Banking System and Debt Slavery


This is an incredible article by Ziad El Hady.

Please follow the link for the full post and see our highlights below.

Banking System and Debt Slavery: What freedom are we calling for?

In terms of definition, human freedom is generally understood and defined as being able to choose according to our own free will without coercion. The modern emphasis of freedom is almost always on ‘choice’. ….

[G]etting a mortgage and a /or a car loan are practical necessities in the modern age. Ordinary folk are lured into taking on these burdensome responsibilities through seductive advertising that glosses over the potential difficulties. High pressure and/or psychologically sophisticated bank salesmen are pushed by the bank to “sell products” (make loans) in various ways, and are paid commission to do so. Therefore they are no longer assisting a depositor in a professional capacity with professional responsibilities, but flogging as many goods and services as possible in any way they can. Thus ordinary citizens, few of whom have been taught the basics of finance in our state schools, are subtly pushed into a situation that leads straight to the unpleasant constraints of debt. …

So in sum, the banks generally seduce and give you digits of no actual monetary value, oblige and pressure you to work hard to repay the illusionary debt, and will ruin your life and take away your highest valued possessions if you do not. Household debt thus mirrors many of the attributes of an oppressive master-slave relationship: ownership, obedience, burden, and severe punishment. ….

[T]he major banks influence who runs and succeeds in ‘democratic’ elections since they heavily fund advertising for their political campaigns. Thus our ‘option’ to be released from this economic enslavement is not available, hence a clear lack of freedom. I should mention that this has branched out to be a worldwide problem, but is most certainly driven by affluent centralised Western banks.



Omar Usman

Omar Usman is a founding member of MuslimMatters, Qalam Institute, Muslim Strategic Initiative, and Debt Free Muslims. He is a regular khateeb and has served in different administrative capacities in various national and local Islamic organizations. You can follow him on Google+ or on Twitter @ibnabeeomar. Check out his latest project at Fiqh of Social Media.

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