we should aim to eliminate riba in this holy month of ramadan .
The holy month of Ramadan is the time for Muslims to intensify their acts of worship to God, not only in the sense of performing the ritual prayers that will bring them closer to the Creator, but also to by following Islamic rules mentioned in quran.
In such verses on charity, God prohibits the practise of riba (an addition or premium plus the principal a borrower must pay to a lender for loan, which is translated as usury and also known as interest in today’s financial context).
The condemnation and the ultimate prohibition of riba can be found in verse 275, whereby God says: “Those who devour usury will not stand except as one whom the Evil one by his touch has driven to madness. That is because they say: ‘Trade is like usury,’ but God has permitted trade and forbidden usury. Those who, after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for God (to judge); but those who repeat (the offence) are companions of the Fire: They will abide therein (for ever).”
God further admonishes against the practise of riba in the subsequent verses (276 – 279):
“God will deprive usury of all blessing, but will give increase for deeds of charity: For He loves not creatures ungrateful and wicked. Those who believe, and do deeds of righteousness, and establish regular prayers and regular charity, will have their reward with their Lord: on them shall be no fear, nor shall they grieve. O ye who believe! Fear God, and give up what remains of your demand for usury, if ye are indeed believers. If ye do it not, take notice of war from God and His Messenger. But if ye turn back, ye shall have your capital sums: Deal not unjustly, and ye shall not be dealt with unjustly.”
Interestingly, the said verse on riba prohibition is closely tied with that of explicitly enjoining and promoting charity.
What we can learn from the chronological order of the verses that prohibit the practise of riba is that obviously God the Almighty is Most Merciful to mankind, and in this context, the prohibition of riba does not come in isolation, rather, it comes together with the act of charity, whereby man conducts his economic activities by way of loving and caring for others.