Quranic/prophetic Perspective on Usury

Society Religion & Philosophy
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:bism:

275** “Those who devour usury will not stand except as stands one whom the Satan by his touch has driven to madness. That is because they say, “trade is like usury”, but Allah has permitted trade and has forbidden usury”, **

(Surah Al Baqarah :2)

In the next ayah, ayah 276 in the same place it’s said,

“Allah will deprive usury of all blessing, and will give increase for deeds of charity, for he does not love any ungrateful sinner.”

Two ayaahs later in ayaah 278 it’s said,

“Oh you who believe! Fear Allah and give up what remains of your demand for usury if you are indeed believers.”

In ayaah 279 it’s said,

“If you do not, take notice of war from Allah and his Messenger sallallahu alaihe wasallm but if you repent you shall have your capital sum. Deal not unjustly and you shall not be dealt with unjustly.”

In the second place in Surah Aal-Imran, ayaah 130 Allah:swt: says,

**“Oh you who believe! Devour not usury doubled and multiplied; but fear Allah that you may prosper.” **

In the third place in Surah Al-Nisaa’ Allah:swt: states in ayaah 161,

“That they took usury though they were forbidden and they devoured peoples wealth wrongfully; we have prepared for those amongst them who reject faith a grievous chastisement.”

In the fourth place, Surah Al-Room, ayah 39 Allah mentions

“That which you give in usury for increase through the property of people will have no increase with Allah: but that which you give for charity seeking the countenance of Allah, it is these who will get a recompense multiplied.”

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Re: Quranic Perspective on Usury

ok, this is gonna sound dumb

but can someone explain to me interest exactly?

i mean i know it's like you shouldn't open savings accounts and such

but what about loans for homes, school, etc?

and what about credit cards?

i'm not asking about exceptions, etc

i really just don't know much about interest beyond some VERY basic things

thanks :)

salam

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Re: Quranic Perspective on Usury

In simple terms, interest is something for which you pay/take more than what you took/gave the loan of.

wassalaam

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Re: Quranic Perspective on Usury

any loan on which u pay more than what u borrowed is haraam....
this includes loans for homes, school, medicene, cars, etc etc....

credit cards do the same: u borrow (or use) some amount, and later u pay more, depending on the time u take to re-pay....

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Re: Quranic Perspective on Usury

ooh ok, thank you guys :)

LARKAI.....
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Re: Quranic Perspective on Usury

What about buying computers from companies like IBM and Microspft that deal in RIBA everyday?

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Re: Quranic Perspective on Usury

Matsui: as long as the tranasaction does not involve interest, it is fine by all means.

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Re: Quranic Perspective on Usury

^ can you use a credit card or not?

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Re: Quranic Perspective on Usury

There are two opinions on that. One being a very extreme and one being more towards making an ijtehad.

Extreme opinion (from Salafies) states that It is not allowed since you sign to agree with the terms that you will pay interest when required.

According to the other opinion, it is okay to use credit cards as long as you do not pay interest on them, that is use them as a loan for a month and pay up completely on due date without having paying any interest on the money you used.

I follow the second one but I know people who are strict on first one.

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Re: Quranic Perspective on Usury

^^

There are many opinions – one as follows

First see the following Ayat -

In Ayah 2:275 Those who swallow, consume, eat, devour usury.
In Ayah 3:130 - O you who believe! do not devour usury
In Ayah 4:161 That they took usury – taking

There are two persons
One who is lending money
The other who is borrowing

There are two amounts (money)
Actual amount of loan
Additional amount – paid back by the borrower to the lender as Usury (Ribaa)

What is Riba or Usury
Riba literally means a growth or an addition. The additional amount, collected over and above the capital given as a loan, is interest or usury.

What is Haram
Riba – The additional amount is Haram on lender

On Whom it is Haram
The lender - The one who eat, swallow, consume or devour Riba

Who is he
The lender - The one who give money as Loan to somebody else.

*Does the one who get (Borrow) money as loan from somebody consume, swallow, eat, devour Riba or usury? *
No, he is only consuming the money which is got from somebody else as loan.

*Who consume or eat that Riba? *
Who gave money as loan and in return he is taking addition money that is riba for him.

---- What I think Borrowing money with any condition is not Haram – pay back money even with Riba is not Haram as per ayat Shown above. Riba is Haram only on that person who is lending money and taking back two amounts (1) actual amount pluse (2) Ribaa – Usury. – This Ribaa Usury is Haram on him. Not the actual amount.

---- This fact is not like that ---

The Prophet curses the one who pays bribery and the one who receives it.

*Rishwat laynay wala aur Rishwat daynay wala dono Jahanmai hain. *

It is not said – if you find any saying please mention :

*Suud layna wala aur Suud daynay wala dono Jahanmani hain. *

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Re: Quranic Perspective on Usury

Correction: There are two opinions among sunnies on the matter.

Surah Al-Nisaa’ Allah:swt: states in ayaah 161,

“That they took usury though they were forbidden and they devoured peoples wealth wrongfully; we have prepared for those amongst them who reject faith a grievous chastisement.”

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Re: Quranic Perspective on Usury

^
not only is the person who is paying the interest cursed, but so is the person who is a third party and only keeping record of the transactions....

sood lena or dena dono haraam hai....

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Re: Quranic Perspective on Usury

Qureshi ! Do you have the Tafseer of the following Aya in the same context. plz write, thanks. JazakAllah – The ayat you posted above.

In the fourth place, Surah Al-Room, ayah 39 Allah mentions

“That which you give in usury for increase through the property of people will have no increase with Allah: but that which you give for charity seeking the countenance of Allah, it is these who will get a recompense multiplied.”

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Le tme get this straight...god said RIba is haram but couldn't specify what it means? Fishy..fishy..

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Re: Quranic Perspective on Usury

Let me translate it to you again:

as it is written up there, RIBA = extra money given/taken on top of loan you take/give. The two opinions are for the very same reason, one being little more concious on the matter, other concentrating on the fact which both agree that it’s the EXTRA MONEY.

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Re: Quranic Perspective on Usury

^ you mean interest? If so then...why do you follow the school of htought that allows credit cards? or student loans, or mortgages in the US

and armughal, could you extend that logic you presented to corporations that buy and sell stuff based on RIBA? As a muslim can you buy products from them?

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student loans, mortgage? when did I say they allowed it… credit cards are allowed **IF **no interest is involved in the transaction otherwise, it is not.

THe voice
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^ So muslims are supposed to payoff the principal at the end of the month? Can muslims hold securities?

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Also, what about consumer banking products like Checking accoutns and savings accounts? I would think that according to the prohibition on RIBA, muslims should not have these accounts.

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Re: Quranic Perspective on Usury

Matsui,
Yes, a correct thing to do is to pay the capital at the end of month without paying extra money on what you used.

checking account does not give you extra money neither do you give additional money to the bank so it is not RIBA. Saving, on the other hand is, that is if you use the extra money you get from the account.