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interest and islam
01-12-2004, 11:17 PM
Post: #1
interest and islam
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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interest and islam - mintblue - 01-12-2004 11:17 PM
RE: interest and islam - Linkin Park - 03-04-2015, 04:10 PM
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