Islam And Acceptance Of Interest In Trade - Islam for Muslims - Nairaland
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| Islam And Acceptance Of Interest In Trade by oshorlabyC(m): 7:39am On Dec 19, 2013 |
In Q2 v 275 ,Allah says : "Those who consume interests cannot stand on the day of resurrection except as one stands as being beaten by satan into insanity............. My question now is ; Does that verse affects muslims working in banks? Because definitely,we all know banking is all about interest (except some Islamic banks of course). Please I need knowledged views on the issue. Jazakumullahu khairan as u comment |
| Re: Islam And Acceptance Of Interest In Trade by Bonjezee(m): 7:50am On Dec 19, 2013 |
I'm confused. Allahu alam |
| Re: Islam And Acceptance Of Interest In Trade by oshorlabyC(m): 8:05am On Dec 19, 2013 |
Bonjezee: I'm confused. Allahu alamSome1 once told me that if one is to live by all islamic do's and don'ts in this our environment,it's gonna be very hard to be successful,but I disagree sha |
| Re: Islam And Acceptance Of Interest In Trade by usisky(m): 11:16am On Dec 19, 2013 |
o.s horlabyC: [size=13pt] Peace upon you dear OP. On your question: The idea that the Quran forbids interests is a misconception and a terrible one at that. The word RIBAA as used in the Quran does not mean just any interest, and often, it's been mistranslated as such just like in the translation you have above. Ribaa means USURY(excessive interests or interests compounded over and over). Ribaa(Usury) was a common practice during the time of the prophet Muhammad, where the rich used it to further enrich themselves while enslaving the poor. Here are two verses from the Quran that makes clear the point i am trying to make: Usury Prohibited [Quran 2:275] Those who charge usury are in the same position as those controlled by the devil's influence. This is because they claim that usury is the same as commerce. However, GOD permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with GOD. As for those who persist in usury, they incur Hell, wherein they abide forever. [Quran 3:130] O you who believe, you shall not take usury, COMPOUNDED over and over. Observe GOD, that you may succeed. It is an established economic principle that excessive interest on loans can utterly destroy a whole country. During the last few years we have witnessed the devastation of the economies of many nations where excessive interest is charged. Normal interest - less than 20% - where no one is victimized and everyone is satisfied, is not usury. Interest on bank deposits and interest charged on loans are lawful if they are not excessive (5-15%). Banks invest and their profits are passed on to the depositors. Since all parties are happy and no one is victimized, it is perfectly lawful to take interest from the bank. There're many more verses clarifying this issue, but the above should give you a clear picture of the point i have made. We need to study the Quran carefully in order to be able to maximize its application. It is much more than a hymn book to be sung without understanding. Peace!! [/size] |
| Re: Islam And Acceptance Of Interest In Trade by usisky(m): 11:51am On Dec 19, 2013 |
o.s horlabyC: [size=13pt] Peace. @bold: This is very true my friend. If you go by TRADITIONAL ISLAM in lieu of ISLAM(according to the Quran), you'll face misery, contempt from people and hardship, as an individual or collectively. My point will become apparent to you if you only took a look at the condition of the MUSLIMS around the world. Yet, the God in the Quran promises that those who follow HIS message will be successful both in this life and in the hereafter. But the condition of the MUSLIMS(sunni/shiah) around the globe seem to negate what GOD promises. It's either what GOD promises is an illusion, or what God promises is true but that the MUSLIMS are doing something wrong. From my years of experience as human being striving to be closer to GOD, i will opt for the latter. God's Promise: [Quran 24:55] GOD promises those among you who believe and lead a righteous life, that He will make them sovereigns on earth, as He did for those before them, and will establish for them the religion He has chosen for them, and will substitute peace and security for them in place of fear. All this because they worship Me alone; they never set up any idols beside Me. Those who disbelieve after this are the truly wicked. Guaranteed Victory; Here and Forever: [40:51] Most assuredly, we will give victory to our messengers and to those who believe, both in this world and on the day the witnesses are summoned. PEACE!!! www.submission.org www.quranalone.com www.masjidtucson.org www.miracleof19.org [/size] |
