We are a voluntary Muslim organisation with the focus on finance and economics and their associated problems in the modern world.
What is “Riba”? – Riba is loosely translated from the original Arabic as ‘Usury’ and is often used to describe the loaning of money on interest. It is a term found in the Quran and Sunnah of the Prophet Muhammad (pbuh) and has been repeatedly condemned as a major sin and evil.
The UNRIBA campaign recognizes riba, in all its foms, including primarily the taking of interest with loans, as a pervasive systemic problem that has engulfed the world. The UNRIBA campaign represents an ongoing effort by conscious-minded individuals towards a goal of economic, monetary, social and spiritual reform.
The UNRIBA campaign identifies riba as a major cause of vast damage to the economic, political, social and spiritual spheres of humanity at large. Riba has contributed towards a vast and unjust transfer of wealth from poor masses to the rich that has led to wide scale global poverty and destitution. The use of riba is centered in the banking system dominates the financial affairs of mankind.
“There will certainly come a time for mankind when everyone will take riba and if he does not do so, its dust will reach him.”
(source: Abu Dawud, Kitab al-Buyu’, Bab fi ijtinabi al-shubuhat; also in Ibn Majah)
There is a sea of difference between saying what the Riba of the Jahiliyyah was, and, in contrast, what the Riba of Islam is, or should be. As for what the Riba of Islam is, the Qur’an had explained it in unequivocal terms. It was interest of every kind: simple, compound or any other. Hadith clarifies Riba as that extra amount that the lender charges on loans, no matter how little, writes SYED IQBAL ZAHEER