“They say, “ Trading (buying and selling) is like usury.” But God has allowed trading and forbidden usury. (2:275) – what is usury? Simple interest or excessive interest? Is profiteering ( as opposed to reasonable profit) the same as usury? Speculative trading, derivatives, options, forward sales – are these usury? Giving 90% profit to shareholders while denying employees a living wage – it is usurious? Monopolistic pricing – is it usurious? Great divergence in profitability across the supply chain – it is usurious? Wall street vs. Main street – whose conduct is closer to usury? We need answers to all these questions in the 21st Century to make the world more equitable and reduce the widening wealth gap.
Ramadan Reflection #3