An idea for getting rid of interest-based economy

siasatjaan

Politcal Worker (100+ posts)
Allaah says (interpretation of the meaning):

“but whoever returns (to Ribaa), such are the dwellers of the Fire — they will abide therein”
[al-Baqarah 2:275]


“And if you do not do it, then take a notice of war from Allaah and His Messenger”
[al-Baqarah 2:279]


Muslim (1598) narrated that Jaabir said: The Messenger of Allah (blessings and peace of Allah be upon him) cursed the one who consumes riba and the one who pays it, the one who writes it down and the two who witness it, and he said: they are all the same.


hello.to preface, I am not an economist but a simple layman. the following idea is simple and anyone with more acumen in economics may modify and improve upon it. Those with no understanding of basics should please refrain from commenting.

PLEASE SHARE AND REFER THIS ARTICLE TO SOMEONE YOU KNOW , WHO CAN GIVE IT TO THE REQUIRED AUTHORITIES FOR IMPLEMENTATION.

To start off with, let me remind you that in Islam interest on transactions is a very grave sin. it is said that the one who gives and receives interest as well as the one who writes it down( officiates the transaction) , is liable for grave punishment. Interest is waging war with Almighty Allah.
In a country like Pakistan, which was created for the sole purpose that it would be a country run on Islamic Principles( according to a speech by Quaide Azam), the absence of Islamic Sharia and the system of interest based economy is a grave curse and might well be a reason for causing Allah's wrath upon us individually and collectively. Any muslim ruler who does not apply Islamic law , has sinned terribly.
SURAH MAA'IDAH :
The statement that whoever does not judge according to what Allaah revealed is a kaafir, a zaalim (oppressor or wrongdoer) and a faasiq (sinner), as Allaah says: “. . . And whoever does not judge by what Allaah has revealed, such are the kaafiroon.” [aayah 44]; “. . . And whoever does not judge by that which Allaah has revealed, such are the zaalimoon (polytheists and wrongdoers)” [aayah 45]; “. . . And whoever does not judge by what Allaah has revealed (then) such (people) are the faasiqoon (rebellious or disobedient).” [aayah 47].


the system i propose has two pillars. 1) Institutional 2) Individual

The government should stipulate for banks that ,instead of charging interest, the value of a loan should be pegged to a basket of goods or currencies. so eg. if i take a loan Rs. 100,000, the bank instead of charging me say,12% per annum interest , should say that our system is that we will calculate the value of the loan this way : 50% of the loan ( rs 50,000 in this case) would be calculated in amount of gold. 30%( Rs 30,000) in amount of silver and 20% (Rs. 20,000)in amount of wheat. so say that the rs50,000 equals 110g gold, rs 30,000 equals 800g silver and rs 20,000 equals 200kg of wheat.
now say i have to return the loan in 5yrs time. the bank should charge me according to the value of those very items ie( the value of 100g gold,800g, silver and 200kg wheat.) this way, the value of the money loaned isnt eroded by inflation and the creditor makes a profit by indirectly investing in gold/silver/wheat 'certificates'.
Now some might say that the creditor is exposed to these items being depreciated. first of all the value of gold has risen rather uniformly throughout human history. you can lookup historical gold prices online. silver also has been consistent throughout history. wheat( any other commodity may be used eg oil or rice or no commodity at all !) prices are rising and apart from the temporary dips , show a consistent upward trajectory.( any dips at the time of collection of loan can be mitigated by stipulating that the trailing 3month or 6month average price per unit of a commodity will be used to calculate the value of the loan) . The remaining very small chance of a loss for the creditor is what is called profit and loss sharing and thus causes this loan to be halal. now one thing that can be done to avoid catastrophic swings in the value of the loan is that both the creditor and debtor agree to cap the appreciation/depreciation at a specific CAGR( compound annual growth rate). so for example they agree at CAGR 0f 13% and the average cagr of appreciation of the pegged commodities is 18% over the term of the loan, the debtor will pay only according to max 13% CAGR. There is profit and loss sharing in theory( so islamically it is valid i think, but a mufti can be consulted on this point). In practice however these commodities all have a growth trajectory and so the creditor is at an advantage. now as for depreciation say the value of the loan depreciated by 22%. here again the agreed upon 13%(symmetrical risk sharing) cap goes into place and the loan payback is calculated as Negative CAGR 13% .

now coming to the INSTITUTIONAL pillar

The government of pakistan should stipulate that all banks in pakistan should give a mandatory eg 25% of their reserves as loans. the interest which consumers currently earn on their bank savings accounts should be made to zero. (some international banks even have negative interest rates for bank acct holders. !!!). The government should also reduce the taxes on the banks. these above two measures would reduce the burden on the banks and entice them to offer such loans. The banks would benefit by more people opting for such loans( collateral and loan security will be addressed in the second pillar ie INDIVIDUAL), the government although reducing bank corporate tax will benefit by increases bank revenue and thus a lower tax on a MUCH higher revenue, and more stimulus to the economy( in the west cars and homes are financed by bank loans whereas such loans are almost nonexistent in Pakistan) , the people will benefit by having access to cheap and readily available credit and this will stimulate consumer spending . Now people may ask why should the banks lend at all ? Why not invest directly in gold/silver/certificates?
Answer
1. Just like banks in the west are required to set aside a fraction of their cash reserves as a safety net( it is 10% in the US) , banks will be mandated by government to provide loans this way. i mentioned the arbitrary figure of 25% above.
2. Pakistan has one of the highest corporate tax rates in the world. it was around 35% on banks a while back . the world avg corp tax is around 24% for developing nations. i mentioned that banks would be given a reduced tax rate to entice them to transition to riba free system smoothly .
3. The banks in pakistan have historically enjoyed very high banking spreads( the interest rate they charge for loans given - interest rate given on cash deposits to bank customers. in essence this is a sort of 'money growing on trees for them. they are already inflicting dacoity on pakistanis. anyway by government saying that all profit loss sharing accts( known as savings accts) will accrue 0% interest for the customer, this high banking spread will in essence be legally provided to the banks as another compensation for this riba free system( again, they are already enjoying it). in the west many countries have zero and negative interest rates where the customer pays the bank to hold his money!!!!
. these three incentives more than make up for the slightly higher risk the bank takes on. their losses are capped at the agreed upon +- CAGR. historically speaking these commodities on average INCREASE in value over time rather than decrease( since 1999 the value of gold has increased by 620% !!!) many central banks are buying gold as their primary reserve value holder eg china and russia.


