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Why is Interest so bad?
Riba has the potential to corrupt a society in a way that zina and other crimes can never do. Many religious figures and philosophers have commented about the evil nature of usury (interest):
"To take usury for money lent is unjust in itself, because this is to sell what does not exist, and this evidently leads to inequality which ...
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Take a look at these facts:
receiving interest means you get money for literally doing nothing
paying interest means you need to come up with money regardless of whether your business is even making money
interest accumulates over time and often surpasses the original sum you lent
for example: at a rate of 8% over 10 years the interest sums up to 115% of ...
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It's not just in Islamic Finance that interest is seen as problematic; the same holds for Christian Finance. For example in the Shakespearean play, A Merchant of Venice, Shylock 'hates' Antonio, a Christian who lends out money gratis (freely) as his religion does not allow usury (interest). Of course this is some time ago. The secular & commercial Europe ...
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In and of itself, mortgaging isn't haram in Islam; there are a number of hadiths (e.g. this one recorded in Bukhari) indicating that the prophet himself engaged in mortgaging transactions. The same can be said for the taking of loans.
The problem with mortgaging comes from the fact that such loans often involve interest. For example, if you receive a ...
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As you mentioned in your question ,verses and hadiths which prohibits usury ..
After I asked a Sheikh, he told me to try as much as possible to stay away from usury, and do all what you can to do so.
I would like to
remind you of Prophet Muhammad's speech peace be upon him:
whoever leaves something for Allah's sake , Allah will reward him with a better ...
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Murabaha is, in its essence, just a pair of shari'ah-compliant trades:
The bank purchases a good at market value.
The bank adds its profit margin and resells the good to the end buyer
Adding a profit when reselling a good is rather fundamental to trade, and can hardly be considered riba; God has clearly permitted one and forbidden the other. The only ...
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As mentioned in OP, those who devour riba are clearly condemned; the Qur'an is very clear on this when it says "…Allah has permitted trade and has forbidden riba……".
The Qur'an also clearly tells the believers "…do not cooperate in sin and aggression…"; when it is known that taking riba is a clear sin, then knowingly and ...
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Now the point is as follows as long as you don't have direct deal with riba your earnings are halal. But if you somehow deal or help for riba business your earnings are haram. This means if you don't have direct contact with riba all you do is halal.
I found a fatwa (Arabic) saying that you can even work in a bank (that deals with riba) if you work in ...
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The fatwa in question is highly publicized, and is the basis that many so-called modernists allow interest-based loans. It may prove to be very difficult to find the actual text of the fatwa since it appears to be merely rumored by the Khedive (ruler of Egypt and Sudan at the time, who had major disagreements with Muhammad 'Abduh), but is nowhere else to be ...
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According to the Hanafi madh'hab, it is permissible to work in a bank as long as the job does not entail direct involvement in something haram (e.g. processing interest-based transactions). So, for example, working as a driver or a guard would be acceptable, since driving and guarding are fundamentally halal activities.
Any money earned therefrom would ...
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You must know the difference about 2 things, Loan and debt . The both kinds have 1 common factor , interest is forbidden , however there is a big difference between the 2 kinds . First of all , the first kind is done as a good deed, to help someone out , as stated by this narrative ( من نفس عن مؤمن كربة من كرب الدنيا ,نفس الله عنه كربة من كرب يوم القيامة) ...
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There was an episode of Friends in which Monica and Phoebe debated whether it is possible to ever do something that is 100% selfless. In the end, it was decided that it is extremely difficult, if not impossible because the mere act itself could bring happiness or karma or what have you to the person.
I don’t know sharia law inside and out, but I strongly ...
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Basically, such a lease is just a contract in which one sells the right to use a product (the car) rather than selling the product itself; in Islamic law such arrangements are known as ijarah.
While there are some difference of opinion on the specifics (e.g. defined length of contract or onus of maintenance), ijarah in general is considered permissible by ...
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Some scholars feel that purifying ones own wealth by donating such money directly to the masjid is a bad idea, since the masjid is a house of God and should be built and maintained using only pure funds. Similarly, it shouldn't be used to print Qur'ans.
Rather it should be given to the poor and the needy, or any other charitable purpose. This is, I ...
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After reading this islamqa, I have decided to withdraw from the interview process. Today was my last interview but I sent an email this morning to cancel it.
