🇵🇰 Can Pakistan ever bring about a system which prohibits Usury and Interest?

[MuHayMin]

Usury, or the practice of charging excessive interest on loans, can have a number of negative effects and dangers. Some of the top dangers, problems, and negative effects of usury include:

Debt: Usury can lead to excessive debt, particularly for borrowers who are unable to repay their loans at the high interest rates charged by lenders. This can lead to financial hardship and bankruptcy for individual borrowers, and can also have negative impacts on the wider economy.
Economic inequality: Usury can contribute to economic inequality by making credit more expensive and less accessible for lower-income individuals and communities. This can exacerbate existing inequalities, and can make it more difficult for individuals and communities to access the credit they need to invest in their businesses, homes, and education.
Predatory lending: Usury can enable predatory lending practices, in which lenders take advantage of vulnerable borrowers by charging excessive interest rates and imposing harsh loan terms. This can lead to financial exploitation and abuse, and can cause significant harm to individual borrowers.
Social and psychological harm: Usury can have negative social and psychological effects, including stress, anxiety, and depression. Borrowers who are struggling to repay high-interest loans may experience financial stress and anxiety, which can have negative impacts on their mental health and well-being.
Crime: Usury can contribute to crime, particularly when borrowers are unable to repay their loans and turn to illegal activities to generate the funds they need to pay off their debts. This can have negative impacts on public safety and security, and can create social and economic costs for communities.
Unethical business practices: Usury can enable unethical business practices, as lenders may be motivated by profit rather than the well-being of their borrowers. This can lead to a lack of trust and confidence in the financial system, and can undermine the integrity and reputation of the businesses involved.
Economic instability: Usury can contribute to economic instability, as excessive interest rates and debt can lead to financial crises and instability. This can have negative impacts on the economy, and can create risks for individuals, businesses, and the broader economy.
Financial exclusion: Usury can lead to financial exclusion, as high interest rates can make credit less affordable and accessible for lower-income individuals and communities. This can prevent individuals and communities from accessing the credit they need to invest in their businesses, homes, and education, and can limit their economic opportunities.
Loss of consumer trust: Usury can lead to a loss of trust and confidence in the financial system, as consumers may be wary of engaging with businesses that charge excessive interest rates. This can have negative impacts on the financial sector, and can make it more difficult for businesses to attract and retain customers.
Unsustainable economic growth: Usury can contribute to unsustainable economic growth, as excessive debt and interest rates can create bubbles and instability in the economy. This can lead to financial crises and economic downturns, and can undermine the long-term health and stability of the economy.

 

[Dogun18]

@Old School @Lulldapull @Muji.Iqbal

 

[Deleted due to Error (Muji Iqbal)]

@Old School @Lulldapull @Muji.Iqbal

Problem is that the world economic system is based on usury.

So we have to work with the system. Since the system is run by the Superpowers which are Non-Muslim empires.

 

[MuHayMin]

Yeah it seems to hard to do as long as those governing bodies exist.

Problem is that the world economic system is based on usury.

So we have to work with the system. Since the system is run by the Superpowers which are Non-Muslim empires.

 

[Deleted due to Error (Muji Iqbal)]

Yeah it seems to hard to do as long as those governing bodies exist.

Yes and those empires are USA, China, and Russia.

Then UK and France which are UNSC members as well. Its almost impossible to oppose them.

 

[Bagheera0084]

Usury, or the practice of charging excessive interest on loans, can have a number of negative effects and dangers. Some of the top dangers, problems, and negative effects of usury include:

Debt: Usury can lead to excessive debt, particularly for borrowers who are unable to repay their loans at the high interest rates charged by lenders. This can lead to financial hardship and bankruptcy for individual borrowers, and can also have negative impacts on the wider economy.
Economic inequality: Usury can contribute to economic inequality by making credit more expensive and less accessible for lower-income individuals and communities. This can exacerbate existing inequalities, and can make it more difficult for individuals and communities to access the credit they need to invest in their businesses, homes, and education.
Predatory lending: Usury can enable predatory lending practices, in which lenders take advantage of vulnerable borrowers by charging excessive interest rates and imposing harsh loan terms. This can lead to financial exploitation and abuse, and can cause significant harm to individual borrowers.
Social and psychological harm: Usury can have negative social and psychological effects, including stress, anxiety, and depression. Borrowers who are struggling to repay high-interest loans may experience financial stress and anxiety, which can have negative impacts on their mental health and well-being.
Crime: Usury can contribute to crime, particularly when borrowers are unable to repay their loans and turn to illegal activities to generate the funds they need to pay off their debts. This can have negative impacts on public safety and security, and can create social and economic costs for communities.
Unethical business practices: Usury can enable unethical business practices, as lenders may be motivated by profit rather than the well-being of their borrowers. This can lead to a lack of trust and confidence in the financial system, and can undermine the integrity and reputation of the businesses involved.
Economic instability: Usury can contribute to economic instability, as excessive interest rates and debt can lead to financial crises and instability. This can have negative impacts on the economy, and can create risks for individuals, businesses, and the broader economy.
Financial exclusion: Usury can lead to financial exclusion, as high interest rates can make credit less affordable and accessible for lower-income individuals and communities. This can prevent individuals and communities from accessing the credit they need to invest in their businesses, homes, and education, and can limit their economic opportunities.
Loss of consumer trust: Usury can lead to a loss of trust and confidence in the financial system, as consumers may be wary of engaging with businesses that charge excessive interest rates. This can have negative impacts on the financial sector, and can make it more difficult for businesses to attract and retain customers.
Unsustainable economic growth: Usury can contribute to unsustainable economic growth, as excessive debt and interest rates can create bubbles and instability in the economy. This can lead to financial crises and economic downturns, and can undermine the long-term health and stability of the economy.

While scrolling when I read the title of the paragraph saying "short summary" I expected the post to be very long as OP had addded a "short summary". But after scrolling further I felt the post itself is so short yet the OP had added a "short summary"!

 

[MuHayMin]

While scrolling when I read the title of the paragraph saying "short summary" I expected the post to be very long as OP had addded a "short summary". But after scrolling further I felt the post itself is so short yet the OP had added a "short summary"!

It's drastically smaller and covers all the same points but in less unless you have any points to add?