The concept of Compounding
The Compound Interest on lent
money
Introduction.
The world has become a global village and the institution
that binds the states and the peoples in their economic, commerce and
business is the Bank. Though the function of modern banking has expanded
beyond geographical boundaries for economic and business activities
between sovereign states and their individuals, its essence and
considerations at local level remains the same as were envisaged by those
shrewd people who conceived the idea of making money from the wealth of
others. The clues mentioned in Qur'an about its origin are the coins as
medium of exchange, goldsmiths and nobility of society who were
trustworthy to the general people. People deposited their surplus coins,
precious metals, ornaments, jewellery with them for safe custody, and
obtained those back in case of need. When the obnoxious thought inspired
some to make gains from the deposited wealth of people by lending to
others against profit or interest is not known but it was certainly in
practice in Egypt before the famous Exodus of Bani
Iesraa'eel, since we find
they were prohibited practicing it. This practice was also introduced in
Peninsula of Arabia. Allah the Exalted banned this practice of gaining
riches by lending personal and other's capital on progressive interest.
The concept—semantic frame of economics—economic or material
wellbeing - all maters relating to wealth is portrayed in the Grand Qur’ān by the
word:
مَعِيشَةٙ:
a noun of action [اسم
مصدر].
It is derived from Root:
ع ى ش which
leads to the perception of life and survival, sustenance, subsistence.
Main Frame "Economics" has many sub-domains. Key words and their Root:
(1)
ر ز ق
signifying livelihood, all that is necessary for life and
its comforts which is grant from Allah the Exalted;
(2)
:
م و ل; owning anything worthwhile;
(3)
ب ض ع : saleable commodity, asset, something against which a cash
bargain can be struck.
(4)
ء ث ث: It signifies abundance, riches and outward splendour.
(5)
د و ل: It
signifies wealth (دُولَةَۢ).
(5)
م ت ع things for
necessities and pleasures for human life.
The real wealth:
م ت ع is explained:
-
These are characteristically such that
you find them light in carrying during the day of journey, and the
day of your sojourn/encampment.
|
-
As
rich furnishings - durables
and worldly provision, for
a
duration.
[16:80]
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The Roots that relate to activities in the domain of
economics are:
(1)
ن ف ق
:
This
Root is used 72 times in Grand Qur’ān to refer to spending some of the
sustenance for the welfare of others without consideration of
reciprocity. This is the act of withdrawing - disassociating and parting
of wealth to devote it to other's
(2)
ص د ق;
:
donations, grants with no strings attached;
(3)
ق ر ض : It means to cut a part of something, lend as loan. But
always it is used by adjectival phrase:
and loaning to Allah the Exalted.
(4).
:
د ى ن lending-borrowing transaction involving
;
(5)
:
ت ج ر merchandize, trade, instant commerce;
(6)
ش رى purchasing something against some thing; gaining something by
selling.
(6)
:
ب ى ع Credit sale - pay-later business deal;
(7)
ن ف ع; signifying
profit, benefit, and advantage;
(8)
ك س د: recession,
slump
(9)
:
compound/progressive gain on lent capital:
;
and
:
(10)
ز ك و :
financial contribution for economic uplift of
society/Taxation;
(11)
ض ع ف:
:
Frailty; and cumulating, several time increases;
Mankind can be primarily classified in two groups:
(1) those who believe in the Hereafter and in the process of
continuity of life the quality of which will depend on their earnings/savings in
the Earthly life; and
(2) those who believe not in the Hereafter and resurrection of
life.
Allah the Exalted has outlined and explained that there are
only two systems of economics that are pursued by Man ever since the first
known civilization: the nation described by association with the name of elevated
Messenger of Allah the Exalted, Noah alahissalam. Their foundation is with
reference to two
philosophies about life.
One System was devised by
a group of deviants who refused to believe in the Hereafter. They have
materialist worldview; "we live
only once". They believe not
about facing a reckoning for their actions. They revolve around a
presumptive belief that
resources
are scarce to fulfil their unlimited wants. They believe that Man is
self-interested being. They consider pain and pleasure are two sovereign masters
that govern the life of a man. They have the ideology that makes money-capital
the central purpose of life for all individuals. They worship it believing it
gives them the power; they can tame and enslave people and become in charge
of existence. They make
people believe in themselves, they
turn human "self" as "inner god", naively
rendering them slaves of desires. Divine guidance is a myth in their opinion.
Their philosophy is human minds were the only source of knowledge. They are
trapped in a vicious circle that the determining forces behind the reality of
universe are causation, nature, and chance.
The other Economic System is devised and proposed by Allah the
Exalted for those who truly
believe in the continuity of life in
the Hereafter and are convinced of accountability for actions in Earthly life. They are given a method of
earning to ensure an economy of affluence and wellbeing for the truly living
life of Hereafter.
The difference between two systems is primarily of
philosophy and ideology about life; and not merely of economic terms, financial
instruments and institutions. We for ease of reference term them as
Divine
Economy and
Capitalist Economy.
The primary concern of all economic activity is to render
the future life secured.
Since people's belief about life is at variance, all the
words and terms relating to economics will have expressive meanings
while propositional meanings will remain the same for the holders of
varying belief.