They called me telling me I was the perfect candidate for them and tried to help and understand my reasons which I did not explain in my withdrawal email. After explaining that as a Muslim, I cannot ...
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The contract is originally a rent contract with one term. The term is after paying all duties(your monthly payment and other things) the landlord will sell it to you by Hiba. This is accepted by all Ulama.
Here is the English article about this
And If you can read Arabic you go to this book الاجارة المنتهیة بالتملیک و صکوک الاعیان الموجرة/ دکتر منذر قحف ...
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The only problem with present day banks are the interest/usury (riba) that is involved.
If you have no direct involvement in any riba transaction, then it's fine to work there.
'Abdullah bin Masud and Jabir bin Abdullah both reported Rasolullah
cursed the accepter of interest and its payer, and one who records it,
and the two witnesses, and he said:
...
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I used to work in them myself but the truth is, whether you deal with interest directly or not, you are aiding and facilitating it- It is haram
'Abdullah bin Masud and Jabir bin Abdullah both reported Rasolullah cursed the accepter of interest and its payer, and one who records it, and the two witnesses, and he said: They are all equal.
Would it be ok to ...
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As far as I studied some well-established reference, and discussed with some scholars (yes, they are hanafi), (i'll update my answer asap i get hold onto related on-line reference)
if you have no other feasible/safe way to store your money in a interest-based bank,
you should take out the "riba" amount asap, to separate it from your halal money,
use it ...
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At a glance, there seems to be no problem in your definition of leasing. You (the customer) pay a rent (in Arabic it means إجارة) on a monthly basis and return the vehicle once you're done with the period.
But the reality is not the same. When implemented, leases or ijaarah don't work like this. There is a lot of fraud or cheating taking place and interest ...
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The critical point of the question is that "more than the agreed upon labor cost" was demanded. However, in the question there is not a single sentence stating that the fare had been discussed ahead of time beforehand. I did not see evidence you asked him "how much will it be?" at the very beginning; it could very well have never happened.
If the price was ...
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Riba is Haram.
Here, in my country, they offer online banking. I think this happens all over the world. So, I can create as much as accounts online. Then I have created a separate account for Riba and each month I transfer the interest to that virtual account via online banking. So, Riba doesn't mix up with my money and I don't need to care about that Riba....
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I think you can accept it. Remember when prophet and followers reached madeena, there were non-muslims who helped them with money,food,shelter,etc. They never asked about halal or something. In your case, you can't decide whether it is halal or not even from muslims. Leave it to God and continue your work. All the best for your group.
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Interesting question!
I don't believe I've ever read of any scholars discuss it, let alone issue any fatwas. So this will be personal conjecture.
But first, let's explore the definition of riba in Islam. There are some differences of opinion, but generally it is defined as "unjustified increase of value for one party during the exchange of commodities of ...
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If money laundering is a crime, then it's not permissible. Muslims are required to obey the law.
O you who have believed, obey Allah and obey the Messenger and those in authority among you. ... -- Qur'an 4:59
This is confirmed by fatawa, e.g.:
Muslims must adhere to the laws of any country they live in, whether in the west or the east, as long as the ...
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This is more of a translation limitation. There is no equivalent in the English language that can be directly used in this context. The phrase in Arabic أَضْعَافًا مُّضَاعَفَةً uses what is called al-hāl for ad'āfan (Arabic: أضعافا), and al-na't for mudā'afah (Arabic: مضاعفة).
Al-hal (a condition, basically) is always considered singular in the Arabic ...
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All major Islamic schools of thought hold the Quran and Hadith as the main sources to derive laws from.
Allah is Himself most strictest against users of usury when He says:
O you who have believed, fear Allah and give up what remains [due to
you] of interest, if you should be believers. And if you do not, then
be informed of a war [against you] from ...
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Short answer:
No, and there's no exception!
Explanation:
As Abdullah mentioned in his answer riba (interest/usury) is a major sin and in fact it's one of the 7 distractive sins along with Shirk (associating partner in worship to Allah), Magic, Killing a person, Unjustly Eating the wealth of an orphan, Fleeing from the battlefield, and Sexually slandering a ...
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Salam O Alikum,
Perhaps too late to answer this question, but I ll add this just in case someone else might benefit from it.
I know of some brother who actually found a way around it.
When you take education loan (essentially government based) then the interest starts building from day one. And if you are doing a 3 year course then by the time you ...
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