| Re: Islam And Acceptance Of Interest In Trade by oshorlabyC(m): 1:12pm On Dec 19, 2013 |
usisky:Let me ask u sincerely that if u are offered a bank job now (let's say u don't have any job at hand),will u accept the job offer? |
| Re: Islam And Acceptance Of Interest In Trade by oshorlabyC(m): 1:14pm On Dec 19, 2013 |
How I wish this thread can make the front page |
| Re: Islam And Acceptance Of Interest In Trade by lanrexlan(m): 2:06pm On Dec 19, 2013 |
usisky:Riba literally means 'to grow;to increase.' Technically,it denotes the amount that a lender receives from a borrower at a fixed rate in excess of the principal.It is of two kinds: 1).Riba Nasi'a - taking interest on loaned money. 2).Riba Fadal - taking something of superior quality in exchange for giving less of the same kind of thing of poorer quality. Receiving interest means you get money for literally doing nothing and risking nothing while paying interest means you need to come up with money regardless of whether your business is even making money or not.Allah(swt) ask us to work in the glorious Quran.Allah permits profit and loss sharing,where no harm will be cause to both parties. It is an established economic principle that excessive interest on loans can utterly destroy a whole country.During the last few years we have witnessed the devastation of the economies of many nations where excessive interest is charged.In 1960,the 20% of the world’s people in the richest countries had 30 times the income of the poorest 20% — in 1997,74 times as much. www.globalissues.org/article/26/poverty-facts-and-stats#src2 Normal interest - less than 20% - where no one is victimized and everyone is satisfied,is not usury.Where's this written? Banks invest your money,what if the bank experiences a loss? What will happen? Deduct money from their customers' account or pay the interest still with their own money? Is that causing harm or not? From this analysis of yours,can I conclude that I can drink intoxicants whose alcoholic percentage is less than 20% or I can consume intoxicants provided that it doesn't affect me? Why twisting what's clear? Or can I gamble provided that only a small amount of money is involved ? There's nothing like normal interest,it will rise to a higher one if not curbed. There're many more verses clarifying this issue, but the above should give you a clear picture of the point i have made.We need to studyGive us more verses please. Peace |
| Re: Islam And Acceptance Of Interest In Trade by hakeemta: 2:13pm On Dec 19, 2013 |
As Salam Alaykum Warahmatullah Wabarakatuhu! To start with, I must commend you all for the great contributions made. May Allah increase us in knowledge and understanding, uplift us in Eeman and ease the good deeds for us all. Amin. This issue has really called for great concern and thorough research. I remember sometimes back, a friend was afraid to take up a bank job just because of the uncertainty we have in the interpretation of the same verse. My conclusion is that, we would need meet the Scholars of Tafsir(of the Holy Qur'an). We may not have to judge with the common sense or the situations around. I pray to Allah to make things easy for us, guide us and forgive us our wrongs. Amin. I pray to Allah to forgive me in anyway I might have said wrong. Amin. As Salam Alaykum. |
| Re: Islam And Acceptance Of Interest In Trade by oshorlabyC(m): 6:50pm On Dec 19, 2013 |
This issue is really generating more discrepancies than I expected. The fact still remains that no matter the percentage of the interest,small,mid, or large,Allah(SWT) forbids it for we muslim umuah. I also want to make a point here that,there's a big difference between "Profit making" and "Interest taking", they are two different scenerios.Allah does not forbid profit making (shouldn't be too large ) in businesses. This kind of issue (interest taking),you'll agree with me can never come up in a sharia community like saudi arabia because they practice Islam to the core.I want to believe that it's the situation we find ourself in this country that's making us give different interpretations to that verse. Salam. |
| Re: Islam And Acceptance Of Interest In Trade by oshorlabyC(m): 6:56pm On Dec 19, 2013 |
hakeemta: As Salam Alaykum Warahmatullah Wabarakatuhu!If we take profit making to be profit making, and interest making to be,and we don't mingle the two together,I think the issue will be easier to analyze. Wa alaykum salam |
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