THE ROLE OF INTEREST IN SOCIO-ECONOMIC EXPLOITATION

Abstract

Usury is declared unlawful in Islam . However , the conduct and teaching of the Holy Prophet ﷺ appreciate trade . Traders are given glad tiding and Muslims are encouraged for trading as it results in overall prosperity of the nation.Usury is the contrast of the Islamic concept of trade and it exploits economically not an individual but the entire nation.Hence , the Ho;y Quran and Hadith condemn usury to extent that it is declared a war against Almighty Allah . Moreover severe consequences are declared for those who are involved in usury so that Muslims always remain far away from interest for the prosperity and economic stability of the entire community.