These verses mention the Quranic injunctions regarding financial transactions based upon interest so it is important to discuss these in some detail.

Verse 275: Regarding يُنفِقُونَ ['give of what they possess'] the Lazim, Muta'di and Bab Fail should be borne in mind. Moreover spending in the cause of Allah day and night are immediately followed by secretly and openly which is a testimony of the eloquence and concinnity of 'The Holy Quran'.

According to verse Number 276 'The Holy Quran' states that Satan renders crazy those who consume interest. The lust for money drives them so insane that they are totally oblivious of human sympathy and this subject concerns such a craze. When one is bent upon something one closes one's eyes to its consequences and that is what insanity is.

Verse 277: This verse gives a clear-cut verdict that economies based on interest and usury are bound to perish whereas economies where charity is emphasised will prosper.

Verse Number 280: Differences between interest and trade. To fight with Allah means that Allah's Messenger will have nothing to do with such people. If one will not discard dealing in interest after having believed then one would incur Allah's displeasure. Allah causes the nations which adopt the system of interest to be constantly occupied in wars.

The requirement for an accountant to record matters of business transactions cannot be emphasised enough and such a person should never forget the rule of justice and the fear of God.


29 December 1994.

© The Tahir Archive / MTA International, 2011.