So I heard it’s ‘haram’ to gain interest from your money. Can someone please explain why?
Re: Interest
Assalam O Aalaikom sister,
How are you? Yes, interest is Haraam. For now, I have do not have any evidence, but I heard this from enormous amount of people. Some of our Muslims are living in North America, and have no choice. In that situation, it might not be Haraam.
Re: Interest
How are you? Yes, interest is Haraam. For now, I have do not have any evidence, but I heard this from enormous amount of people. Some of our Muslims are living in North America, and have no choice. In that situation, it might not be Haraam.
You can simply goto the bank and say I do not want any interest on my account.
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Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: "Trading is only like *Riba *(usury)," whereas Allah has permitted trading and forbidden *Riba *(usury). So whosoever receives an admonition from his Lord and stops eating *Riba *(usury) shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to *Riba *(usury)], such are the dwellers of the Fire - they will abide therein. [2:275]
O you who believe! Be afraid of Allah and give up what remains (due to you) from *Riba *(usury) (from now onward), if you are (really) believers.
And if you do not do it, then take a notice of war from Allah and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums). [2:278-279]
There are different types of Riba as well, for example Bilal radhiAllahanhu exchanged a large amount of bad dates for a small amount of good ones, and this was called Riba
and there's also the obvious form of interest which is also Riba
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^ Thanks pal. =)
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I don't think one needs the religious point of view as to why its haram.
THe world around you, the greedy, the needy, the oppressors, the oppressed. All are linked with the gain of interest.
Interest drives uneqaulity. and Authority over other humans.
Re: Interest
THe world around you, the greedy, the needy, the oppressors, the oppressed. All are linked with the gain of interest.
Interest drives uneqaulity. and Authority over other humans.
Well said.
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In Canada, they have to charge interest. Otherwise, there is no point of making bank. Why would there be a bank with no interest today? Bank is made to gain profit. They make profit by interest rates. Therefore, we have no choice to refuse giving interest rates.
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Just because Riba is everywhere nowadays doesn't mean that it can be made Halal. Sometimes it can happen by mistake but we have to do our best to avoid riba as much as possible.
Here a few Ahadeeth with regards to Riba.
From Abu Hurayrah : The Prophet said: "There will certainly come a time for mankind when everyone will take riba and if he does not do so, its dust will reach him." (Abu Dawud, Kitab al-Buyu', Bab fi ijtinabi al-shubuhat; also in Ibn Majah)
From Abu Hurayrah : The Prophet said: "Riba has seventy segments, the least serious being equivalent to a man committing adultery with his own mother." (Ibn Majah)
From 'Abdallah ibn Hanzalah : The Prophet said: "A dirham of riba which a man receives knowingly is worse than committing adultery thirty-six times" (Mishkat al-Masabih, Kitab al-Buyu', Bab al-riba, on the authority of Ahmad and Daraqutni). Bayhaqi has also reported the above hadith in Shu'ab al-iman with the addition that "Hell befits him whose flesh has been nourished by the unlawful."
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No, I meant when taking interest, you can simply refuse. Sorry.
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You don't take loans if you are required to pay interest, nobody forces anyone to borrow a loan, right?
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In Britain, there are a couple of banks that offer interest-free mortgages and accounts, that still are profitable.
Interest-free does not mean profit-free. My dad used to work for a bank that did mainly Islamic banking and generated vast profits from it. In fact, interest-free banking is so profitable that all the major banks (Citigroup, HSBC, etc) have Islamic banking divisions, though those divisions are not active in all countries. For example, HSBC offers interest-free banking in Malaysia, Britain, and New jersey.
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Right! My dad has already taken a loan for a house due to not having enough money to buy the house. The house costs $150,000, but with the interest it is $200,000 something. What could we do? Unfortunately, we do not have Islamic banks here, but a lot of Muslims are here. Therefore, we might have Islamic banks in future InshaAllah.
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Can someone please explain what the arabic word "Riba" means exactly?