Bertrand Russell (Mysticism and Logic by Russell) mentions that Heraclitus
(Greek philosopher
c. 535 –
c. 475 BCE)
believed that time builds and destroys all things; and that, "no one of gods or
men has made; but it was ever, is now, and ever shall be, an ever-living Fire,
with measures kindling, and measures going out."
-
And they
(people of aforementioned psyche making inner-self as their God) had said,
"Indeed
there is no life except our life of this world, we die and we live
[only once here],
and
no one annihilates us except the process of time/era/circumvolution".
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We cannot perceive existence of human life without
economics. The upshot of the holders of two ideologies/ philosophies is
mentioned by their state of economy in the Hereafter life:
It is reiterated:
The upshot of other group
who believe not in the life of Hereafter is also declared:
Therefore, keeping in view the aforementioned contrast in
philosophy of life and economics, we will accordingly study all the
concepts in the domain of economics.
Contents
1. Responsibility and
function of Islamic State
2. Brief History of Lending money: Origin
of concept of Banking and Interest;
3. Jews were prohibited taking:
and were condemned practicing it.
4. What is
meant by word:
;
Authoritative definition.
5. A group of Jews, and advocates of :
equate it with::
The credit sale.
6. Perception and Meanings of Verbal
Noun:
The credit sale further exposes meanings of:
.
7.
Credit-sale vs.
barter - payment in cash - prompt payment
7. Contrast of:
with:
which share the propositional and expressive meanings of compounding -
amassing.
8. Contrast of:
with:
donation,
gifts of generosity, and giving something with no strings attached, they
are also compounded like
in the balance-sheet of donor.
1. Responsibility and
function of Islamic State
In State of the Believers the State policies and
behaviour of individuals with regard to material wherewithal needed for
sustaining and pleasures of life must be governed and oriented according
to the
injunctions of Allah the Exalted, prescribed in Grand Qur’ān,
which were initially enforced when Allah the Exalted granted an independent
State to His elevated Messenger:
2. The fundamental and foremost responsibilities and
function of the Islamic State, the moment it comes into existence, are
laid down in this Ayah. One of the things that are forbidden/outlawed being foul and
disapproved is:
:
Since:
is prohibited by Allah the Exalted, thereby, it is the responsibility of
the Islamic State to outlaw it.
II. Brief History of Lending money: Origin
of concept of Banking and Interest.
a. Coins as measure for sale-purchase:
3. In old days there was no paper money. The accepted
token of exchange was precious metals, silver in particular, minted into
coins issued by government authority, and intended for use as money.
Monetary system of coins was also prevalent in the days
of Revelation of Qur’ān:
III. Tradition of entrusting valuables to notables for
safe custody.
4. In old days people used to entrust-deposit their coins, jewels,
jewellery and valuables for safe custody to the notables of the
society and obtained those back in case of need. An instance of this practice is mentioned
in Qur’ān:
-
But we were entrusted
holding the weights comprising of valuables (coins, jewelry, ornaments)
of people, which, pursuant to demand we laid them off.
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This practice of depositing valuables
comprising of precious metal coins, jewellery, gold, silver with
notables of the society and goldsmiths gave to some an
obnoxious and satanic idea of
lending other's capital against interest.
This was the beginning of the institution of Bank
to make money from the
capital of others by lending from their deposits.
Over the time the monetary system has the following types
or forms of cost of borrowing - lending money/capital:
1. Simple Interest: Interest is cost of borrowing money.
Simple interest paid or received over a certain period is generally a
fixed percentage of the principal amount that was borrowed or lent.
2. Compound interest: Compound interest accrues on the
principal amount and the accumulated interest of previous periods; it
includes interest on interest, in other words.
3. Term deposit: A form of cash investment, typically
organized through a bank, for a pre-determined period at a fixed
interest rate over this time. The lender cannot access his money during
this period, except on penalty fee.
4. Usury: Practice of lending money at unreasonably high
rates of interest.
3. The Jews were prohibited taking:
and were condemned practicing it.
Grand
Qur’ān has informed that history
of compound interest predates the Jews. They were prohibited to indulge in it. A group of Jews who are
now the
perpetuators of economic exploitation of the world did
indulge in money lending with the condition of obtaining bulging returns and kept usurping the wealth of the people through
deceptive and foul tactics:
4. Authoritative definition of word:
derived from Root "ر
ب و"
Arabic word:
ٱلرِّبَوٰا۟
is a definite
noun by prefixed
definite article.
This category of parts of speech is defined as those
words that
impart a single meaning on their own and
do not need help of another word to explain its meanings.
In Arabic, "Word" is called-. ٱلْكَلِمَة
It is defined as an expression
formulated for a singular
meaning. It occurs 7 times. Definite article is
referential. It means reference, previous knowledge, acquaintance; it
refers to a thing already known to the speaker - author and the listener
-reader.
It is a word
not a
Term since Terms are not used in the injunctive and prohibitory texts. And that
words in injunctions and prohibitions are always used in their primary
sense.
What is the difference between a
word and a term? A word is usually defined as
a complete meaningful element of a language.
All terms are words, but not all words are
terms. A term is
a particular definition of a
word, which is applicable to a special situation.
Terms occur only in the process of
communication. They occur when the writer tries to avoid ambiguity and a reader
follow his use of words.
(a) Introduction: How do we arrive at
authoritative definition of a subject or concept of Qur’ān?
