Islam is about 250 years behind the West in the process of legalizing the destructive process of usury. At least they are debating the question. But they are making up for lost time fast...
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For his part, Sheikh Mahmoud Ashour, the former deputy imam of Al-Azhar and a member of the Islamic Research Academy, stressed that banking interest is subject of dispute among scholars. He told Al-Monitor, “A Muslim should listen to his heart. There is nothing wrong with following those who believe banking interest is halal. He may also refrain from using banking interest if he wishes to follow those who believe that it is haram.”I wonder how something expressly forbidden can be a matter of dispute? "Do your own thing..." is quite the modern opinion in this regard....
Ashour pointed out that the Islamic Research Academy issued a fatwa legitimizing banking transactions. He recommended dealing with state-owned banks, saying, “Usury is concluded between individuals. There is no usury if the transaction is between an individual and a state-owned bank, as there is no usury between the state and its citizens.”That is exactly how usury became entrenched in the West, the Church said they had no say in what the state legitimatized. God forbids usury because it does damage, not because He says so. Whether a person or a state is doing the damage does not make a difference, either way, it does damage and is forbidden. Interesting to watch Islam follow exactly the same path as Christians by the exact same arguments. Perhaps this will become an song for usury ads....
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