interest and islam - Printable Version

interest and islam - Printable Version

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- Sheraz Ahmad - 10-30-2009

Dear All!
Regarding this topic first of all i would like to clarify one thing that Our religion Islam is not a Religion only it is also called as "Deen".This is the only Deen which covers all the aspects of daily life & issues for life after death.
After the absence of our Holy Prophet we should always follow the "Teachings of Holy Prophet which is conducted from Quran & Sunnah".Now & every age of islam we should always consult the Ulema e karam to resolve our problems in all aspects of life because Rasoolullah(S.A.W) said " Al ulema o warasut ambia" it means "ulema are the heirs of Prophets".
In the above scenario we must consult the following islamic banks & sites for solution & fatawa
www.meezanbank.com
www.bankislami.com.pk
www.deeneislam.com

- moon2005 - 02-03-2010

Islam prohibits all form of interest.

- kamran.raja.cma - 02-09-2010

AOA all,
I think that we should not wait for some one or some body to bring change in the present banking and financial structure that is majorly based on interest. if we can not do any thing then on one can do any thing...I believe on this concept and if someone wants to bring change in something whatever is it, he/she has to be a starter...!!!

after that Almighty Allah will help and ways to success will be open....!!!

- farooqkhan - 02-12-2010

Please watch Ghamdi, May Allah give you some common sense and listen to your prayers, If you really pray.

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by FarhanCPA
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by FarhanCPA
 i am very happy to read first comment by mintblue
He seems to share my views on interest.
The problem is with muslims ( by the way i am muslim too ) is we follow everything blindly with no logic .
But my problem is i have a brain and i like to use it. I am not a blind person who likes doing things because Allah has said or prophet has ordered. Getting a nominal interest should not cause any problem or does any damage to society. I live in Canada and do you expect me to put my money in a shoe box and burried in my backyard? does islam know anything about inflation? does it know that dollar today wont worth the same as two or more years down the road?
if we follow everything soo blindly , then why don't we let our daughters and sisters at age 12 marry an old man who is 56? prophet has done it hence it is permissible .. ofcourse we look the other way or make some stupid excuses as to why we shouldn't do it.

I know lot of so called muslims now will accuse me of kafir or some non muslim who is spreading this hatred. i am muslim by birth but never understood this religion islam. It is based on force, guilt trips, blind faith and always give you the illusion even if you do good deed but still "jannat" is not guranteed.
So i should spend my whole life to please Allah and still no guranteee if i will go to heaven?
we also like to segregate people muslims and rest of the world " kaafir". what other religion does that?

i do not know what true religion is.. i am more of a humanitarian , i believe in treating peple with repsect, not stealing , commiting adultery or other vices .
i am a CPA ( certified public accountant) from USA , now how the hell am i gonna explain this stupid concept of not giving or taking interest to my follow workers? any open minded person wanna have dialogue with me? my email is farhancpa@gmail.com
thanks
Farhan
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- farooqkhan - 02-12-2010

After reading your comments about Islam and Prophet (p.b.u.h) I pray "may Allah fail you in every single exam." Amen. If you don't understand religon Islam as you mentioned you are born Muslim but never understood it then please provide me any good reason why don't you change your religon? Religon is senstive issue so don't touch it if you are not intellectual enough to discuss and handle it.

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by FarhanCPA
 i am very happy to read first comment by mintblue
He seems to share my views on interest.
The problem is with muslims ( by the way i am muslim too ) is we follow everything blindly with no logic .
But my problem is i have a brain and i like to use it. I am not a blind person who likes doing things because Allah has said or prophet has ordered. Getting a nominal interest should not cause any problem. I live in Canada and do you expect islam to make my money stagnant? does islam know anything about inflation? does it know that dollar today wont worth the same as two or more down the road?
if we follow everything soo blindly , then why don't we let our daugthers and sisters at age 12 marry to an old guy who is 56? prophet has done it hence it is permissible .. ofcourse we look the other way or make some stupid excuses.

I know lot of so called muslims now will accuse me of kafir or some non muslim who is spreading this hatred. i am muslim by birth but never understood this religion islam. It is based on force, guilt trips, blind faith and always give you the illusion even if you do good deed but still "jannat" is not guranteed.
So i should spend my whole life to please Allah and still no guranteee if i will go to heaven?
we also like to segregate people muslims and rest of the world " kaafir" what other religion does that?

i do not know what true religion is.. i am more of a humanitarian , i believe in treating peple with repsect, not stealing , commiting adultery or other vices .
i am a CPA ( certified public accountant) from USA , now how the hell am i gonna explain this stupid concept of not giving or taking interest to my follow workers? any open minded person wanna have dialogue with me? my email is farhancpa@gmail.com
thanks
Farhan
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- farooqkhan - 02-12-2010

Hello Toronto Boy! I just wanted to thankyou and tell you that how I am happy with your brief concerned reply to "Unintellectual Confused FRAHANCPA". I am also glad to see that there's some good people still alive in world who can protect concepts of our religon,

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Toronto_Boy
 FarhanCPA

Though I don't point fingers towards someone's religion or faith, but your above post has spur me enough to show my great concern and suspicion about your faith and believes of Islam.