Authoritative
definition: The adjective "authoritative" denotes backed by an established and
accepted authority [Encarta dictionary]. Definition is a brief precise statement of what a
word or expression means. In classical thought definition was taken to
be a statement of the essence of the thing. It was held that an object's
essential attributes form it's "essential nature" and that a definition
of the object must include these attributes. Thus there is a
nominal/lexical/dictionary definition explaining what the word means;
and a real definition expressing the real nature of the thing.
It is well
known that Arabic words originate from Roots. Each Root has specific, defined,
distinct, conspicuous, apparent perception folded in it.
Experts suggest that it is useful to view the vocabulary of a language/text as a set of
words referring to a series of conceptual fields. In linguistics, these
divisions are called Semantic fields. A semantic field or
semantic domain is a set of words grouped by meaning referring to
a specific subject; languages will have fields of distance, location,
size, shape, time, emotion, beliefs, economics, academic subjects, natural
phenomena, etc. Each field can have many sub-divisions or lexical sets:
actual words and expressions. Semantic fields are arranged
hierarchically, going from the more general to the more specific.
Linguists generally refer the general word as "superordinate" and the
specific word as "hyponym". The
propositional meaning carried by a general word or superordinate is part
of the meaning of each of its hyponyms but not vice versa. Each Root is
specific to a semantic field referring to a specific subject.
Arabic Root is the source, the reservoir of knowledge. Roots can be termed as "repertory
of frames" of Arabic language if we follow frames approach to semantic analysis.
Classical tradition employs the word Root, but in reality, the concept
resembles exactly to a "seed" which is either monocotyledon or
dicotyledonous and contains the DNA to sprout and grow into a plant in
a specific environment.
"Seeds" of Arabic language have distinction of monocotyledon: nominal
and dicotyledonous root: verbal. Unique assemblage and sequencing of
consonants is like a DNA that encodes complete tree of a unique
concept-field of understanding which "germinates" in specific
environment.
Thereby, Arabic words can and are used in a specific
environment/context.
Words
originating from these Roots on various well defined
patterns-moulds-structuring frames retain the original
perception, infolded
in the Root,
dominantly and
conspicuously, in whatever semantic field they are used.
Additional meanings and connotation, shades and colours
get added to the perception -meanings infolded in the Root by the peculiar pattern, placing of vowels-syllabification
and addition of consonants.
Moreover, relational aspect of the semantic
field will also influence and add connotations to the word. Hence;
the meanings,
perception and connotation of an Arabic word is the composite whole of the perception infolded in its Root, coupled with meanings associated
with its pattern, and its relation to the semantic field where it is used.
Grand Qur’ān is the book that has
built in lexicon for its important words and terms, like the books on
law-constitution, and scientific facts.
It defines its terms, and exposes the perception and meanings of important words in
picturesque manner by using it in different semantic fields
whereby one can perceive all its dimensions relating to substance as
well accident, including metaphorical aspect.
It exposes the
perception and meanings of its important words picturesquely by
relationships and contrasts. [Annexure:
Inbuilt guidance for translation: Criterion - Keys for translation of
Grand Qur’ān]
The
authoritative definition of:
ٱلرِّبَوٰا۟ will
be
that which is in consonance with the basic perception
infolded in its Root:
"ر
ب و".
This Root is used twenty times and fourteen are the words made from it
that occur in Grand Qur’ān.
Learned Ibn Faris
[died 1005]
had described the basic perception infolded in the Root in these words:
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ربي/أ
(مقاييس اللغة)
الراء والباء والحرف المعتل وكذلك المهموز منه
يدلُّ على أصلٍ واحد،
وهو الزِّيادة والنَّماء والعُلُوّ.
That it leads to the perception of increase,
augmentation, raise; and growth; elevation; piling;
superiority.
|
Its concept, perception and meanings are rendered
explicit by its use in different semantic
fields and with different collocates:
-
You be aware, in similar way, Allah the Exalted strikes to let
shine the established fact-reality,
profitable and substance of permanence,
and exposes in contrast the
بَاطِل scum/ conjecture - filmy layer of extraneous matter or
impurities that rises up on the surface of a liquid; dross or refuse from
molten metal which becomes visible on surface.
|
:
Adjectival Phrase; first noun is the direct object of preceding verb.
:
Active Participle:
Indefinite; Singular; Masculine; accusative, is the modifier that
specifies the adjectival description of head noun. Used as an adjective, the Active
Participle acts as descriptive term. Functioning as adjectives, Active Participles
reflect the gender of noun that they modify. This phrase
thus signifies
"scum which is characteristically uprising".
Please retain the ultimate end and destiny of :
characteristically uprising scum
because same is the fate attributed to:
ٱلرِّبَوٰا۟
"cumulative gains" on lent
money.
The perception infolded in
Root
"ر ب و" is exposed by using it for depicting a verifiable physical
happening:
:These are not just literary expressions; but
narration of physical facts-the response behaviour of the soil on
meeting with water. Grand Qur’ān is a statement of absolute
fact. Today, we observe with microscope the response acts of dried soil
and see them as is verbally portrayed by these two verbs.
:
Verb: Perfect; third person; singular;
feminine; ت
feminine marker; Subject pronoun hidden; مصدر-رَبْوٌ
Verbal Noun.
