Usury (riba) in the Qu'ran
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The Noble Qur'an - Al-Imran 3130
O you who believe! Eat not Rib? (usury) doubled and multiplied, but fear All?h that you may be successful.
When I first heard that Muslims are not supposed to divulge in interest, I was a bit shocked. How was that possible when everything around us is based on interest? Then when I began to read up on it more, I became utterly confused by things like these
Riba (Usury) is of two major kinds
Riba An-Nasia - Interest on lent money
Riba Al-Fadl - 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.
Upon further reading, I found that this prohibition included insurance of any kind (medical, life, etc.) based on hadith and fatwa, of course.
So like many Muslims, I do my best not to use credit cards, rent instead of own a home, and do not keep money in my savings account. I don't think that it is all bad...credit cards cause multiple problems in their own right, but am I truly doomed to be a renter for the rest of my life? Will I ever own a home? Can I ever go back to school seeing that student loans charge interest?
Anyone care to confirm or deny?
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Peace scaredmuslimah.
Small interest is like having a business. Buying and selling is lawful , you need to make a living,as long as you do not overcharge and take advantage of people.
In the same way normal interest like the bank s is fine. What is unlawful in shark lending and high interest companies that overcharge and take advantage of poor people.
Peace. -
What is unlawful in shark lending and high interest companies that overcharge and take advantage of poor people.
Peace.I might add that; Riba is not interest, riba is "Taking advantage of people in plight".. whether they're 'rich' or 'poor' doesn't really matter..
Taking advantage of rich people in plight, is also a form of riba.. the technicality doesn't matter as there are millions way to take advantage of people in plight.. Do not make a living through suffering of others... that's the main message..Salam / Peace
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I might add that; Riba is not interest, riba is "Taking advantage of people in plight".. whether they're 'rich' or 'poor' doesn't really matter..
Taking advantage of rich people in plight, is also a form of riba.. the technicality doesn't matter as there are millions way to take advantage of people in plight.. Do not make a living through suffering of others... that's the main message..Salam / Peace
bravo Totally agree.
Peace
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Wa Salaams,
You know, that is what I thought. I had seen the word usury in the Bible before, but when I look up the definition of the word it leans more toward taking advantage of people, not interest charged on money (because in that case even a late fee could be considered haraam).
Thanks so much for explaining that to me...and the de-programming begins!!!
Amina