INDIVIDUAL
the basic thing which underpins ALL commerce is trust.
the creditor and debtor must be able to trust each other that all the agreed upon terms and conditions associated with a financial transaction will be respected by both parties and that in the case of a default or dispute cheap and QUICK arbitration will resolve the dispute. One of the reasons of the high interest rates and low amount of consumer loans being offered from banks in pakistan, is the default on loans. the car financing fiasco in musharraf era was full of tales of banks incurring huge losses because people would not pay back loans. the loss a bank incurs on such defaulted loans is passed on to new consumers as higher interest rates.

For this the Governemnt of Pakistan must introduce jail terms as punitive action for defaulting on loans. all western countries during their development in the 1700's and 1800's had debtor's prison. the jail term can be capped to say 12 yrs maximum. depending on amount defaulted upon, the jailterms should be arranged in slabs( just like electricity rates and tax slabs) . special commerce courts should be setup where consumer and commercial cases are disposed off in a TIMEBOUND(BY LAW eg. 2MONTHS) manner and where banks and financial institutions go for redress .

besides the tangible benefits of this system, inshaALLAH, the barakah of ALLAH SUBHANAHU WA T'AALAA will descend on Pakistan and its people

IS POST KO ZAROOR TWITTER AUR FACEBOOK PAR SHARE KAREIN. HALQA E -IQTEDAR TAK PAUHANCHAEIN. SHAYD ALLAH IS KOSHISH MEI HI HAMARAY LIYE SAWAAB AUR NIJAAT KA SABAB RAKH DEIN.
 
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
Last edited:

saneopinion

MPA (400+ posts)
One question on this, "now say i have to return the loan in 5yrs time. the bank should charge me according to the value of those very items ie( the value of 100g gold,800g, silver and 200kg wheat.) this way, the value of the money loaned isnt eroded by inflation and the creditor makes a profit by indirectly investing in gold/silver/wheat 'certificates'. "

How is the bank going to make any money out of this transaction to pay building rent, utilities, employee salaries and other expenses let alone earning any profit?

Essentially, you are saying that the commodities price appreciation will result in profit for the bank. Then why does the bank need to loan any money to anyone. It can simply invest in these commodities and get the same return. On top of that it will eliminate the loan default risk that is inherent when you loan money to any individual.

Let me know what you think.
 

anas ajaz

Politcal Worker (100+ posts)
I am strangled in this halal financing system as well, been thinking about gold as the basis of loan for a while.. but right question raised by saneopinion .. The creditor should make some profit as well..

Has anybody thought about high risk, high reward - partnership based investment loan by financial institutions ?


siasatjaan keep the topic open - this may fine tune your idea into a viable one..
 

Jibraeel

Politcal Worker (100+ posts)
If Pakistanis can make an atomic bomb up to the level of tactical nukes, then why not a halal financial system.
Where there is a will, there definitely is a way.
 

Raiwind-Destroyer

Chief Minister (5k+ posts)
All the people who live in western countries or even Pakistan what do you think your tax money is going its going to pay of the interest on loans the whole country needs to do a overwhole before ribba can be removed all these molvies who scream about riba knew Pakistan was falling into riba for last 40 years but never said they want to do jihad against corruption so that Pakistan doesn't have to take loans instead enjoyed that money
 

siasatjaan

Politcal Worker (100+ posts)
One question on this, "now say i have to return the loan in 5yrs time. the bank should charge me according to the value of those very items ie( the value of 100g gold,800g, silver and 200kg wheat.) this way, the value of the money loaned isnt eroded by inflation and the creditor makes a profit by indirectly investing in gold/silver/wheat 'certificates'. "

How is the bank going to make any money out of this transaction to pay building rent, utilities, employee salaries and other expenses let alone earning any profit?

Essentially, you are saying that the commodities price appreciation will result in profit for the bank. Then why does the bank need to loan any money to anyone. It can simply invest in these commodities and get the same return. On top of that it will eliminate the loan default risk that is inherent when you loan money to any individual.

Let me know what you think.
updated in red text
 

siasatjaan

Politcal Worker (100+ posts)
I am strangled in this halal financing system as well, been thinking about gold as the basis of loan for a while.. but right question raised by saneopinion .. The creditor should make some profit as well..

Has anybody thought about high risk, high reward - partnership based investment loan by financial institutions ?


siasatjaan keep the topic open - this may fine tune your idea into a viable one..
updated in red text
 
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