Verse 275 of Surah Al-Baqarah, with profound and penetrating expression, addresses one of the fundamental issues of the Islamic economic and ethical system, namely usury (riba). This verse not only refers to the prohibition of riba but also, through a novel metaphor, depicts its destructive effects on the psyche and society. Riba, like a lethal poison, destabilises the economic and moral foundations of society, whereas buying and selling and charity are introduced as two legitimate and benevolent models. This exegesis, adopting an interdisciplinary approach and employing juridical, economic, psychological, and sociological analyses, provides a precise and profound elucidation of this verse. The aim of this treatise is to offer a comprehensive and systematic analysis for specialist audiences that, while preserving all the original lecture content, illuminates various dimensions of the verse in an elegant and academic style.
Verse 275 of Surah Al-Baqarah is situated within a context that addresses the theme of spending, especially spending by night and day (Verse 261). This context presents spending as a benevolent act and a just distributor of wealth, while portraying riba as a factor causing inequality and economic corruption. This juxtaposition exhibits two opposing approaches to wealth and economy within the Islamic system: spending, which, like a pure stream, breathes life into society, and riba, which, like a destructive fire, ruins economic foundations.
Spending, due to its benevolent nature, leads to the reduction of social gaps and strengthens collective solidarity. Conversely, riba, by promoting individual profiteering, exacerbates inequality and causes the economic system to deteriorate. This analysis aligns with Islamic economic studies which regard spending as a tool for achieving social justice and riba as an obstacle thereto.
In Islamic jurisprudence, three primary categories of financial interactions are identified: buying and selling (bay), charity (sadaqah), and usury (riba). Each of these, like branches of the tree of the Islamic economy, has distinct functions and effects:
This classification, consistent with the principles of transactional jurisprudence in Sheikh Ansaris Makasib, demonstrates the distinction between economic health (bay), spiritual benevolence (sadaqah), and financial corruption (riba).
Bay, owing to its logical, legal, and wholesome nature, forms the foundation of the social and economic system. This interaction, existing since the dawn of human history, acts like a flowing river that fulfils societys needs. Bay, both in Islamic and non-Islamic societies, contributes to economic dynamism through the equitable exchange of goods or services. The noble tradition al-ksib abb Allh (the earner is beloved by God) emphasises the value of work and effort in bay, as the trader, whether buyer or seller, through diligent and wholesome interaction, aids societal growth.
This view corresponds with classical economic theories, such as Adam Smiths assertions, which consider trade and exchange as the driving forces of the economy. Due to its universality and role in fulfilling everyday needs, bay possesses exceptional significance.
Bay, as the most primordial form of transaction, was conducted prior to the emergence of money through direct barter of goods (e.g., eggs in exchange for cotton). This indicates bays deeply rooted presence in the social and economic fabric of humanity. With the advent of money, the concept of thaman (price) became confined to cash, yet the essence of bay as a just exchange was preserved. This evolution, consistent with economic history, demonstrates the development of transactional systems.
Charity, as the giving of wealth without expectation of material return, is an act performed sincerely for Divine satisfaction. This deed, which flourishes like a fragrant flower in the garden of spirituality, holds high spiritual value. Nonetheless, due to its unilateral nature, it cannot constitute the foundation of a societys economy. The hadith As-sadaqah tutfi al-khatah (charity extinguishes sin) emphasises charitys spiritual merit, yet bay, because of its widespread nature, plays a pivotal role in the economic system.
Altruism, as total self-sacrifice, surpasses spending, but spending, due to its inclusiveness and prevalence, smooths social challenges. Altruism, like a lofty summit, possesses unparalleled spiritual worth, but its rarity precludes it from solving social issues as spending does, which, like an extensive plain, covers societal needs. This analysis aligns with Allameh Tabatabais views in Al-Mizan, which regard altruism as the pinnacle of moral virtue.
Riba, which leads to the acquisition of surplus wealth without legitimate compensation, acts as a destructive storm that annihilates the economic system. This illegitimate growth in price (money), in contrast to bay founded on equitable exchange, results in economic corruption and inequality. Due to its unproductive nature, riba threatens the economic life of society like a parasite.
"Those who consume riba will not stand except as one stands whom the Devil has driven to madness by [his] touch. That is because they say, Trade is [just] like riba. But Allah has permitted trade and has forbidden riba."
Verse 275 of Surah Al-Baqarah likens the consumer of riba to one who is driven to confusion by the Devils touch (yataabbauhu ash-shaynu mina al-mas), meaning that due to satanic influence, the individual suffers psychological and behavioural disarray. The term takhabbat, denoting disruption and disorder, illustrates a state in which the riba consumer is deprived of a sound and balanced stance. This turmoil, akin to a whirlwind within the persons psyche, propels them towards abnormal behaviour and delusion. This analysis aligns with psychological studies on the effects of economic stress on behaviour.
The assertion of riba consumers that trade is like riba is the root of their confusion. This cognitive error, equating lawful bay with riba, reveals a deviation in economic and ethical understanding. The literary structure of the verse, using innam and the generic form of al-bay, indicates that riba consumers degrade bay to the level of riba and elevate riba above it. This interpretation aligns with Quranic literary studies such as those by Zamakhshari in Al-Kashaf.
Riba, like a destructive addiction, leads to delusion, self-harm, and abnormal behaviours. The riba consumer, akin to an addict trapped in a cycle of psychological need, suffers mental itchiness and behavioural disorders. This condition, described in the verse as satanic confusion, culminates in psychological and social instability. This interpretation corresponds with psychiatric studies on disorders arising from economic stress.
Riba, because of its widespread and continuous impact, is graver than sins such as adultery, murder, and intoxicants. The Holy Quran associates riba with waging war against God (fadhinu biarb min Allh), indicating the severity of this sin. The hadith Riba has seventy doors also stresses its multifaceted nature. Unlike murder, which has limited effects, riba penetrates the social blood like poison, corrupting all its dimensions.
Intoxicants, with short-term and reversible effects (such as regaining sobriety by stimulation), are less perilous sins compared to riba. Theft, which can be remedied through restitution, contrasts with riba and begging whose negative consequences persist. Riba, due to its deep infiltration into the economic system, is irrecoverable and, like a parasite, devastates society.
Contemporary society, governed by unjust profits (such as 27% bank interest rates), is ensnared in a usurious economy. This situation devalues productive work and transforms capital into the pivot of the economy. Riba, as the king among vices, leads to injustice and economic instability. This analysis corresponds with Islamic economic studies on interest-free banking.
The educational system of religious sciences, due to financial dependence and failure to produce applied knowledge, lacks necessary efficiency. Religious knowledge, if unable to generate income and meet societal needs, loses its value like a fruitless tree. Knowledge must have buyers and be offered to the global market to contribute to societal prosperity. This view aligns with knowledge-based economic models.
Religious sciences, such as jurisprudence and philosophy, must achieve economic value through the production of applied knowledge and its presentation in the global market. Exploitation of the poor for income generation from religious knowledge is forbidden, but marketing knowledge globally, like inventions and research, is legitimate and necessary. This proposition aligns with Islamic ethical principles prohibiting exploitation of
