Many people are complaining about the economic crisis. This crisis has affected the whole world, and particularly the USA. Some people are forced to dangerous activities to earn money, even at the risk of their own lives, while others live on the streets because they are unemployed. In addition, all kinds of solutions are being experimented with in a bid to rescue countries’ economies. Reforms are being tried in areas such as energy, agriculture and infrastructure development, which are key to economic growth. Plans are constantly being drawn up to deal with unemployment and current deficit. Cuts are made, price hikes are enforced, but instead of decreasing, the economic crisis just gets worse.
There is a very important reason why none of the measures taken to date have been of any use. Our Prophet (saas) revealed in the hadiths that such a severe economic crisis would happen in the End Times, in the present day in other words. And nobody and no measures taken have therefore been able to prevent it.
Some of the hadiths of our Prophet (saas) regarding the weakening of the economy in the End Times:
- Trade and roads between nations will be cut and strife among people will grow.
(Ibn Hajar al-Haythami, Al-Qawl al-Mukhtasar fi `Alamat al-Mahdi al-Muntazar, pp. 39-40)
- Profits will revolve among certain people only, while those on low incomes will suffer hunger and difficulty.
(Lessons from Ramuz al-Ahadith, Istanbul, 1983)
- Everyone will complain of being “unable to make money and make ends meet.”
(Lessons from Ramuz al-Ahadith, Istanbul, 1983)
Allah has revealed the solution to this economic depression in the Qur’an. When we look at the reason for these problems going on across the world, the solution is in fact immediately apparent. I am certain that you, too, will want to apply this solution when you hear what it is.
The economic crisis will not come to an end until people live by love and desire what is best for others.
The answer to the economic crisis is LOVE. Neither the economic crisis nor other problems will come to an end unless Allah is loved with great passion. Economic crisis is inevitable in a world in which people detest one another. For whom or why should someone ignorant of love of Allah want to engage in fine, high-quality and attractive production? Why should he want to be bothered?
People who do not live by love want to engage in the worst and cheapest kind of production and to achieve the maximum profit in the shortest time possible. Instead of making use of their money, such people selfishly squirrel it away. People who do not know love of Allah cannot love other people, either. They regard everyone else as competitors and treat them with hatred. They are unwilling to help anyone. They never want to help the poor, for example, or award pay rises to those who work for them. They regard this as meaningless and unnecessary. Their money is kept in the banks, and there is thus no flow of capital, and stagnation begins.
Contrary to what many people who save their money rather than spending it think, measures such as giving away any excess funds to the poor and increasing wages actually leads to greater wealth. The economy dies when there is no flow of capital. But capital movement speeds up when the poor also reach a level where they are capable of buying goods. Industry becomes stronger, production rises and the markets pick up. And everyone will be happy as a result. Unwillingness to spend money and hiding it away is one of the main triggers of the economic crisis. In order for this to be eliminated, people must first live by love of Allah. When people love Allah, they will also love the people He creates. One cannot be happy when someone one loves is in need, and will therefore act on Allah’s command in verse 22 of Surat an-Nur:
"Those of you possessing affluence and ample wealth should not make oaths that they will not give to their relatives and the very poor and those who have migrated in the way of Allah. They should rather pardon and overlook. Would you not love Allah to forgive you? Allah is Ever-Forgiving, Most Merciful.”
Everyone needs a certain amount of money to meet his or her needs. But when one gives whatever is left over to the poor, and this obligation is performed all over the world, then do you think there will be any POOR people left in the world?
I can hear you all saying, “No.” According to the Qur’an, we have an obligation to protect and watch over the poor, the needy and orphans. Indeed, even if Muslims themselves are in need, they still prefer their Muslim brothers and sisters to be comfortable.
The worst scourge in the economy: Interest!
Another of the main factors triggering the economic crisis is the interest system. Interest is like a beetle gnawing away at wood from the inside. It ruins the global economy. Interest is alleged to be applied for purposes of regeneration, but it in fact leads to huge collapses. Indeed, some banks have recently realized this and experimented with interest-free policies. Positive results began to be seen, but the system needs to be spread across the world and interest totally eradicated if the economic crisis is to be halted.
By Allah’s leave, the Golden Age when poverty will end and the blessing of abundance that everyone longs for will arrive is close at hand. As our Prophet (saas) foretold in the hadith “My community will enjoy such well-being in those days that the like of which has never been seen before. …” (Sunan Ibn Majah, 10/347), the Golden Age will be close to the Day of Judgment. In that time, the delight of Qur’anic moral values will rule the world and religious values will be widespread among people.
We are now in the End Times, a period of much corruption, poverty and conflict. It is time to prepare for the Golden Age to follow, by loving Allah with a passion, loving His creations, helping those around us and supporting Muslims in all ways.
Do not forget that all possessions and property belong to Allah. We are just their temporary custodians. The time has come, as our Lord commands in the Qur’an, to spend these on those in need …
[They are] those in whose wealth there is a known share for beggars and the destitute. (Surat al-Ma’arij, 24-25)