Seadet-i Ebediyye - Endless Bliss Fifth Fascicle

Islam. It is something quite possible, and very easy, too, to
improve a bank, which has been established for the interest of a
few people and has therefore been dragging the village life
towards sloth, irremediable debts, and disasters, into an
altogether fruitful and prolific Islamic bank, which will work in a
manner compatiible with the commandments of Allâhu ta’âlâ,
make partnerships with tradesmen, artisans, and factories by
providing capital for them, and make and sell buildings,
complexes, and plants. It is an incontrovertible fact that banks
employed in that manner will be of great service for peoples’
welfare, happiness, and progress.
Question: A person who has no or insufficient money to have a
house built borrows money with an interest from a bank and has a
house built. He has a home now. However, it is very difficult to pay
the interest. If he fails to pay it, his debt increases, his house is sold,
all his toil comes to naught, and he cannot get over his difficult
living conditions. How can an Islamic bank solve this problem
effectively?
Answer: The Islamic bank will not lend him money with an
interest. Instead, learning from him all the features of the house he
wishes to have, employing civil engineers and masterworkmen of
its own, and using the best material, it will have a house built,
which will be better than one he could ever build on his own and
will meet all his domestic needs. Thereafter the bank will sell him
the house on credit for a price that will consist of both the cost and
the profit that the bank plans to make. Thereby, not only will that
person attain ownership of a good house without any toil on his
part, but also the bank will have helped someone without any
interest, the profit it will have made into the bargain.
Question: It is permissible to put money in a bank and receive
interest in (a country termed) the dâr-ul-harb, i.e. a country, e.g.
France, where idolatry is rife. On the other hand, it is harâm,
always and everywhere, to borrow money from a bank and pay
interest to that bank, unless there is a (helpless situation termed)
darûrat. Consequently, as disbelievers are transacting great
businesses by drawing hundreds of thousands of liras from banks,
Muslim tradesmen are suffering deprivation because they cannot
drum up any business since they cannot draw any money from
banks. This handicap delivers trade into the hands of disbelievers,
making the Muslim tradesmen a plaything in their hands?
Answer: The Muslim tradesman will borrow money in a way
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