(1)22:05(2)41:39=2). It denotes act of swelling/enlargement/increase
in volume of the soil particles. It is a verifiable fact and helps in
authoritatively determining the perception infolded in its Root
"ر ب و" and of the word:
ٱلرِّبَوٰا۟
with financial connotation.
The use of this Root for describing a location/place also
reveals its basic perception and meanings:
Noun: Indefinite; singular; feminine;
genitive. This is
also from Root
"ر ب و". It signifies an elevated/high altitude or
hilly place.
Its characteristic feature/adjectival portrayal is by possessive phrases
:
holder of a location and state of long protected and safe abode; and
second trait is:
a
place which is verdurous: vivid green of
plants-flourishing with springs.
The perception of this Root is also made explicit by its use with
reference to raising an infant and child to a grown up age:
: Root "ر ب و"; Verb: Perfect; Third person; dual; masculine;
[Form-II]; الف
Subject pronoun in nominative state;
نِ
noon of protection +
Object
pronoun
ى
: Suffixed
Object Pronoun: First person; singular, accusative state; مصدر-تَرْبِيَةٌ
Verbal noun.
:
Root "ر ب و"; Verb: Imperfect; First person; plural; masculine;
[Form-II]; Mood: Jussive
evident by dropping of last delicate consonant; Subject pronoun hidden;
Suffixed Object Pronoun: Second Person; masculine; singular, in
accusative state; مصدر-تَرْبِيَةٌ
Verbal noun.
(1)26:18=1
"We raised you."
It is thus evident that the
perception infolded in Root:
"ر ب و" is that of
successive progression of
object from surface in enlargement, swelling, extending, expanding,
increasing, and rising by the running time. It
does not refer to onetime leap.
2. A group of Jews and advocates of:
equate it with:
The credit sale.
Having learnt the perception and meanings
infolded in the Root
"ر ب و"; the word
ٱلرِّبَوٰا۟
is explicitly imaged at its very first occurrence:
-
Therefore, he whom advice; information about the
difference between credit sale of goods and
compound
interest/incremental
gain on lent money, conveyed by his Sustainer
Lord has reached and in compliance thereof he has diligently abstained
indulging in it, thereat,
the past finalized transactions are for him
while his matter rests with Allah the
Exalted.
|
:
Verb:
Imperfect; third person; singular; masculine; Mood: Indicative [Form-V]; Suffixed Fronted Object pronoun in accusative state;
مصدر-تَخَبُّطٌ
Verbal Noun. Form-V verbs have transformative meanings.
The basic perception conveyed by this state, as was mentioned by Ibne
Faris [died-1005] and Lane's Lexicon is: going or journeying without direction, or one who beats the ground with
his foot and know not in what land he is going; either because of the
darkness or because he is blind; and he who is
confused. It reflects a disoriented state
of mind and lack of clarity.
: It is the subject of Verb;
Noun: Definite; Masculine; singular; nominative.
The object of Verb has become the victim
of aforesaid state because of the effect of Cobra's touch-bite. Here it refers exclusively to Cobra
since Satan does not
physically touch and harm a man. He always
poses to be a friend and well wisher of humans to deceive them. Harm
does not cause deception; rather deception causes harm. [Annexure:
Cobra finds mention in Qur’ān].
The effect of cobra bite upon the victim
is like that which is portrayed by the verb:
.
He becomes confused because toxins inserted by bite
render him diplopic. It is a state of double vision: seeing two of
everything; a condition in which two images of the same object are seen
simultaneously because eyes though functioning cannot converge to target
the desired object. Its technical name is
diplopia.
Allah the Exalted has given the reason
for selecting this exemplification:
The reason for exemplification specifies that they see and describe two
different things as identical and similar images in nature. They see,
perceive and pronounce that:
is alike
ٱلرِّبَوٰا۟ :
It is a progressive process which shows that interest is accruing all the time
with every passing moment/day cumulatively. The interest is fixed by percentage of loan amount with reference
to life of loan and increments are collected during, and not at the expiry of,
life of loan. Thereby, at every time before the expiry of life of loan, some sum
is outstanding for payment to the lender by the borrower. Those who had already
loaned against compound interest were directed to leave-write-off the remaining
increments out of cumulative interest, if they were truly the believers: ;
they see their image alike; they treat both as synonymous.
The reason for exemplification specifies
that they see and describe two different things as identical and similar
in nature. The Cobra bite also renders its victim in confusion and
diplopic.
Negating their superfluous perception,
Allah the Exalted has drawn attention towards the difference-distance
between both by informing:
The definite verbal noun:
made from Root: " ب ى ع" will
further lead us to meanings of:
ٱلرِّبَوٰا۟
since both are declared as diametrically opposite of each other.
The first and foremost denotation and judgment about componential
features of:
ٱلرِّبَوٰا۟
is that Allah the Exalted has declared it a prohibited fiscal activity.
Having known this basic denotation of it, whoever practices it is warned
that he will be the resident of scorching Hell-Prison.
Since it is prohibited and its practice can cost a person Hell-Prison,
the believers are advised:
:
This is a prohibitory command by Prohibitory particle
followed by verb in Jussive mood. The verb signifies eating and its object is:
compound interest/incremental gain on lent money.