I am also a CPA (USA), live in Toronto and work in downtown core. Also studied Economics (that completely revolves arround rate of interest) at masters level, but it neither creates any confusion to me nor any problem for me to explain why Interest is prohibited in Islam to anyone and what are the reasons behind it. If you have gone through the whole thread you could have found very fine, logical and reasonable posts, but most likely you did not bother to go through them and started reflecting the level of your "brain" and depth of your "logic". Your post simply shows your ignorance of reasons behind the instructions of Islam and your in-capacity to understand them. I don't wanna go at length as in your own words, "i ... never understood this religion islam." Here you accept your incapacity to understand beliefs of Islam. So, do not comment on these if you don't understand. You know what, there is an old proverb that, a person may appear as wise man till he opens his mouth. Here, you have opened your mouth. No further comment.

In next post of yours, probably you would comment about why Muslims arround the globe eat hallal zabiha meat. Would you tell us why jews eat kosher meat. Do you have guts to ask your "fellow workers" why do they eat kosher, or from hindu and sikh "fellow workers" why don't they eat eggs and meat? Simply ask them why don't they use their brain and logic. You would get your answer.

Neither you understand the meaning of being humanitarian nor beliefs of Islam and commenting here. Probably you are one of those "opened minded muslims" who offered their two Friday prayers behind women imams in Canada, just to show their "humanitarianism" and liberalism, though one congregation had to occur in a local church and other in the backyard of the ring leader's house (who imported enlightened liberal woman lesbian imam from USA who accepted publically that she never offered prayers in life even individually but accepted this opportunity to show her brain/logic/ and liberalism to open minded people/ societies) after the refusal by all the mosques in Canada.

Just by having a Muslim name, no one becomes Muslim. Do not disguise yourself behind Muslim name appearing user ID to attack my religion and to show your mental disturbance with Muslims.

A request to Admin This writer's following views are highly offensive, objectionable, and disrespectfull of all the Muslims' beliefs no matter from which fiqah they belong to and which country they reside in. I strongly believe that he is doing it under disguise of a Muslim name userID but actually is a non-Muslim. So, I request admin to ban his userID and IP address as well. Further, please delete his above post as he commits mockery of our faith and religion. He wrote, "I am not a blind person who likes doing things because Allah has said or prophet has ordered."

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- samis899 - 02-17-2010

Though I am not a scholar of Islam but to me the rational behind prohibition of Interest is to promote Sacrifice by the rich for the Poor in the society, in order to establish net good in the society. Without sacrifice for others and without net good in the society a society will be a brutal society.

- Schuaeb - 02-17-2010

The point made by me and some other people here as regards prohibition of the interest to the extent of compensation of inflation has not be elucidated by anyone so far.

- shahzykhan - 02-23-2010

For Mr. FarhanCPA

Well I have some simple answers for u. As u r a Muslim u must have read about the life of Prophet (PBUH). Now I wud recall one of the incidence of his life when he gathered the people of Makkah and asked âWud u believe if I say an army of our enemy coming from behind that mountain?â. They said âYes because we know that u never tell a lieâ

The same thing goes with many of our concepts. Through Quran and other proofs of Allahâs presence we believe in Allah and in turn all that is written in the Quran. Now 90% of Islam teaching is based on logic. Being muslims we believe that our not understanding of the remaining 10% is because of our own lack of knowledge and shortsightedness. For those things we believe and follow Islamâs teachings without even appearing logical to us.

Now regarding interest, Islam has forbidden it at all, without any exceptions. My logic says that at least interest upto the rate of inflation should be halal, but as I believe firmly in Allah and Quran so I wud think that there certainly are some consequences my mind cannot foresee. Being a muslim you must believe that only Allahâs knowledge is absolute. Else u r not believing in Allah in true sense.

The logic of interest being forbidden in my opinion is âaccumulation of riskâ. Suppose there are two groups in economy, Group A which provide finance and take a fixed return and Group B borrows and do business. Now Group B will have to bear not only the business risk but also the money related risk of the whole economy will fall on their shoulders. That is why there is a concept of profit sharing in Islam. There are many Islamic financial instruments I wud not go into detail.

Now Mr. FarhanCPA, Islam surely doesnât want your money go stagnant. Go for profit sharing. U have the money, find someone with the skills and participate in profit/loss on agreed proportion.

Your seem to be pretty confused about Muslims. First u said that we follow Islam blindly, then negated your own words by saying
âif we follow everything so blindly , then why don't we let our daugthers and sisters at age 12 marry to an old guy who is 56? prophet has done it hence it is permissibleâ so make up your mind and rephrase your questions.

Now about being called kafir, well u neither want to be called kafir and nor u want to follow islam and please Allah. U tell us what we should call u? âHalf Muslimâ? Will that be okay? By the way it doesnât matter if people call u kafir. âWhat people think of u is none of your businessâ. The thing you should be worried about is that whether your analysis and beliefs are right or not.

And Mr. FarhanCPA who told u there is no guarantee of Jannat? Hmm? U do good deeds and die with emaan, u have guarantee of jannat. Brother you are hating something without even knowing in it. First get full knowledge and then make cnclusions.

