The issue raised in the above verses is an economic one. The core of Islamic economics is based on realizing an appropriate social economy through Zakat and charities along with the manner of performing Zakat, which is a kind of economic measure.  It’s a must, however, to state there is a serious issue that might pop up when considering the way the rich and the poor deal with each other; that is the ‘interest’ (usury) on which the capitalist economy is based or the economy of most countries is based nowadays.

Usury or interest can be defined as ‘an excess’ that stems out of exploiting the needy to multiply money, and it is the worst form of economic action. Some economists argue that the economy can only be intact when the interest is zero, i.e. there is no usury. Again, interest is about exploiting the needy. The question here is why it is such an awful relationship? Because there is the rich and the poor; the former guarantees the return of their money with excess as a result of the loan to the latter; this is usury or what is known as ‘interest’ nowadays. Therefore, it’s an exploitation of the need to gain more. The verse highlights how serious is usury which is the basis of economic corruption. Usury is a source of harm to wealth. On the other hand, when fornication and usury spread among people, they expose themselves to the wrath and the punishment of the Almighty.

(… الَّذِينَ يَأْكُلُونَ الرِّبَا ) (Those who consume interest …): Can usury be consumed like food?  It’s so because whatever you consume comes from that money.

(… يَتَخَبَّطُهُ …) (…insanity …): This word refers to wandering aimlessly.

(… الشَّيْطَانُ …) (…by Satan …): This matter is unknown to us. The Almighty tells us that the devils (Satan) are there, and they are the disobedient of the jinn who are, in turn, creatures unseen by us. Still, those creatures can beat anyone in this life; when a person is beaten by the devils, they will have the characteristics of Satan consequently. Therefore, the metaphor here is that the one who consumes usury wander aimlessly as a result of being beaten into insanity by Satan. This is such a heinous heavenly calumniation of the consumers of usury. Some scholars suggest the one who consumes interest cannot stand on the Day of Resurrection, not in this world, except as the one beaten by Satan into insanity. However, if we look for usurers in a society and watched them, we will realize the credibility of what the Almighty says: (cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity.) They have been beaten by Satan so they have deviated in this life and exploited the needy, the poor and the needy by means of interest or usury to have excess to their needs.

(… ذَٰلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا …) (…That is because they say, “Trade is [just] like interest …): Among the aspects of being beaten by Satan into insanity is that (they say, “Trade is [just] like interest). This verse should be (interest is like trade) as per our limited understanding. Yet, those people are insane, and as a result, they claim that usury is a mutual contract. Yet, who can claim that a mutual contract is proper and intact? Is it permissible for a man and a woman to commit adultery when they agree mutually on that?  It’s right that the poor in need may agree to borrow and pay interest; and the usurer has accepted to lend them with an interest. Yet, this is neither a valid contract nor selling. Generally, whoever endeavors to make usury as permissible claim it to be a form of the of selling. Thus, here is an example of the insanity: to claim that selling is like usury. They should have said usury is like selling, but this is a depiction of insanity by inverting words. On the other hand,  Allah (swt) has intervened here and said:

(… وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا ۚ فَمَ …) (…But Allah has permitted trade and has forbidden interest …): Such a divine utterance is absolute and cannot be interpreted in any way: the verse clearly states that selling is permitted while usury is prohibited. Moreover, no one can claim that such usury is a result of bounty or whatsoever. (and has forbidden interest.) is a clear cut answer to this issue.

(… فَمَن جَاءَهُ مَوْعِظَةٌ مِّن رَّبِّهِ فَانتَهَىٰ فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّهِ …) (…So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah.…): There is no retroactive effect with respect to this matter because usurers were a lot when the prohibition of usury was revealed. (whoever has received an admonition from his Lord) Admonition is a piece of information and a reminder by Allah the Almighty. If they desist, stop usury, they may have what is past only. (And his affair rests with Allah) Everything of the past is in the hands of Allah (swt) because it is irreversible.

( وَمَنْ عَادَ فَأُولَٰئِكَ أَصْحَابُ النَّارِ ۖ هُمْ فِيهَا خَالِدُونَ … ) (…But whoever returns to [dealing in interest or usury] – those are the companions of the Fire; they will abide eternally therein): This is a sin, and whoever commits a sin will not abide eternally in hell. So, why the verse reads: (But whoever returns to [dealing in interest or usury] – those are the companions of the Fire; they will abide eternally therein.) Because whoever makes usury permissible defies a rule judgment by Allah. So, this is not a mere disobedience; it is like Satan’s (may Allah curse him). When Adam (peace be upon him) had disobeyed, he didn’t defy a rule of Allah (swt):

{ وَعَصَىٰ آدَمُ رَبَّهُ فَغَوَىٰ}

(And Adam disobeyed his Lord and erred.) (Taa-Haa: 121)

But then repented to Allah (swt) and sought His forgiveness:

{ ثُمَّ اجْتَبَاهُ رَبُّهُ فَتَابَ عَلَيْهِ وَهَدَىٰ}

(Then his Lord chose him and turned to him in forgiveness and guided [him].) (Taa-Haa: 122)

Yet, Satan defied what Allah has ruled:

{ قَالَ أَنَا خَيْرٌ مِّنْهُ خَلَقْتَنِي مِن نَّارٍ وَخَلَقْتَهُ مِن طِينٍ}

(Satan] said, “I am better than him. You created me from fire and created him from clay.) (Al-A’raaf: 12) and:

 {قَالَ أَأَسْجُدُ لِمَنْ خَلَقْتَ طِينًاٰ}

(He said, “Should I prostrate to one You created from clay?”) (Al-Israa: 61)

So, Satan defied the orders of the Lord. Likewise, whoever claims that trading is like usury to make it legitimate makes permissible what Allah has forbidden and, thus, defies a rule of the Almighty. The result, then, is: (those are the companions of the Fire; they will abide eternally therein.)