I just re-read an e-mail from Farakh around this time last year in which he talked about an interest free monitory system based on the Gold Dinar. He along with some other brothers used their own time and money to raise awareness about this system, Masha Allah.. However, nobody seemed to show any interest at that time. He mentioned that even some scholars didn’t take them seriously, knowing very well that “Allah and His Rasul is at war with those who practice Riba” [Quran]. See some interesting website links below :-
http://igdexchange.com/dinar.asp – A bit of history on Islamic Dinar and Dhiram
http://e-gold.com/ – Internet payments 100% backed by Gold
Abu Bakr ibn Abi Maryam reported that he heard the Messenger of Allah, may Allah bless him and grant him peace, say: "A time is certainly coming over mankind in which there will be nothing [left] which will be of use save a dinar and a dirham." (The Musnad of Imam Ahmad ibn Hanbal)
It was noted that Muslims in general are totally immersed in Riba (and interest) and only show concern with issues that benefit them materially.
Farakh made the following conclusion "Ummah is only a concept, doesn’t exist in reality – there is not even a hint of unity. Islam is being practices as a Madhaab (religion) not a Deen (the divine system) and unless we change our thinking and make positive CONTIRBUTIONS to society at large (irrespective of religion, colour, creed etc.) we will forever be singing the tunes of ‘unity’ , ‘ummah’ etc. etc. without having made a meaningful difference to the society as a whole. We can look to the Muslims of Spain, Baghdad and their achievements and their contribution to the society. European renaissance owes a lot the Muslim contribution in the middle ages. Leadership is the key within the DEEN framework.
Sent: 17 September 2008 10:45
Subject: Thought for the 21st Century
As the financial edifices are falling around the world, here is thought for the 21st Century.
“You who believe! Have fear of Allah and forgo any remaining Riba (Usury) if you are believers. If you do not know that it means war from Allah (s.w.t) and His Messenger. But if you repent then you can have your capital, without wronging and without being wronged”. Quran (2:278-279)
What is Riba? Well, it is more than just interest on bank deposits. Think in what other wrongdoing Allah has declared war? Not many!
Alternative financial solutions can be brought about. Muslims can take a lead in this, they really can. It’s merely a question of Taqwa (fear of Allah) and belief (in his halal system)!!! As for Taqwa, recall the words of one eminent Muslim scholar (11th century): “You worship what you fear. So watch where you place your fears.”
Assalamu Alykum Wa Rehmatullah.