The practice of Riba is a very high time preference activity where all that matters is the destructive short-term gain at the expense of sustainable long-term growth. Zakat, on the other hand, is a very low time preference activity where the giver seeks to attain rewards over the long-term, both in this life and in the hereafter.
Zakat facilitates in advancing the "process of civilization", while Riba seeks to disrupt this process.
In the Islamic tradition, these two practices could not be any more antipodal. Indeed, if zakat can be considered “financial worship” as elucidated by Abul A'la Maududi, then Riba can be rightfully called “financial transgression”.
MBitcoiner / Muslim Bitcoiner
npub1uz…857h3
2024-08-18 19:06:06
Author Public Key
npub1uzfp6cgwue2njm86cmyeq7m26y0n58w72acq98sjsnnv4c87002s6857h3Published at
2024-08-18 19:06:06Event JSON
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"pubkey": "e0921d610ee655396cfac6c9907b6ad11f3a1dde5770029e1284e6cae0fe7bd5",
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"tags": [],
"content": "The practice of Riba is a very high time preference activity where all that matters is the destructive short-term gain at the expense of sustainable long-term growth. Zakat, on the other hand, is a very low time preference activity where the giver seeks to attain rewards over the long-term, both in this life and in the hereafter.\n\nZakat facilitates in advancing the \"process of civilization\", while Riba seeks to disrupt this process.\n\nIn the Islamic tradition, these two practices could not be any more antipodal. Indeed, if zakat can be considered “financial worship” as elucidated by Abul A'la Maududi, then Riba can be rightfully called “financial transgression”.",
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}