02-12-2005, 11:15 PM
Dear Hasan
I won't say that i disagree with you, you rightly said that QURAN is the ultimate guide and we should consult Quran what it says about the topic. There is NO doubt whatsoever that it prohibits Riba, the issue is what RIBA really is? If i agree with your interpretation of Riba then it will become very difficult to prohibit most kinds of interest prevailing in the market, whether it is on a commercial loan or a personal/mortgage loan as in both the cases borrower is usually happy to pay the interest. For e.g I am a business man and i want a loan for xxxx amounts, i will be more than happy to pay interest on it because i know i will be able to ROLL OVER the lended money several times in a year thus able to generate money in excess of the interest rate (i hope you are aware with the concept of Velocity Of Money).
to cut the long story short, there is a need to understand the true meaning of Riba, and if possible avoid it as much as possible.
kind regards
"You don't get to choose how you're going to die. Or when. You can only decide how you're going to live. Now."
I won't say that i disagree with you, you rightly said that QURAN is the ultimate guide and we should consult Quran what it says about the topic. There is NO doubt whatsoever that it prohibits Riba, the issue is what RIBA really is? If i agree with your interpretation of Riba then it will become very difficult to prohibit most kinds of interest prevailing in the market, whether it is on a commercial loan or a personal/mortgage loan as in both the cases borrower is usually happy to pay the interest. For e.g I am a business man and i want a loan for xxxx amounts, i will be more than happy to pay interest on it because i know i will be able to ROLL OVER the lended money several times in a year thus able to generate money in excess of the interest rate (i hope you are aware with the concept of Velocity Of Money).
to cut the long story short, there is a need to understand the true meaning of Riba, and if possible avoid it as much as possible.
kind regards
"You don't get to choose how you're going to die. Or when. You can only decide how you're going to live. Now."