interest

Interest Free #Economy Dr.Zakir Naik

Interest Free #Economy Dr.Zakir Naik

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sudi karobar sheikh Jalaludeen qasmi.a

sudi karobar sheikh Jalaludeen qasmi.a

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What Islam say about Interest Ususy Dr Zakir Naik?

What Islam say about Interest Ususy Dr Zakir Naik?

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How Interest Is HARAM?

<div dir="ltr" style="text-align: left;" trbidi="on"><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span class="Apple-style-span" style="font-size: x-large;"><b>I</b></span><b style="font-weight: normal;">nterest in Arabic Riba (Usury) is of two major kinds:</b></div><ol style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><li><div align="Left"><b><i>Riba An-Nasia</i> - Interest on lent money</b></div></li>
<li><div align="Left"><b><i>Riba Al-Fadl</i> - Taking a superior thing of the same kind of goods by giving more of the same kind of goods of inferior quality, eg.,dates of superior quality for dates of inferior quality in great amounts.</b></div></li>
</ol><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><img align="Right" border="0" height="100" src="http://muttaqun.com/graphics/cutmoney.gif" width="100" /><b>The definition of Interest, the literal meaning of interest or <i>Al-Riba</i> as it is used in the arabic language means to excess or increase. In the Islamic terminology interest means effortless profit or that profit which comes free from compensation or that extra earning obtained that is free of exchange. Riba has been described as a loan with the condition that the borrower will return to the lender more than and better than the quantity borrowed.</b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b>As muslims, our main concern when it comes to financial transactions is to avoid Riba in any of its forms, despite the fact that the basic foundation of the world economics and finance today is that of riba and dealing in usury.</b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b>The Prophet <span style="font-family: Helvetica, Arial;"><img alt="peace and blessings be upon him" border="0" height="18" src="http://muttaqun.com/graphics/saaws-long.gif" width="104" /></span> has foretold us of a time when the spread of riba would be so overwhelming that it would be extremely difficult for the muslim to avoid it. This situation calls for muslims to be extra cautious before deciding on what money payment of financial methods to use in any personal or business transaction.</b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b>To make sure that we are safe from Riba, we have to learn which transactions lead to it.</b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"></div><hr style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;" /><div align="Center" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="color: #0000a0;"><span style="font-family: 'Comic Sans MS';"><b><big>Interest in Pre-Islamic Times</big></b></span></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><img align="Left" border="0" height="101" src="http://muttaqun.com/graphics/coinstacks.gif" width="88" /></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b>HafizIbn hajr writes in his commentary of Sahih Bukhari (Fathul Bari), Vol. IV p.264:</b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b>Imam Malik reports on the authority of Zaid Ibn Aslam that in the period of ignorance (pre-Islamic times) interest was changed according to the following scheme. One person had a right to the property of another person. It may have been a general right because of the amount lent or the price of something purchased or in any other form. A time was set when the claim would be settled.When the appointed time arrived the creditor would ask the debtor if he wanted to settle the claim or pay interest with an extension of time. If the claim was settled then there was no increase in the payment. Otherwise the debtor would increase the amount payable and the creditor would extend the period further.</b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"></div><hr style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;" /><div align="Center" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="color: #0000a0;"><span style="font-family: 'Comic Sans MS';"><b><big>Textual Evidence</big></b></span></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b><br />
<span style="font-family: Helvetica, Arial;"><i><small>Hadith - Sahih Bukhari, Volume 3, No. 299; Narrated ‘Aun bin Abu Juhaifah, r.a.</small></i></span></b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>My father bought a slave who practised the profession of cupping, (My father broke the servants instruments of cupping). I asked my father why he had done so. He replied, "The Prophet forbade the acceptance of the price of a dog or blood, and also forbade the profession of tatooing, or getting tatooed and receiving or giving Riba (Usury), and cursed the picture makers."</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b><br />
<span style="font-family: Helvetica, Arial;"><i><small>Hadith - Sahih Bukhari, 2.468, Narrated Samura bin Jundab, r.a.</small></i></span></b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>He speaks of in a dream related to the Prophet (SAW) that there is a river of blood and a man was in it, and another man was standing at its bank with stones in front of him,facing the man standing in the river. Whenever the man in the river wanted to come out , the other one threw a stone in his mouth and caused him to retreat back into his original position.The Prophet <img alt="peace and blessings be upon him" border="0" height="18" src="http://muttaqun.com/graphics/saaws-long.gif" width="104" /> was told that these people in this river of blood were people who dealt in Riba (usury).</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b><br />
