experts who know there is something definitely wrong with it – and prefer to use conventional banking – are still not willing to find out what the Qur'an is actually saying.

Everyone insists, instead, that we rely on the 7th-century man-made interpretations of the Qur'an – when there were no banking systems and financial policies, and force that interpretation on present-day systems.

God did not send his Guidance to burden you (22:78) and make things complicated - the general rule is to be equitable to everyone in all our dealings, return trusts to whoever owns them (4:58) and give fair measure in everything (6:152)

So people have worked out - in a consensus, using their intellect, conscience, and subject matter expertise - an equitable system whereby a reasonable cost of a loan is fair and acceptable to both parties.

This is what is recommended by the Qur'an, so the process and results are already "Islamic", and everyone – not just Muslims – will naturally use this system without coercion (2:256) or religious blackmail.

This is why most people and some Muslims use conventional banking.

And that is fair trade, and God has allowed trade and forbidden usury. But those who disbelieve (and consume usury) claim that trade is like usury (they say "interest is riba") (2:275)

So what is usury? watch the video!

On top of that, the few Muslims who can think and see through the facade of Islamic Banking, and prefer to use conventional banking
… probably feeling slightly guilty about it, are carrying a totally unnecessary burden of guilt.

@threadreaderapp unroll please