Same verb:
is used prohibiting consuming property and wealth of others by
deception and scam:
The eating of compound interest upon the lent money, and the assets of others by deceptive and foul methods is
prohibited. What is allowed to be
eaten-consumed is the income-profit-gain accruing from mutually
beneficial-pleasing consented
commercial transactions. The upshot of violation of any of the
two fiscal prohibitions is Hell-Prison:
:
It is the circumstantial
clause [حال]
for the verb and object:
ٱلرِّبَوٰا۟
;
Some
general rules of:
حال
; usually translated as circumstantial adverb, include the following:
1-The
حال will
be in the accusative state and its governor will be a verb;
2-The
حال will usually be a participle;
3-The
ذو
الحال will usually be
definite and the
حال indefinite,
as is the case here:
ٱلرِّبَوٰا۟
definite.
4-The
حال usually closely follows the
ذو
الحال
;
5-The
حال can describe the state of the
subject, the object, or even both and together
حال and
ذو
الحال will form a phrasal
structure.
The circumstantial
clause [حال]
for:
ٱلرِّبَوٰا۟
is
portrayed by
adjectival phrase:
:
Head noun:
is
indefinite; feminine;
broken plural/grammatical
singular; accusative and its adjectival description is by a passive
participle
:
Indefinite; singular;
feminine;
accusative; [Form-III]. Both are relational words like
spouse, and half. It denotes such multiple increments that
has the impact of piling-heaping the principle amount lent, over the life
of loan. Form-III verbs and Participles add meanings of consecutive
actions. It is a progressive process which shows that interest is
accruing all the time with every passing moment/day and is being
compounded during the currency of period of loan as is the case in
Compound Interest. It
does not refer to onetime/fixed leap: the profit charged on the cash sales of
goods or the profit amount added to the sale price, or to the fixed amount
added to lent loan-credit sale of the object which is payable on the expiry date of mutually
consented bargain agreement that is in substance pleasant and
beneficial for both parties, the lender and borrower.
The circumstantial clause about
the act of eating the
wealth-assets of others through deceit-fraud-cheating is described by
verbal nouns:
and
,
respectively denoting
transgress
and tyrannical conduct and distorting the
fact, cheating, deception, fabrication and scamming.
ٱلرِّبَوٰا۟ :
It is a progressive process which shows that interest is accruing all the time
with every passing moment/day cumulatively. The interest is fixed by percentage of loan amount with reference
to life of loan and increments are collected during, and not at the expiry of,
life of loan. Thereby, at every time before the expiry of life of loan, some sum
is outstanding for payment to the lender by the borrower. Those who had already
loaned against compound interest were directed to leave-write-off the remaining
increments out of cumulative interest, if they were truly the believers:
Verb: Imperative; second person; plural;
[و] Subject Pronoun,
nominative state; مصدر-وَذْرٌ
Verbal Noun. Its Root is "و ذ ر".
The basic perception infolded is that of a small peace of flesh which is
detached, moved away, alienated from the bone or does not contain bone.
Its primary signification is to leave or abandon a thing.
Relative pronoun; It is the direct
object of preceding imperative verb.
Verb: Perfect; third person; singular; masculine;
Subject pronoun hidden; مصدر-
بَقَاءٌ Verbal Noun.
This verbal sentence is the Linkage Clause of Relative Pronoun [الجملة صلة الموصول].
It
signifies a thing's remaining, continuing, lasting,
or enduring state.
مِنَ ٱلرِّبَوٰٓا۟:
This prepositional phrase denoting a subset of set: cumulative interest.
This phrase, according to grammarians, can link to preceding verb or to
elided circumstantial clause for the preceding Relative Pronoun.
Meanings are however quite evident and grammatical position either way
will have almost no effect on semantics. The command for leaving is
about that part of the cumulative interest which is still remaining due
for payment by the borrower.
The instruction for abandoning-leaving and in present day
terms "writing-off" is with regard to the instalment of cumulative
interest which is yet to be paid; and is not about those instalments
that have already been taken-eaten. The prepositional phrase also
depicts a characteristic feature-component of:
ٱلرِّبَوٰٓا۟
that it is collected in subsets before the expiry of life of loan.
Wealth is something to which value is tagged both for the
purposes of worldly life and life of the Hereafter. Wealth will be
spoiled and will carry no value in the Hereafter if injunction about it
are not adhered to in worldly life:
:
The conjunction/apodosis particle and the Prepositional phrase relate to
the elided predicate of inverted nominal sentence which is the apodosis
clause of preceding conditional sentence.
:
These are two successive Possessive Phrase, head noun definite by construct is
serving as the Subject of nominal sentence. It is plural noun that means heads;
in fiscal context where orders are given to write-off the remaining part of the
cumulative interest "the "heads" of the amounts of you people" will obviously
mean the principle amount which were loaned to people against cumulative
interest for the life of loan.
This injunction coming into force with immediate
effect could have placed some of the borrowers in difficult situation.
It was taken care by a saving clause:
This saving clause also reflects that people were
lending money on compound interest even to such people who were otherwise eligible
for grants and donations for meeting their compelling situation.
