“Islamic banking (IB) in Russia is a great idea, sovereign and multipolar, highly patriotic. Usury is an absolute evil,” Alexander Dugin, doctor of sociology and of political sciences and founder of Russian geopolitical school and Eurasian Movement, shared his perspective on Twitter on Wednesday.
Invoking American poet Ezra Pound, who dedicated his masterpiece, Cantos, to dismantling interest capital, Dugin argued that Islamic banking challenges the very foundations of Western financial capitalism.
“God is eternity and time is the devil; profiting from time is the devil's business. Therefore, financial capitalism is economic Satanism,” he said, citing the American poet.
The Russian philosopher said that Muslim theorists who advocate for Islamic banking contend that everything, including time, belongs to God, and therefore introducing interest on loans is tantamount to appropriating what rightfully belongs to God.
“From the two different chains of inferences, we come to the overall conclusion: usury must be prohibited, the yoke of interest slavery must be removed. This is what IB is all about. It is called Islamic, but in other contexts it goes by other names,” he pointed out.
Drawing on Russia's historical and religious background, Dugin asserted that Islamic banking aligns with the underpinnings of the Russian monetary system.
“In our case, IB can be called the Russian monetary system, because Orthodoxy - and to a certain extent Christianity in general - categorically rejected usury,” he said.
The concept of Islamic banking has in recent years gained traction among countries seeking financial independence and exploring alternatives to the Western financial capitalism.
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