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Riba is an Arabic noun derived from the verb Raba meaning ‘to increase’, ‘to grow’, ‘to exceed’. It's usually translated Usury.
The following is an excerpt from "Prohibition of Riba" by Bilal Dannoun
Types of Riba
There are many prophetic traditions (hadith) of the Prophet (peace be upon him) that inform us of the types of riba practiced during his time. These practices are of two types – Riba Nasia and Riba al-Fadl.
1. Riba Nasia – Interest on Debt
This type of riba was quite widespread and well-known during the time of the Prophet (peace be upon him) and was practiced in a variety of ways:
- The creditor would lend money to a debtor for a fixed period of time. When the time had expired and the debtor was unable to pay the debt, he was allowed more time to repay it on the condition that he would repay more than the principal.
- The creditor would lend a debtor money for a fixed period of time at a determined rate of interest to be paid monthly. When the time had elapsed the debtor returned the principal to the creditor.
- The creditor would lend a borrower money for a fixed period of time at a determined rate of interest to be paid together with the principal on the expiration of the time. 2. Riba Al-Fadl – Interest in Trade This type of riba is the payment of an addition by the debtor to the creditor in the exchange of commodities of the same kind, such as money for money, flour for flour, rice for rice, etc. The Prophet (peace be upon him) said: “Gold is to be paid by gold, silver by silver, wheat by wheat, barley by barley, dates by dates, and salt by salt, like by like, payment being made on the spot. If anyone gives more or asks for more, he has dealt in riba. The receiver and giver are equally guilty.” (Sahih Muslim) An example of riba Al-Fadl is found in the hadith collected by Bukhari: “Once Bilal brought Barni (a kind of dates) to the Prophet and the Prophet asked him, ‘From where have you brought these?’ Bilal replied, ‘I had some inferior type of dates and exchanged two Sa’s of it for one Sa’ of Barni dates in order to give it to the Prophet to eat.’ Thereupon the Prophet said, ‘Beware! Beware! This is definitely Riba (usury)! This is definitely Riba (Usury)! Don't do so, but if you want to buy (a superior kind of dates) sell the inferior dates for money and then buy the superior kind of dates with that money.’” The nature of both types of riba are almost identical. Riba Nasia has been practiced when more money is paid for less money. While on the other hand, riba Al-Fadl entails more money, gold, cereals, grains or fruits, etc. are paid in exchange for less.
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Not having a Islamic bank does not mean you are forced to buy a house, you could live in an apartment, rent a house etc :)
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THe world around you, the greedy, the needy, the oppressors, the oppressed. All are linked with the gain of interest.
Interest drives uneqaulity. and Authority over other humans.
well islam teaches equality...like marxism! so it was well in advance! unfortunately, it fails on the same big problem: human nature!!
humans are greedy by nature, they want money, power and fame!
humans are ready to any low things to get up the ladder, even killing those who are on the first steps to pass upon them!
Islam teaches us not to abuse the wealth of the poors, and not to get wealth by abusing the poors, yet capitalism is based on this very principle , and america is the developped country who is encouraging this practice the most!
why are there so many rich people in america?? because they are many more poors and poorer poors than in any other rich country;) and cause they like other countries to be pooorer (ex: irak, iran, afghanistan, etc....all poorer after america's blessings)
hypocrites are those who blame only interests but do gain wealth by coming to america to gain a part of that exploitation wealth!
more hypocrites are those who label their business halaal while they perceive a gain from lending money, just by putting an arabic name on their business and changing name of interest to "premium"!
those people corrupt islamic teacings, like USSR corrupted Marx thinking!
islamic teachings are perfect, unfortunately people who claim to follow them are far from perfect!
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Captain bhai, don't we want to own a house instead of paying rent per month for eternal in life? Although, the duration of this loan is 25 years, but we can also recover earlier.
There are many beneficial for buying a house. There are two floors and one of them is a basement in which you can rent it.
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so if your interest received from a bank is less than inflation rate, is that really interest?
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Interest is a way for someone to never fall outta debt 