The propositional meanings, the essential
attribute, essential nature mirrored by the word:
ٱلرِّبَوٰا۟ is
progression, cumulative increase as is the basic concept inherent in its parent
Root: "ر ب و". This is true with regard
to
nominal/lexical/dictionary definition explaining what the word means. But the
real definition expressing its real nature in the evaluation and judgment of
Allah the Exalted is differently described in the Grand Qur’ān:
يَمْحَقُ:Verb:
Imperfect; Third Person; Singular; Masculine; Mood: Indicative; مصدر-مَحُقٌ
Verbal Noun. Root:
م ح ق
. The basic perception infolded in the Root is that of
rendering a thing deficient and deprived of its blessing, or
increase, or obliterate it.
The ostensible cumulative effect of lent money
through:
ٱلرِّبَوٰا۟ is; in the judgment of Allah the Exalted,
like that
:
characteristically uprising scum which is
uplifted by the inundation on heavy raining. Its destiny and end is that
it vanishes away/goes away as froth.
So is the fate of bulging amount of money exploited through
ٱلرِّبَوٰا۟ : the cumulative interest.
It is reiterated in combination with another instrument
of obligatory spending:
This Ayah manifests for us the difference between
Propositional-Denotative meanings and expressive meanings of words and
expressions.
Expressive meaning "relates to the speaker's feelings or attitude rather than
to what words and utterances refer to". The basic
proposition and the essential feature referred by both the words:
ٱلرِّبَوٰا۟
and:is
increase, augmentation, growth, enlargement, accumulation. With regard
to propositional meaning and intended effect of:
ٱلرِّبَوٰا۟
,
it is not the case in the consideration and evaluation of Allah the
Exalted. It is like scum and dross of no worth in the consideration,
evaluation and judgment of Him the Exalted.
Similarly, the propositional meanings of:
are synonymous to:
ٱلرِّبَوٰا۟
but the apparent effect is that it
relatively diminishes the fiscal position of its payer. But in the
evaluation and judgment of Allah the Exalted, its dictionary meanings
are genuine and true. It is a unique spending that enhances the economic
worth of a man but for his life in the Hereafter.
Lending money on
condition of compound interest has the intent of cumulatively increasing it
by using the money of other people. The propositional
meanings, in the real world, are thus evident showing visible increase in money given
against compound interest. This is the evaluation of the money
lender. He considers it enlargement, increase in his wealth. He may also
think it expressively as riches. But it is not an increase in the
consideration of Allah the Exalted. The same verb is used but in the
expressive meaning with co-occurrence of possessive phrase:
in the consideration/evaluation of Allah the Exalted.
Money given with the intention
:
that it might increase manifold in relation to worldly wealth yields what is
termed:
ٱلرِّبَوٰا۟ .
The money lenders obviously perceive themselves as
:
those who multiply their capital manifold. This is the propositional and
expressive meaning of
ٱلرِّبَوٰا۟
in consideration and judgment of a person fond of only the worldly life.
But this increase is of no worth; and is nothing but scum in the consideration
of Allah the Exalted.
:
In contrast, in the consideration and judgment of Allah the Exalted, it has the
same propositional and expressive meaning as are inherent in Root "ر
ب و" and:
ٱلرِّبَوٰا۟
,
but relates to the invisible Balance Sheet of its payer. It is the final
Balance Sheet that matters and determines the social and economic status of a
person. Such payers of money to the State to cope with its
economic situation are declared as truly
:
those who multiply their capital manifold. It is Active Participle: Definite; masculine;
sound plural; nominative; [Form-IV]; verbal noun
إِضْعَافٌ: an act and state of
increasing, increment. Paying money to state statistically
reduces one's financial balance in apparent worldly terms; but this
payment renders them as the multipliers of their wealth in the
evaluation and judgment
of Allah the Exalted.
3. Perception and Meanings of Verbal
Noun:
The credit sale.
Let us now see the perception and meanings infolded in Root
" ب ى ع"
and the word:
:
After commanding us to spend for others benefit we are
informed that the act and state denoted by
verbal noun:
will not be possible on the Day of Resurrection. What is:
and what is its advantage if it is done today?
Allah the Exalted has today very kindly purchased
our selves/life and our valuables-possessions-wealth against the promise
of paying us the price on the Day of Resurrection or if and when we get
killed in war for His cause. The price that will be paid is the transfer
of title/ownership of Paradise to us. Salient features of this contract
are: Allah the Exalted is the Buyer; We the true believers are the
sellers, second party; the commodity is our lives and wealth; the date
of payment by the Buyer is either on the Day of resurrection or at the
point in time if we get killed in the War fought for the cause of Allah
the Exalted; the price settled is the Paradise. The contract is recorded
in black and white in the Book of Allah the Exalted. The nature of the
contract is as if it stands executed because the promise of Allah the
Exalted is always fulfilled and at every moment it is an established
fact.
It is thus evident that:
is what we call in commerce Credit sale:
sale for which buyer can pay later;
a sales transaction by which the buyer is
allowed to take immediate possession of the purchased goods and pay for
them at a later date.
Credit sale agreement/contract
is essentially a loan-lending for the purchase price of the item,
which is higher than the current market price, with
the money being paid after a fixed period of time.
Allah the Exalted, as Party under debt-liability, has informed that this Credit
Sale Contract was and is duly recorded in writing in the
Tor'aat,
In'jeel
and the Qur’ān. Thereby,
is necessarily a written contract
between the buyer and seller wherein the seller hands over the possession of
tangible goods and the buyer undertakes the promise of paying its price at an
agreed point in time in the future; and that it is
essentially a loan-lending.
