Re: Interest
so technically I can sell my house and stop paying mortgage and the few thousand in interest each month and that means its open season at the bunny ranch and I still come out ahead?
how strong/supported is this hadeeth?
Re: Interest
how strong/supported is this hadeeth?
The Prophet (peace and blessings of Allaah be upon him) said: "A dirham which a man consumes as riba is worse before Allaah than thirty-six acts of zina." Narrated by Ahmad and al-Tabaraani; classed as saheed by al-Albaani in Saheeh al-Jaami', no. 3375
sarcasm from Mr. Fraudia, how ironic
Re: Interest
would sarcasm be better if my nick was the lion of the faith or something like that?
now that we are talkig about cosumption rather than payment of interest, is the interest on your acct a gain .. it does not even keep up with inflation, so lets not look at face value of currency, but of the real value of it and is there a gain, and if not is that a gain and if its not a gain to start with how can it be classified as riba.
chew on that
Re: Interest
some good readings on interest..
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Chewed, tasted and spat out…
Twisting words that amount to logic according to you do not supercede the law…
So basically, unless you have a really super weapon that you can take on Allah :swt: with, I don’t think it’s really worth the risk going to war with Him…Because He certainly says in the Quran that He will wage war upon anyone dealing in Riba…
So if you think what you wrote is an ironclad guarantee that it’s not Riba, then it’s OK…Otherwise I suggest you buy a really big gun…
Re: Interest
spitting is so uncivilized… so expected.
these are not just my words chanda, go do some reading on inflation and time value of money and interest in reltionship to that by scholars and islamic finance experts.
lajjo baita…now depending on what the definiton is of “dealing in ribaa” I can show many ways you are supporting and dealing with ribaa …
There are real questions regarding the TVM as well as price of asset usage which uses the term interest etc etc, and peopel should be aware of it whether they then chose to agree with it or not, but saying this is the only viewpoint and that there are not any discussions by scholars around it is irresponsible.
only someone like you would talk about buying a really big gun to face Allah … how ignorant
Re: Interest
okay, i have a question..
the interest that you get from the bank when you put your money into savings accounts, or buy GICs/bonds, etc.
now, that money the bank uses for its own purposes (i.e. lends out to other bank customers, uses for banks own personal use)
so i am not forcing the bank to give me this interest, nor is it harming anyone else when it is given.
in a way you could look at it as a business transaction. bank using something of mine, and i getting something in return.
so what's so wrong about that?
i understand, however, when people charge interest on loans and take advantage of people..that's wrong.
Re: Interest
Moulvi Fraudia sahib, we are told to avoid doubtful things as well…And I said if you have no shred of doubt…Since Riba being no small potatotes (Not my opinion since it is Allah who said He will wage war with the interest taker) you better be sure that this inflation thing is unerringly, undoubtedly and unwaveringly correct…
Or you would be standing alone in the battlefield with Allah :swt: as your enemy…That’s why I said, you either leave doubtful alone (Specially something like Riba)or get a pretty good weapon to fight Allah :swt: with…
Re: Interest
you familar with the ruling of al azhar in response to the questions of international arab banking corp? I would assume they know a little more than you.
ruling #257. and i do realize that int'l fiqh voted aganst it.. but i shows that its not just moi asking questions. as a matter of fact Hadhrat Umar has been reported to ask and wish for clarifications, there are also extra payments made by some holy figures on loans which could then be considered ribaa too..but were not because they did it out of their free will, so free will being important, one as a consumer has a free will to mutually agree with a financial intitution to give them some amount or to get some amount..no one is forcing the person..
Now lajjo, you are involved in ribaaa as well since you are taking advntage of services provided by use of interest based financing. might I suggest you get a weapon as well since you are the one who want to avoid all contacts with interest based transactions. if you are in any economy that is impacted by time value of money than by some scholars view TVM is part and parcel of ribaa. Thus being part of a system with TVM aspect to it is being involved in ribaa
is it taking interest or giving interest, or is it being involved with interest in any way shape or form?...
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in the end lajjo, these are very valid questions and those that scholars with understanding of finance and economics need to address.
should people not even ask questions? I mean people asked questions for clarification from the prophet and later from sahaba and later from scholars .. thats why tafseer is there, that is why there are fatwas..answers to things ppl had questions about.