<span style="font-family: Helvetica, Arial;"><i><small>The Noble Qur'an - Al-Baqarah 275-281</small></i></span></b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>275. Those who eat Ribâ (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitân (Satan) leading him to insanity. That is because they say: "Trading is only like Ribâ (usury)," whereas Allâh has permitted trading and forbidden Ribâ (usury). So whosoever receives an admonition from his Lord and stops eating Ribâ (usury) shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to Ribâ (usury)], such are the dwellers of the Fire - they will abide therein.</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>276. Allâh will destroy Ribâ (usury) and will give increase for Sadaqât (deeds of charity, alms, etc.) And Allâh likes not the disbelievers, sinners.</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>277. Truly those who believe, and do deeds of righteousness, and perform As-Salât (Iqâmat-as-Salât), and give Zakât, they will have their reward with their Lord. On them shall be no fear, nor shall they grieve.</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>278. O you who believe! Be afraid of Allâh and give up what remains (due to you) from Ribâ (usury) (from now onward), if you are (really) believers.</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>279. And if you do not do it, then take a notice of war from Allâh 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).</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>280. And if the debtor is in a hard time (has no money), then grant him time till it is easy for him to repay, but if you remit it by way of charity, that is better for you if you did but know.</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>281. And be afraid of the Day when you shall be brought back to Allâh. Then every person shall be paid what he earned, and they shall not be dealt with unjustly.</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b><br />
<span style="font-family: Helvetica, Arial;"><i><small>The Noble Qur'an - Al-Imran 3:130</small></i></span></b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>O you who believe! Eat not Ribâ (usury) doubled and multiplied, but fear Allâh that you may be successful.</b></span></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b><br />
<span style="font-family: Helvetica, Arial;"><i><small>Hadith - Mishkat-ul-Masabih</small></i></span></b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><small><b><span class="Apple-style-span" style="font-size: small;">The following three ahadith have been taken from Mishkat-ul-Masabih under the section of interest and the English translation has been taken from its English version written by Al Hajj Moulana Fazl Karim (218-227 vol.11)</span></b></small></div><ul style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><li><div align="Left"><span style="font-family: Helvetica, Arial;"><b>Hazrat Jabir r.a. has reported that the Messenger of Allah <img alt="peace and blessings be upon him" border="0" height="18" src="http://muttaqun.com/graphics/saaws-long.gif" width="104" /> cursed the devourer of usury, its payer, its scribe and its two witnesses. He also said that they were equal (in sin).</b></span></div></li>
<li><div align="Left"><span style="font-family: Helvetica, Arial;"><b>Hazrat Abu Hurairah r.a. reported that the Prophet <img alt="peace and blessings be upon him" border="0" height="18" src="http://muttaqun.com/graphics/saaws-long.gif" width="104" /> said : <span style="color: red;">A time will certainly come over the people when none will remain who will not devour usury. If he does not devour it, its vapour will overtake him.</span> <span style="color: grey;"><small>[Ahmed,Abu Dawood,Nisai,Ibn Majah]</small></span></b></span></div></li>
<li><div align="Left"><span style="font-family: Helvetica, Arial;"><b>Hazrat Abu Hurairah radiyallahu anhu reported that the Messenger of Allah<img alt="peace and blessings be upon him" border="0" height="18" src="http://muttaqun.com/graphics/saaws-long.gif" width="104" /> said: <span style="color: red;">I came across some people in the night in which I was taken to the heavens.Their stomachs were like houses wherein there were serpents,which could be seen from the front of the stomachs. I asked :O Gabriel! Who are these people? He replied these are those who devoured usury.</span> <span style="color: grey;"><small>[Ahmed,Ibn Majah]</small></span></b></span></div></li>
</ul><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><b><br />
<span style="font-family: Helvetica, Arial;"><i><small>Hadith - ??</small></i></span></b></div><div align="Left" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;"><span style="font-family: Helvetica, Arial;"><b>Hazrat Al-Khudri radiyallahu anhu reported that the Prophet <img alt="peace and blessings be upon him" border="0" height="18" src="http://muttaqun.com/graphics/saaws-long.gif" width="104" /> said: <span style="color: red;">Gold in exchange for gold, silver in exchange for silver, wheat in exchange for wheat, barley in exchange for barley,dates in exchange for dates, salt in exchange for salt is in the same category and (should be exchanged) hand to hand, so whoever adds or demands increase he has practised usury. The giver and taker are the same.</span></b></span></div></div>

How Interest Is HARAM?

I nterest in Arabic Riba (Usury) is of two major kinds: Riba An-Nasia - Interest on lent money Riba Al-Fadl - Taking a superior thing of ...