It is, therefore, ordered simultaneously clarifying all the niceties of a
transaction:
-
Therefore, he should write down and the
party under liability should
dictate,
and he should aspire attaining the protection from Allah the
Exalted,
his Sustainer Lord.
And he should not undervalue anything relating to
the
liability/obligation
—
|
-
However,
for reason of the
indebted person
being immature or weak, or
if he does
not consider himself capable to dictate it, thereby, the guardian of his interests should
dictate it, details of deal with equity
—
|
-
However, in case of non-availability of two men, the recourse is
to seek
one man and two women of vicinity selected by mutual consent
to observe the deal.
[two women; it is embarrassing for a woman to
join unknown 4 men in a commercial shop; she might remain absent
minded].
|
-
However,
if it were an on-spot transaction by hand-to-hand, a
routine daily business of rotation of things by selling and buying,
then, no blame is upon you
people in not reducing it to writing.
|
The credit sale which is but lending
for a particular duration specified by the point in time/date of
termination of the duration has to be documented and observed by the
witnesses. The sentence:
uses the verbal noun, it generally
signifies the act and state of lending for a duration unto the named
moment of termination. And then it is explained with an added injunction
of witnessing when transaction of:
is being finalized:
:
"When you have mutually finalized the credit sale".
:
The credit sale is differentiated and contrasted with
:
adjectival phrase meaning cash business transactions. And another characteristic
feature [صفة
ثانية]
of
is portrayed by this sentence:
:
"you keep
rotating her: hand to hand selling and purchasing
between yourselves". This contrast is again evident in this Ayah: Verbal unitary
passage:
Praise is specified for Allah
the Exalted; Grand Qur’ān has explicitly explained the perception
and meanings of:
which
does reflect some imagery
of
ٱلرِّبَوٰا۟
to many people but is opposite to it.
:
It refers to actual and real delivery of valuable tangibles: capital
goods and/or consumer goods to the possession of buyer without acquiring
its price on the spot. It is lending of the goods at mutually agreed value higher than
the spot-value depending upon the duration of period when the price is
to be paid on the appointed/named date. In contrast and contrary to it the
concept:
ٱلرِّبَوٰا۟
will denote monetary lending: loan of
money/capital/paper notes/currency, which are not real wealth but a
measure, on the condition of cumulative interest.
Grand
Qur’ān has informed that history
of compound interest predates the Jews. They were prohibited to indulge in it. A group of Jews who are
now the
perpetuators of economic exploitation of the world did
indulge in money lending with the condition of obtaining bulging returns and kept usurping the wealth of the people through
deceptive and foul tactics:
The explicit information given in Grand
Qur’ān exposes that:
ٱلرِّبَوٰا۟
in ultimate analysis is worthless scum and froth; and is just a fantasy-wealth
and illusion. It is now a global activity. Let those who do not believe that
they will ever face a reckoning for their actions remain in the vicious circle
of fantasy. It is their weakness/disease of the heart that they believe it gives
them the power, they can tame and enslave people and become the in charge of
existence. They wish to acquire the real wealth of the people and give them
false and worthless paper/card money and put them in a perpetual indebted state.
They are dangerous Saamri. He took away the real wealth of the people, their
gold ornaments, converted some of it into a golden calf with the fascinating
trick of producing sound void-of-words, and in return gave them a false idea and
concept of god/lord. The whole nation was befooled despite warning and
clarification by the elevated Messenger Haroon
alai'his'slaam. They all gathered around
the sculpted golden calf; Saamri had momentarily enslaved them.
We should avoid money borrowing on compound interest; instead prefer and promote in economy
and society the concept of:
Credit sale of real goods; and practice lending-loaning:
with instrument of
fiscal deal of promissory nature: lending whose
maturity term is specified by appointed due date for payment
which does not have successive-cumulative leaps.
Another two antonyms of:
ٱلرِّبَوٰا۟
mentioned in Qur’ān are:
[Root: ص د ق];
voluntary generosity,
and
Root: ز ك و.
Like the Root "ر ب و"
of:
the Root: ز ك و
of
has the basic perception of increasing and augmenting.
Authoritative definition
of these two terms need to be defined while deciding the issue of:
ٱلرِّبَوٰا۟ in
the Muslim Economy.
(b) Difference between
and
:
The subject:
ٱلرِّبَوٰا۟
under
consideration belongs to the domain of : "Subset
of Unitary verbal passages that contain commands and injunctions of firm,
established and universal application".
Format and organization is an important aspect in the
criteria for evaluation of books.
It needs to be seen that does the arrangement make sense and can be
referenced distinctly. Miscellany of Qur’ān comprises of only two types of
Verbal Passages:
and:
as is generally the arrangement in a Manual, User's Guide. Creator or manufacturer of a quality
product provides a manual that contains instructions for its operation
and information about its structure, mutual relationships of its
constituents and with outer world. Manual also contains instructions for
its upkeep, maintenance and troubleshooting when problem arises. Man is
the finest and top of the line "Product" ever created;
evidence being the exalted Universal Messenger Muhammad Sal'lallaa'hoalaih'wa'salam
is declared the great of created realm [68:04]. Man has
the best of existing machines. Man once created is, however, a self
developing and operating machine. First type of
Verbal passages gives him instructions as how to conduct in time and
space. And
others are like that part of a
User's Guide which gives information about the surroundings and area of
operation of a system. It is about the nurture; environment of its
audience-primarily human beings.
