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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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02-07-2004, 04:09 AM
Post: #2
 
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" 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.
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
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02-07-2004, 04:20 AM
Post: #3
 
Assalam O Alaikum

My dear
First of all I would like to congratulate you on joining ACCA.I am also a student of ACCA.

I totally agree with you on the matter you have discussed/asked.My Concept is that the person who lends money has the fundamental right to enjoy the same facilities of money lended by him to the borrower after the decided period of time.
In Islam I think that both the parties are considered not to bear any additional burdon of money by both the lender and the borrower.

This was my view , but if you have any other information then please let me inform about that because for sometime I myself remained quite puplexed on this issue.
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02-08-2004, 01:56 PM
Post: #4
 
The views of both of you is not correct as far as Islam is concern as the basic of Islam is that Interest is not right then how can you people can do the interest a right way whether you tell it interest profit or what else

A pig cannot be changed by placing on him the name of goat the same is the way for interest

You people can refer the books of Maulana Taqi Usmani in this behalf then the concept of yours will inshallah be corrected.

Best Regards


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02-08-2004, 01:58 PM
Post: #5
 
I am sorry for the errors in english

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02-10-2004, 12:18 AM
Post: #6
 
Assalamuallaikum!!!!
it was very depressing to see the comments of the above two people
INTEREST is haram
it is an open war with Holy Prophet(pbuh) and ALLAH ta Ala
what ever yuo say there is no justification for this....
see........
when you told after you become rational i mean at the age of 4 or 5
that your parents are your real parents i mean they make you call themselves parent you dont argue when you get older that why are you our parents why not some one else.....
similarly when Quran and hadith which is the final authority tells you in a clear cut manner that Interest is HAram there can be no arguments or favours......
similarly people will now say that Wine is halal too because in olden days wine had a heavy addiction but now adays it is made in a way that there is no adiction......

as the facts go on.........
Mat ALLAH ta Ala give us courage to fight the evils
"""A time will come before Qayamat that no person. will be saved from the haram interest sood bribery in directly or directly""
Please pay a little heed here
Longing for the prayers
Sohaib Ahmed

CA is nothing but ......
life less iffs and buts......
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02-15-2004, 01:54 AM
Post: #7
 
Thank you Shoaib for giving such a good clarification

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02-15-2004, 06:33 AM
Post: #8
 
Sohaib and Webmoxtor

If some members have views other than yours, then convince them by the power of rational argument instead of ridiculing them personally. This is highly degrading and unprofessional behavior. If you want to make a point, then do so by giving logical arguments in a cool and calm manner. And if you don't have the appropriate knowledge on this issue, then please do not force your views on anybody in this fashion.

As you can see, the first two posters are young and are students. Dont kill off their curiosity and thirst for learning by this sort of a behavior.

Islam 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.

Since i do not count myself as one who has sufficient knowledge on the subject, so i would not comment on it. There has been a lot of work done on this throughout the islamic world and the internet is full of articles and material on it. I would recommend mintblue and KJK to do a little bit more research on this and i am sure that they will come to understand why interest is said to be haram in islam.

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02-22-2004, 04:19 AM
Post: #9
 
salamz
i never intended to claim that interest is halal and i am not in a battle against God!!im not saying its not haram i was just curious abt the effects of inflation..i dont think inflation existed when the Quran was sent.
anyhow as we r not supposed to question too much i wont put myself in a risky situation and probe into it any further.and ive read a little bit abt this and i come to the conclusion that one is not supposed to take advantage of ppl's crises.therefore ure supposed to help them without any self incentive..even if it puts u in loss..because ure supposed to help ure muslim brothers.
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03-02-2004, 06:45 PM
Post: #10
 
certainly interesrt ( riba ) is haram in islam and islam always prohibits things which are in the interest of peoples to protect them selves from evil. Interest give rise to social injustice where poor becomes poorer and rich being influential give loans to poor and then charge a lot on it as return.
Simply one must not get into complexities. simply if islam has declared interest has haram it is haram and no if and but to find alternatives under the shelter of islamic names such as markup etc.

kashif
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03-04-2004, 04:22 PM
Post: #11
 
AOA
friends
i have just read out the article.well, i am very pleased to know about the forum and about the exchange of veiws.

i have no complete knowledge over the word interest and its harmful aspects but i would like to share my veiws with friends to extent of knowdge.

my friends, the most important thing we have to know what is interest ?. It is not very simple. The advancement in financial knowledge has made the word "interest more complex". But this thing is very pleasing that we have the curiosity to know about our religion. Thanx to the Great Allah who blessed us the great Ulma,s who can better guide us toward the right way. Molvi's are no more restricted to mosque just to offer pray. but there are great scholors who are woking to make the new concept and approaches to make them in line with the priciples of Islam. Molvi Taqi Usmani is on of those blessed person ( may Allah bless him a long life ).in respect ur queries u can contact him he is the person who declared all those biznes should be restrained which are based on interest(order of the shariat court).


My friend is going to make prove interest as good mean by comparing inflation of currency at two different. well, the first thing is wether currency inflation is halal are haram . we can seize the value curreny(fix).so i think this rate of change is not the justification for charging interest.




i would like to tell my friends about my own experiences , recently Gov has changed the interest rate. the purpose was to speed up the movement of the money n the economy. so many of the persons are known to me with draw their deposits and made investment, i just wanna tell you. money on interest can benefit only a few members of the community but money in investment like bizness can benefit a lot of pple. Islam principles focuse on the welfare of the whole community not just on single person. In broad vision money will be concentrated in few hand and poor will become poor and richer will be come richer and this is a huge social evil and a great injustic.


second i have the experience that a person give money to some body on interest. there is no risk that he will suffer a loss.b coz he will be sure that whatever happens to the borrower he will get a fix profit. so this is some thing very disasteriuos for one Tawakal u alallah.on the other way one will feel more and more tawakulul alallah.


well , i am trying to get more to lnformation to let my friends know.


As far as interst
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03-12-2004, 07:17 PM
Post: #12
 
As salam u alaiykum!!!

Well in my view there is no ambiguity that RIBA /INTEREST is haram. It is haram and nothing made it halal in whatsoever form.

The point where we need to concentrate is either the current Islamic products which are available in financial market are in line with sharia or not.


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03-13-2004, 03:02 PM
Post: #13
 
As i dicussed in some other topic that the schemes offered by the islamic and non islamic bankers are almost the same, even if u calculate and compare the IRR of the financing offered by both these bankers you will also find it between the same range.<img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle>

SMR
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03-14-2004, 07:48 AM
Post: #14
 
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
As salam u alaiykum!!!

Well in my view there is no ambiguity that RIBA /INTEREST is haram. It is haram and nothing made it halal in whatsoever form.

The point where we need to concentrate is either the current Islamic products which are available in financial market are in line with sharia or not.


Plz Smile ...... its cost just some pleasent breaths!
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

Correction... There's a difference between Riba and Interest.
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03-17-2004, 07:16 PM
Post: #15
 
Kindly identify the difference between riba and interest

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