How in the world do u live in a Country with no Financial Infrastructure? There isn't a single muslim country that doesn't use Interest rates for it's currency or loaning. No country can develop without a central bank managing money supply through interest rates to private banks who then do interest rates to business start ups, property, investments to support it's country people.
@NordicSomali you made an interesting remark that Ribbah is considered evil by Somalis. To be quite frank the ribbah that Islam is referring to isn't even interest rate as we understand it, but something called 'dul saar' which is more like the ribbah Islam is talking about, when things are over-priced to the point that people are poorer.The way Mogadishu economy is set up is true ribbah, 99% of the people can't afford to live there.
But interest rate curbs inflation from devaluing money. If someone gives you 100k and u repay it in 10 years, he has to calculate 3% inflation x 10 years into the equation on top of the loan and then a profit margin(which is checked by other banks to ensure it's not high) or else their was no incentive to loan in the first place which has far more disastrous outcome for a society(ppl with ideas but no finance or ppl with jobs but no loans for property)
Even if we take the Ulama argument that ribbah is interest rate, it's an un-avoidable evil anyways, every american dollar in Somalia was printed through America banks which is done through ribbah, the american currency in Somalia didn't fall from the sky, it reports back to American banks. Islam teaches you can do anything haram if your facing poverty or death, even if it means eating pork.
On the grounds Islam says everything is halal in the event of poverty or hunger, Without ribbah banking, Somalis will die in poverty if they don't set up banking architecture immediately, becuz charity-aid doesn't cure poverty and never will, it's not intended too, it's intended to keep you alive only so their industry alive but not free and independent. Even the charity-aid Somalia gets, came from ribbah banks. There is no avoidance possible, unless they want to all die, will the ulama promote DEATH becuz without ribbah banking, this is the only outcome.
What is wrong with Somalis?
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