The miscellany of verbal passages of Grand
Qur’ān
(i).
:
Passive participle: Indefinite; plural;
feminine; nominative; [Form-IV]- مصدر-اِحْكَامٌ
Verbal Noun.
اسم مفعول:مرفوع-جمع
سالم مؤنث/باب افعال
It
was translated by
John Medows Rodwell
as; "themselves
perspicuous".
Thereafter, majority of translators seem to have merely "re-translated"
or "re-worded" the earlier translation, which replaced "perspicuous"
with synonyms or synonymous words like; "clear in and by themselves";
"definitive"; "clear and precise"; "perfected/tightened"; and like
words.
Please scrutinize all the entries of Lane Lexicon under its Root
"ح ك م"; you
will not find any of these words therein.
The meanings of a Passive Participle are
directly related to their descriptive nature and the verb from which
they are derived.
Basic perception infolded in the Root and
Passive Form-IV Verb and Verbal Noun
إِحْكَامٌ is to restrain and
withhold someone from acting or doing something evil, or corrupt, or
that which he desired. Lane's Lexicon depicts its primary signification
in basic Form-I, in these words:
"حُكْمٌ
حكم [inf. n. of 1, q. v.,] originally signifies
Prevention, or
restraint. And hence, Judgment, or
judicial decision: or judgment respecting a thing, that it is
such a thing, or is not such a thing, whether it be necessarily connected
with another thing, or not:"
[unquote]
Ibn Faris [died
1005] described the basic perception of Root as "المَنْع من الظُّلْم";
to restrain and prohibit exceeding a limit. This is called command,
order, direction, and injunction or decree-حُكْمٌ
plural أَحْكَامٌ.
One who exercises authority of issuing and administering commands,
injunction, and writ is حَاكِمٌ.
The effect
of a command, injunction, or writ is to stop and restrict persons on a
certain point-a mode of conduct and behaviour, ensured by backing of
coercive authority or fear of requital. Thereby, that command and writ
becomes inviolate, unassailable, indissoluble and
clenching. This is the meaning and effect incorporated in the Passive
Participle:
. They at their own have no further role to perform.
(ii).
:
Active participle:
Indefinite; feminine; plural; nominative; [Form-VI]-مصدر-تَشَابُهٌ
Verbal noun.
اسم فاعل:- ممرفوع-جمع
سالم مؤنث/باب
تفَاْعَل
Form-VI Active Participle is related to Measure III meaning. It
has a reflexive meaning of Measure III. Generally, the meaning of
Measure VI is two or more subjects doing whatever the action of Measure III is. Its Root is "ش
ب ه".
Learned Ibn Faris [died-1005] stated in his famous
Lexicon [مقاييس
اللغة]:
|
يدلُّ على تشابُه الشّيء وتشاكُلِهِ لوناً وَوَصْفا
That it leads to the perception of
analogy, resemblance, look alike; isomorphism, resemblance in colour and
portrait, or description.
|
Quotes for Lane's Lexicon which is based
on Classical Arabic Lexicons:
|
"inf. n.
تَشْبِيهٌ,
He made it to be like it,
or to resemble it; he assimilated it to it;
i. q.
مَثَّلَهُ [meaning thus: and also meaning he likened it to it, or
compared it with it; agreeably with the explanation here next following]:
شَبَّهَتُ
الشَّىْءَ
بِالشَّىْءِ I put the thing in the place, or predicament, of the
[other] thing, by reason of an attribute connecting them [or common to
them]; which attribute may be real and ideal; real as when one says,
“ this dirhem is like this dirhem, ” and “ this blackness is like this blackness; ”
and
ideal as when one says, “ Zeyd is like the lion ” or “ like the ass ” i.
e. in his strength or his stupidity,....
6
تَشَابُهٌ
signifies The being equal, or uniform; syn.
اِسْتِوَآءٌ:
تَشَابَهَا
They resembled each other so that
they became confounded, or confused, or
dubious.
And
مُتَشَابِهَاتٌ
Things like, or
resembling, one another."
|
:
These are the performers of a job signified by the verb from which it is
derived;
they relate two things by comparison, one known and the other unknown.
This is what we call in English "Metaphor".
Metaphors are used to help us understand the unknown because
we use what we know in comparison with something we don't know
to get a better understanding of the unknown.
The purpose of quoting similes is to
explain and elaborate information facilitating the reader to
conveniently perceive and understand it comprehensively. Metaphors are employed to let reader have a general idea
and perception about an unknown abstract reality and phenomenon. Using
similes and metaphors does not mean that the concept, abstract reality
and phenomenon highlighted through them were earlier vague and undefined
in absolute sense. Level of information, intellect and understanding of
men varies. Explanation and elaboration through Similes and metaphors
help make perceptions explicit.
[Annexure:
and
Format and
Organization]
It is therefore
evident that the subject under
consideration belongs to the domain of :
"Subset
of Unitary verbal passages caused to contain commands
and injunctions of firm, established and universal application".
One characteristic distinction of
such Ayahs: Verbal passages is that command verbs and such objects that
relate to human conduct and behviour will find mention.
:
Perception and meanings
