The Game (Al-Mal‘oub) – Farag Foda
An Anatomy of the Crime of Religious Economics
1. Historical Glimpse
Farag Foda (1945–1992) was an Egyptian thinker and economist who earned a doctorate in agricultural economics from Ain Shams University.
In 1992, he was assassinated by members of the Islamist group al-Gama’a al-Islamiyya, following a fatwa declaring him an apostate issued by the “Front of Al-Azhar Scholars.” His crime was his outspoken opposition to extremist religious movements.
The Game was published in the mid-1980s after repeated rejections by publishers. Foda eventually financed the printing himself, selling it for just two Egyptian pounds.
The book became the first major exposé of the mechanisms of organized fraud carried out under the banner of “Islamic economics.”
It dissected the scandal of Egypt’s “Islamic investment companies” that proliferated in the 1970s, describing them as “the most dangerous swindle in the history of the Egyptian economy.”
2. Historical and Economic Context
These companies emerged in the early 1970s alongside three forces:
-
The oil boom, which created a new class of wealthy individuals seeking quick investments.
-
Sadat’s economic liberalization policies (Infitah), which opened the market.
-
The rise of religious discourse, which these companies exploited to legitimize their operations.
They relied on a threefold lure:
-
Unbelievable profit rates (up to 40% monthly).
-
Religious cover (slogans like “Trade with God”).
-
Complex influence networks, including clerics and public figures used as promoters.
3. Mechanics of Financial Fraud
Foda analyzes the inverted financial pyramid that sustained these schemes:
a. The Circular Financing Model
-
Attraction phase: dazzling early investors with profits paid from newcomers’ deposits.
-
Expansion phase: intensifying religious propaganda to draw in more savings.
-
Collapse phase: owners disappearing once deficits became unbridgeable.
b. Accounting Camouflage Tools
-
No real investment records.
-
Use of religious terminology instead of financial language.
-
Forged contracts for fictitious partnerships.
c. Psychological Engineering of Victims
| Strategy | Mechanism | Example |
|---|---|---|
| Exploiting despair | Targeting the economically weak | Factory workers, low-level employees |
| Religious framing | Using clerics in promotions | “Sayyida Zaynab commanded me to trade with God” |
| Social pressure | Turning investment into faith test | Doubting skeptics’ trust in God’s providence |
4. Social and Psychological Dimensions
a. Anatomy of the Victim
Typical victims: those who sold their livestock, wives’ jewelry, or farmland.
Common factor: financial illiteracy coupled with superficial religiosity.
Historical irony: the scheme was repeated despite the collapse of dozens of companies.
b. Collective Psychology of Financial Hysteria
Foda described this as “collective hysterical dementia”:
-
Rumors transformed into accepted financial truths.
-
Rosaries and religious garb replaced financial certificates.
-
Fraud spread like an epidemic (“A thousand swindlers before him, and still no lesson learned”).
c. Fallout of Collapse
-
Waves of suicides.
-
Families torn apart after losing savings.
-
Erosion of trust in the official banking system.
5. Religious and Political Dimensions
Foda argued that religion was manipulated on three levels:
a. Religion as a Cover for Fraud
-
Framing economic activity as an act of worship.
-
Religious justifications for illicit profit.
-
Enlisting clerics to sanction forbidden practices.
b. Religion as a Tool of Pressure
-
Branding critics as heretics.
-
Warning hesitant investors of “the sin of withholding zakat.”
-
Inventing religious narratives to explain inevitable collapses.
c. The Hidden Political Project
The phenomenon prepared the ground for a theocratic state by:
-
Creating parallel financing networks outside state oversight.
-
Building a loyal base tied to financial gain.
-
Undermining public trust in state institutions.
6. Specialist Economic Critique
a. Contradictions of Religious Economics
-
Claiming to reject usury while practicing extreme forms of it.
-
Preaching justice while draining the savings of the poor.
-
Promising independence while relying on foreign capital.
b. Comparison with Traditional Banking
| Standard | Formal Banking System | Investment Companies |
|---|---|---|
| Transparency | Supervised by central bank | No external oversight |
| Reserves | Legally mandated ratios | No reserves |
| Profit source | Declared investments | New depositors’ funds |
c. Future Warnings
Foda foresaw:
-
The model shifting into new sectors (he cites examples akin to today’s microfinance or informal transport networks).
-
Religious extremism deepening with each economic crisis.
-
The erosion of Egypt’s middle class.
7. Intellectual and Political Legacy
a. In Enlightenment Discourse
-
The first in-depth dissection of “religious economics” as a political tool.
-
Foundation of a critical school analyzing religious-economic rhetoric.
-
Inspiration for later studies in behavioral economics.
b. In Foda’s Personal Journey
-
Escalating threats, from book burnings to assassination.
-
The book blacklisted by extremist groups.
-
Foda’s transformation into a symbol of resistance to religious exploitation.
c. Contemporary Resonance
The book remains a reference point for understanding:
-
Dubious cryptocurrency schemes.
-
Religious marketing in pyramid schemes.
-
Financial recruitment tactics cloaked in piety.
8. Foda’s Lasting Words
The book closes with his sharp remark:
“You profit not because you are the smartest, but because others are foolish; not because you are the most capable, but because others are helpless.”
This encapsulates the philosophy of organized fraud across history.
Nearly four decades later, The Game remains a mirror reflecting recurring societal ailments, and a testimony to the courage of a thinker who paid with his life for speaking the truth. As Foda wrote:
“The future belongs to the pen, not the miswak; to work, not withdrawal; to reason, not superstition.”
And in his personal confession of love for his homeland:
“Egypt… God knows I love you without limit, and I will adore you until the last drop of my blood.” – Farag Foda
For the original summary in Arabic
0 تعليقات