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Borrowing from the bank to buy a house

<div dir="ltr" style="text-align: left;" trbidi="on"><div class="qtitle" style="margin-bottom: 12px; margin-left: 12px; margin-right: 12px; margin-top: 12px; text-align: center;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><b><span class="Apple-style-span" style="color: red; font-size: large;">Loans from banks are of two types: </span></b></span></div><div direction="ltr" style="text-align: left;"><div arabic'="" class="answer" style="font-family: Arial, Helvetica, sans-serif; font-size: 15px; margin-top: 10px;" traditional=""><div class="MsoNormal" style="color: #2e5092; font-weight: normal; margin-left: 36pt; text-align: justify; text-indent: -18pt;"><b><span class="Apple-style-span" style="color: black;">1.     A “goodly loan” (qard hasan) which does not involve any additional payment (interest); there is nothing wrong with this;</span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; margin-left: 36pt; text-align: justify; text-indent: -18pt;"><b><span class="Apple-style-span" style="color: black;">2.     A loan with interest, which is riba, and there is scholarly consensus that it is haraam. It is not permissible except in cases of urgent  necessity which cannot be met except by taking out a riba-based loan. The need for housing does not reach a level which makes it permissible to deal with riba, because this need can be met by renting. So it is not permissible to take out a riba-based loan in order to buy a house. </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">Ibn Qudaamah (may Allah have mercy on him) said:</span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">“Every loan in which it is stipulated that something extra must be paid back is haraam, with no difference of scholarly opinion. Ibn al-Mundhir said: [the scholars] are unanimously agreed that if the lender stipulates that the borrower must pay extra or give him a gift, and he lends him money on that basis, then accepting the extra payment is riba. It was narrated from Ubayy ibn Ka’b, Ibn ‘Abbaas and Ibn Mas’ood that they forbade every loan that brings benefits, because loans should be given as an act of kindness and an act of worship aimed at bringing one closer to Allaah. So if there is a stipulation of extra payment, this diverts the loan from its purpose.” </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">Al-Mughni, 6/436 </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">This applies if the aim is take out a loan from the bank that clearly involves interest. </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">If the aim is to buy a house through the bank, this also is of two types: </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; margin-left: 36pt; text-align: justify; text-indent: -18pt;"><b><span class="Apple-style-span" style="color: black;">1.     The role of the bank is to finance the purchase in return for interest, so it pays the price of the house for you, on condition that you will pay it off in instalments in return for interest that will be taken from the bank. This is a riba-based loan and is haraam.</span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; margin-left: 36pt; text-align: justify; text-indent: -18pt;"><b><span class="Apple-style-span" style="color: black;">2.     The bank buys the house for itself first, then sells it to you for a higher price, in instalments. There is nothing wrong with this, but it is essential that the contract be free of any stipulation of riba, which is the condition that a penalty be paid in the event of any delay in paying the instalments, because stipulating this penalty is riba and is haraam. </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">It is no secret to you that riba is a major sin, and there are stern warnings concerning it that are not given for other sins; Allah threatens war to the one who commits this sin and He told His Prophet (blessings and peace of Allah be upon him) that there is a curse upon the one who consumes riba and the one who pays it. This is a strong warning against falling into this evil. </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">“O you who believe! Fear Allaah and give up what remains (due to you) from Ribaa (from now onward) if you are (really) believers.</span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">279. And if you do not do it, then take a notice of war from Allaah 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)”</span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">[al-Baqarah 2:278-279]. </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">Muslim narrated (1598) that Jaabir (may Allah be pleased with him) said: The Messenger of Allaah (blessings and peace of Allaah be upon him) cursed the one who consumes riba and the one who pays it, the one who writes it down and the two who witness it, and he said: they are all the same. </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">And the Prophet (blessings and peace of Allah be upon him) said: “A dirham of riba that a man consumes knowingly is worse before Allah than thirty-six acts of zina (adultery). Narrated by Ahmad and al-Tabaraani; classed as saheeh by al-Albaani in Saheeh al-Jaami‘, no. 3375 </span></b></div><div class="MsoNormal" style="color: #2e5092; font-weight: normal; text-align: justify;"><b><span class="Apple-style-span" style="color: black;">And Allah knows best.</span></b></div><div style="color: #2e5092; font-weight: normal; text-align: justify;"><br />
</div></div></div></div>

Borrowing from the bank to buy a house

Loans from banks are of two types: 1. A “goodly loan” (qard hasan) which does not involve any additional payment (interest); there is n...

+ Read more »