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Doesnt Islamic banking also charge interest. They might have a fancy term for the same, but at the end of the day they are just subverting the word "interest". how else can a Islamic Bank generate profits....
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the most disturbing is that there are “ismlamic” banks in Bahamas:halo:!
http://www.islamic-banking.com/ibanking/ifi_list.php#bahamas
an other offshore places known to launder crime money such cayman islands, virgin islands, etc…
obviously some “islamic” people prefer that their money don’t get taxed to pay some medicines to the poors:D
Re: Interest
rashguy
if you look from the perspective of teh side which basically says all interest is haram, then there are vry well thought out rsearch papers out there that show that whatever name u give it, islamic banking is NOT islamic ..if you hold this perspective.
I will post the research paper link later.
or, you can go by the view that ribaa was not intended to mean the interest as we have today, and especially not if your interest received does not even keep pace with inflation and thus your real value of the money actually decreases..
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Ayah refers to be war with Allah:swt: and Prophet:saw: both together, not only Allah:swt:
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some mufasireen say that this means, on the Day of Judgement angels will give weapons to these people and tell them to go and fight Allah
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Shariah gives 2 definitions of riba, as a poster mentioned earlier. Any banking technique that generates profits without violating either of these 2 definitions is permissible.
The means of generating profit are what can sinful, rather than the generation of profit itself. If your generate a profit through means that are permissible, as Islamic banks do, then it’s all good.
Re: Interest
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.
There are many excuses people make when they get a loan on interest, the ones you mentioned above are not different. Sincerely, would God look at this excuse:
1. don't we want to own a house instead of paying rent per month for eternal in life?
2. There are many beneficial for buying a house.
Honestly, if I had a choice of living in rent for life vs war against Allah, I would pick rent for life.
Re: Interest
Honestly, if I had a choice of living in rent for life vs war against Allah, I would pick rent for life.
Assalam O Aalaikom Captain1 bhai,
How are you? Pleasure to see discussing long-term again. I can remember we did based on the presidents in Pakistan.
Correct! It is not my choice. It is my Dad's decision. I have to follow what ever my Dad rules for our family. The benefits I was talking about on the other hand. Technically, we did not buy a house for benefits, but to stop paying rent every month. Anyway, who said it is a war against Allah Tallah. Plus we are not doing this intentionally and this is a system. Please provide evidence if it is Haraam in that situation since we are not making rules up and not asking for the interests. Then I will strongly agree with apologizing here.
I am just wondering to be a leader of the parties one day. If I even become, I would give heart attack (sarcasm) to Canadians by replacing all the Islamic rules with peace.
By the way, our future plans might be to live in Pakistan. Before that we can sell the house InshaAllah.
Re: Interest
I didn’t mean to say/blame you personally, whoever decided to buy the house in that fashion.
That is not much different from “not for benefits”, is it? 
Read posts above by Anwaar Qureshi, Lajawab, sherafgan… buying a house on interest is considered to be war against Allah swt whether you intended the war or not.
Nope, the system is that if you don’t like interest based financing then you save the money until you are able to buy a house or you keep living in rent or unless there exists a Islamic banking product (which as you said is missing) then you buy a house.
Please read verses regarding riba/interest etc. Good luck.
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Jazakallah Captain1 brother for informing me more regarding the interests. Another question please. My friend has braises for teeths that cost $4,000. Therefore, his Dad took a bank lone. Braises for teeths are vital otherwise it will face towards up in the ten years. What would you advise regarding this?
I heard even in Pakistan, some banks are charing interests rates unforunately. Here are the following quotes I have found from Quran through the internet.
**"Islam permits increase in capital through trade. Referring to this, Allah Almighty says, “O you who believe, do not consume your property among yourselves wrongfully, but let there be trade by mutual consent…” (An-Nisa’: 29)
**
Among the last revelations are the following verses of Surat al-Baqarah: “O you who believe, fear Allah and give up what remains due to you of interest if you are indeed believers. And if you do not, then be warned of war (against you) by Allah and His Messenger, while if you repent you shall have your capital. Do not do wrong and you shall not be wronged.” (Al-Baqarah: 278-279)
Jazakallah Khair brother once again. I am apologizing to make your fingers tired with typing so much through arguing. 