interest
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I haven't been here in a while. However, I have a serious problem
I am having a situation in my life that has to go before the judge.
It is quite scary!
My son won an insurance settlement as a result of his car accident however he will not get the money until he is 18 years old.
His father has been handling all the matters at hand until recently.
I received a letter from the lawyer to come in and speak with him about the matter.
My son's father has not taken the money and put it into an account as he was suppose to.
Right away after speaking with the lawyer I realized the problem. The lawyer wanted the money in an interest bearing account!
Is there any advice I can get to take before the judge on this matter?
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As salamu alaykum wr wb.
Respectfully.Interests is sin.
But i think the person who demands interests is the one being sinful.
Demands is the keyword here.
You don't want any interest, right?
The lawyer wants them because he believes that it is a good thing, it's a trade to him, it's normal to him.Of course, look up the Quran seek advice there.
Allah knows best.As salamu alaykum.
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peace morning dew and welcome back
as far as my understanding goes, what is prohibited for a believer is to to practize usury (because it is the contrary of sadaqa and the best way of bringing people with financial problems deeper down instead of helping them...)
in this case you don't practise usury nor does the bank...
personnally i didn't have a problem taking a credit (and having to pay a lot of interests) in order to buy a house - never even thought about if it was allowed or not.
so, my advice is just to take it easy
lk -
Peace morningdew,
Good to have you back, even in the circumstances. I'm not sure what you're worried about, or what's "scary" in this situation. Maybe I didn't understand it correctly. The lawyer wants the money to go in a 'interest-bearing' acount. You don't want anything to do with interest. So what if you say no... do you forsee problems from the lawyer?.. or the judge? What problems?
Secondly, if the only problem is the interest money... and you HAVE to put it in that kind of account... why don't you deduct the interest in the end, and either give it to the lawyer or whoever is insisting on the interest?
Maybe I'm missing something, please explain if I'm wrong.
peace
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Peace morningdew,
The paper money system we have involves interest from the start, not you taking it but the franchise owners of the monetary system. Even if you did not take any interest, paper money is intrinsically involved in interest. The bottom line is despite the say dollar figure maybe higher than what you put in, over time the higher dollar value will be able to purchase less due to inflation. The inflation figures published are understated to make a good story. The only way to assure stable value over time is to buy gold. I don't know whether you have the option. But I certainly don't worry about taking the interest since it means I am being ripped off less by the banking system. Unfortunately, this is the system we live under.
Peace
AS
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Salaam
The word used in the Quran is Riba. My understanding (I know very little arabic) is that this does not mean interest but taking an unfair advantage (arab speakers will give you more precise meaning) and in your situation no one is taking advantage of anyone. If you put money in a interest paying bank surely it will be to each others mutual benefit in this case. You will get interest (some protection against inflation) and the bank will utilise it for their business
regards -
peace morningdew,
i think deducting the interest at the end is fine. its no biggie.
anyways, i wanted to say my early understanding of riba is growth within the money. For example, i could let you borrow ?10 and say pay me back ?11 in a month, debt settled, thats fine. BUT if i said borrow ?10 and I'll charge a certian %, say 10%, which GROWS in the money, this is wrong.
agreeing a fixed payment is ok, letting it grow (compound interest) is wrong. if anyone has an understanding contrary to this, let me know.
thanks.