About the segregation of muslim with nonmuslim, if u read Quran carefully it clearly states âhow could a believer and non believer be equal?â U are a rational person "with brains", tell me, are both of them equal?

I donât know what a humanitarian is, but the qualities of humanitarian you have enumerated fall well within Islam. So congratulations you are a Muslim!!! But you need to rectify some of your conceptsâ¦.you have got a good logic but lack of knowledgeâ¦.

Hope my reply will helpâ¦.

- nomanchaudhry - 03-11-2010

Bankâs interest is called riba (usury) in shareeâah
Is it true that Islam prohibits financial investment into assets that provide a fixed rate of return?

Praise be to Allaah.

The religion of Islam is the true religion which was brought by the Messenger of Allaah (peace and blessings of Allaah be upon him). It includes the most perfect laws, as Allaah says (interpretation of the meaning)

âThis day, I have perfected your religion for you, completed My Favour upon youâ

[al-Maa'idah 53]

The shareeâah (law) of the Qurâaan is a perfect, comprehensive and eternal law, containing all the rulings which bring happiness to people in this life and in the Hereafter. That includes rulings on matters of finance, the rulings which regulate and list the means of earning and spending money. It is not permissible to earn money in every way or to dispose of money in whatever way a person desires. In all these matters, one has to submit to the laws of Allaah, which include the prohibition on interest. Allaah says (interpretation of the meaning)

âAllaah has permitted trading and forbidden Ribaâ [al-Baqarah 2275]

âO you who believe! Be afraid of Allaah and give up what remains (due to you) from Ribaâ [al-Baqarah 2278]

Some of the obvious forms of riba include taking and giving interest on loans. Loans with interest are not permissible, and what is called interest in the language of the banks is riba in the language of shareeâah. The âgoodly loanâ (al-qard al-hasanah), on the other hand, is the loan by means of which one intends to show kindness to another and do him a favour, which does not involve taking interest. What the banks call loans are in fact contracts of riba. Allaah is Wise in His rulings because He has prescribed that which is in manâs interests in this life and in the Hereafter, and He is the All-Wise, All-Knowing.

- williamparkar - 03-30-2010

Interest has nothing to do with what banks or muslims do, if u read my first msg u will find some very basic points why INTEREST IS HARAM and if u want to know more about it then please read a book "SOOD"...

http//idiotsandgenious.blogspot.com

- lightpapers - 04-01-2010

slam is a rational religion and is always backed up by sound logic. You ppl make it sound like that there is no room for any discussion and one should be practice islam blindly without understanding the actual mechanics.

Term Paper

- Javed Jattak - 04-09-2010

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by KJK
 <BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
hey all..
I dont seem to understand the fact that we are not supposed to charge interest in islam.why is it haram?the Quran says that "neither the lender nor the borrower is supposed to suffer in any way"the fact that inflation reduces the power of money and it is why we charge interest,so that the lender gets his value of money back not just the exact amount which he lent..so if we sort of like charge the same %of interest as inflation during that time then neither will suffer right?..nobody should be charged an unfair rate..that is why it was prohibited in the first place...cuz ppl were taken advantage of in their times of crises by ridiculously high interest rates attached to the loan..but something should be there to ensure that the lender doesnt suffer and he must get his real value of money back...
A lot of ppl are unwilling to lend...because they know that they wont get the same value of money back because they wont accept the interest due to it being declared haram...and a lot of borrowers are suffering because they dont get many lenders around who are working the islamic ways...they end up borrowing off banks n places where they havto pay the interest and that makes them immoral because its haram to pay the interest just like it is to recieve interest.(besides making the loan much more expensive than it should be)
i want to know why the maulwis dont look into this more seriously..and work out some way to solve this problem..there must be some solution to this...
Economists tried to work out an object that could be introduced into markets...this object would have a constant monetary value..this object's buying power does not change..for example we could have a coin...this coin costs $10 in yr2000 and $12 in yr2001, mr X lends one coin to mr Y in the yr2000...and he is paid back the coin in the year 2001...so basically instead of being paid back the $10,hes paid back $12...without it being classified as interest(and therefore halal).so mr X gets his real value of money back...and not less.and this coin's buying power does not change.it stays the same...the same things could be bought with this coin in 2000 as in 2001..so maybe the maulwis should pay more attention to these economist solutions and try work something out....it would help the islamic society pretty much i think..id also like to know how the islamic banking system works.
im very new to this and hav only done alevels,ive juss entered acca...so maybe im wrong in a lot of places...my concepts arent that clear yet...but this interest thing bugs me quite often...so id like to know wat others hav to say abt it..and whether there are some things happening to help the islamists which i dont know abt.
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- Javed Jattak - 04-09-2010

My Dear Brother For us saying of Harzat Muhammad (PBUH) is more valueable then the saying of any other. If interest is not allawed in Islam than we should not say any thing against it.

- petercrouch - 10-26-2010

Allah Ask for Open war who is found in any any activity relating to Interest weather he is getting interest directly or not. Now If you are Muslim then what about this statement.