Movement For Usury Free India


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This is the letter for launching the usury free India.With regards to BD Sharma ji for National Campaign for Eradication of Usury.

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Movement For Usury Free India

  1. 1. WELCOME THE NEW AGE OF ECOLOGICALLY SUSTAINABLE monotheistic /ISLAMIC/ dharmic ECONOMY FOR BEATING ECOLOGICALLY HOSTILE, ATHEISTIC, USURIOUS FINANCE SYSTEM Invitation for the meeting at Jantar Mantar Footpath As part of follow up on Stand up Action against Poverty Movement for Usury Free Ecologically safe Finance System in India It is the atheistic, usurious ecologically hostile finance system known as capitalism that is under threat and it is good that the market that had been permitted all the freedom has shown the way to find out new measures against socially inequitable and ecologically hostile atheistic finance system. There are bloodbaths taking place across the bourses of the world. This is good ecologically as the crisis has put a halt to speculative frenzy. Men and women suffering from this need to be helped with faith based instruments and requested to be content with subsistence consumption. They need to recall the wisdom in being thankful to the Almighty for what they have. They need to be suggested to get ready for pursuing ecologically sustainable livelihoods such as agriculture. Living off unearned usurious money has proved to be unsustainable and this will remain so in all the future. The crisis initiated with the sub-prime crisis in USA has created a domino effect across the world. Hundreds have lost their lives. Some of the oldest banks have crashed. Money can no longer be created out of thin air. Money has to be based on commodities and services and not on the usurious contracts. There cannot the exponential growth in all the time. The crash was very much envisaged by people like Bernard Lietaer. It was also sought for protecting the ecologically sustainable habitats, consumption, production and lands of the farmers. It was sought for halting the expansion of ecologically hostile habitats created irreverently for leisure, ecologically hostile pleasure and exhibitionist consumption such as multi-storeyed resorts, hotels, dancing halls, energy intensive shopping malls, industrial complexes and so on. This had been clear to people in the Global Justice Movement like Rodney Shakespeare, Dr.Muhammad Mukhtar Alam, Masudul Hasan Chaudhry, Dan Parker, Peter Challan and several others. In 2005, Dr.Muhammad Mukhtar Alam in a note the organisers of Global Call Against Poverty had called for an international conference of all who were presenting alternatives to ecologically hostile finance system. The article containing the proposition can be seen at and along with detailed analysis of the reasons for transforming the finance sector, description of the movements in India and rest of the worlds, prescription of the measures for transforming the finance sector and addressing the hurdles in the path of ecologically safe and socially equitable non-usurious finance system. Monetary policy measures for reducing poverty such as forgiving debts were
  2. 2. appreciated while calling for the elimination of usurious debts. This was based on the understanding that creation of usurious debts needed to be halted so that countries seeking debts were not pressurised to enact heavy taxation measures and support markets in speculation. This was based on the premise for containing greed for unearned money and socially inequitable and ecologically unsustainable personal wealth. The approaches included prescription for public control on the creation of money, cessation of creation of money out of thin year and creation of debt free money. Binary economists like John Ashford and Rodney Shakespeare have been calling for creation of interest free money for creation of productive capacity. Stephen Zarlenga, the director of American Monetary Institute has been working on same in US. Dr. Brahmm Dutt Sharma initiated Movement for Usury Free India after having direct experience of the poverty generated through usurious debts. Millions are trapped in usurious debt and thousands have committed suicides. Share Markets continues to be unpredictable with unprecedented losses. Enterprises are losing money with unstable value placed on speculative excesses. Islamic banking is being shown to be the one that has not suffered the financial crisis and incurred losses. Islamic investment has remained free from the losses. There indeed are lessons. There are commands against usury in Dhammapada. Sanskritic monotheistic communicators were all opposed to usury. It is time to appreciation inter-faith Islamic/monotheistic commons. Both simple and compound interest has been prohibited across the religions. Barter based rural economy has been interest free except for usurious lender. In 1934, it was in Bihar that usurious banking was prohibited legislatively. It was very unfortunate that then Imperial Bank was excluded from the legislations. We would have a different picture, if the legislation would have been employed for including even the Imperial Bank. Now is the time to reconsider the monotheistic banking and transaction and establishing Islamic standards/dharma/dhamma for the sake of economic and monetary justice. Usurious finance system has been proved to be ecologically hostile as creation of money from thin year has severely endangered the sustainability condition of ecologically sustainable habitats and livelihoods across the country and rest of the world. It is time for responding to the cries of men and women who are suffering hunger, starvation, loss of land and livelihoods, violation of human rights, trafficking. It is time to appreciate that best ‘progress’ lies in getting rid of atheistic denunciation of faith based communications with reference to the financial transactions , culture of prayer, donation and other. It is time to get engaged with the best means of persuasion for usury free India. It is time to get rid of the intellectual resistance for inter-faith commons. It is to word actively with all the media organisations, political parties, Reserve Bank of India, economists. It is time to call the bluff of those who have been seeking deregulation of the finance system and calling for bailouts through taxpayer’s money. It is time to get in the monotheistic limits operational for safeguarding to interests of children in 40th century
  3. 3. and beyond. It is time to initiate a Movement for Usury free Finance System in India. Vyaj rahit Bharat ke liye Andolan ki zaroorat hai.. ab hum der na karein Sewa in collaboration with Labour League Foundation, Sufi Trust and several organisations will be organising a meeting as part of Stand up Action against Poverty on Sunday at the following address: Place: Jantar Mantar Footpath Time: 3.00- 5.00 pm Date: 25 October 2008 Saturday You are invited to the meeting and requested to join and the send in your comments to Dr.Muhammad Mukhtar Alam Chairman, Labour League Foundation, 62-A, DDA Flats, Delhi -110052, Tel: +9968345380