How Serious is Taking Riba (Interest) in Islam? PLZ REPLY

[sarmad]

Interest is part of life in west. Can any member please have a take on this.

I know most people on siasat are overseas Pakistanis.

How do you tackle this issue? Do you mortgage a house? Do you use credit card?

Or is it impossible to live without riba in the west?

 

[Maalick]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

"Najatullah Sadiqui" has written some excellent books on this subject. Please read it ...

 

[gazoomartian]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

Interest is part of life in west. Can any member please have a take on this.

I know most people on siasat are overseas Pakistanis.

How do you tackle this issue? Do you mortgage a house? Do you use credit card?

Or is it impossible to live without riba in the west?

I live in Canada. used to have mortgage. under the circumstances we are allowed to take mortgage because no choice. I do use credit card but pay them off before the due date.

YES its possible to live w/o riba, but requires heavy discipline and family help which is not possible in most cases including myself

I know of only ONE family that saved to buy a house but they spent 25 years to save it. But the price went up at purchase time. they borrowed some money still at low rate becasue they had built up large savings. But the time wasted wasnt worth it

 

[BroInIslam]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

Interest is part of life in west. Can any member please have a take on this.

I know most people on siasat are overseas Pakistanis.

How do you tackle this issue? Do you mortgage a house? Do you use credit card?

Or is it impossible to live without riba in the west?

I live in Canada. used to have mortgage. under the circumstances we are allowed to take mortgage because no choice. I do use credit card but pay them off before the due date.

YES its possible to live w/o riba, but requires heavy discipline and family help which is not possible in most cases including myself

I know of only ONE family that saved to buy a house but they spent 25 years to save it. But the price went up at purchase time. they borrowed some money still at low rate becasue they had built up large savings. But the time wasted wasnt worth it

I do not understand this under the circumstances we are allowed to take mortgage, can you elaborate on this .. any fatwa that is out there?

 

[contra]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

Conventional or Normal banking is superior to Sharia finance/banking... 8-)

 

[arnold_mic]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

Brother,

Interest is "haram". Yes you can live without interest but you have to keep balance in your life.

 

[peace]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

This website directs you to some places that offer Islamic financing, I must say that it will cost more than conventional mortgage but you will save yourself from riba.

http://muslim-investor.com/principles/mortgage.html

(You can also call ISNA)

Also, if you live around the GTA area there is a very reputable financial advisor, you can visit his website too http://www.nointerest.ca/ to help invest in halal investments and financing your house.

One of the hadith talks about riba, saying if one who is involved in taking or giving interest it is as if he has launched war against Allah and our Prophet (pbuh). Its completely possible to stay without interest, as gazoo bhai mentioned used credit cards but pay them off before you are charged interest and like many other pious Muslims in Canada who have chosen to live in rental units than to go against their religion.

 

[QaiserMirza]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

The interest is Haram and when Allah and His Nabi has declared Haram then there is no other option left, there is no room for any discussion.

Yes, there are conditions when any Haram become Halal, in that case interest will also become halal.

Human's life is most precious, when one fall into that condition, like starving to death then any dead animal's meat become halal for him to safe the life. Same in case of interest, if one feel that he will die without interest then go for it.

Involving in interest business is as declaring war against Allah, are we able to do that, once we stand in war against Allah, how and to whom will we be seeking refuge in ??

Rasool Allah said that if the punishment of interest is reduced by 70 times then it is still like performing Zina with his mother. Can anyone imagine about that.

Mortgage is not essential, paying mortgage for 35 years or paying rent is same, then why should go for interest.

May Allah save us from all haram and guide us to the right path. Ameen

 

[Ussi1]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

under the circumstances we are allowed to take mortgage because no choice.

That is an easy excuse ;)

 

[gazoomartian]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

Interest is part of life in west. Can any member please have a take on this.

I know most people on siasat are overseas Pakistanis.

How do you tackle this issue? Do you mortgage a house? Do you use credit card?

Or is it impossible to live without riba in the west?

I live in Canada. used to have mortgage. under the circumstances we are allowed to take mortgage because no choice. I do use credit card but pay them off before the due date.

YES its possible to live w/o riba, but requires heavy discipline and family help which is not possible in most cases including myself

I know of only ONE family that saved to buy a house but they spent 25 years to save it. But the price went up at purchase time. they borrowed some money still at low rate becasue they had built up large savings. But the time wasted wasnt worth it

I do not understand this under the circumstances we are allowed to take mortgage, can you elaborate on this .. any fatwa that is out there?

what I meant was that if you live in a country where riba is common, you must do your utmost to adhere to the Islamic of riba-free daily life. But you also have to have a house, a credit card, a loan for your car, your children have to have student loans, you have to have Retirement Plan, the list goes on. If you operate a business, you have to have an operating loan.

You live in a country that is riddled with riba on every business, retails, etc. You would have to be perfectly pious and have immense amount of discipline in your life and family to not use the riba.

Under the circumstances, when living in riba-filled soceity, you must 'negotiate' with your conscience and meet the half way with the system. Like I mentioned above of the brother who wasted 25 years or so saving for a mortgage-free house but ended up taking a mortgage anyway. If he had purchased the house 25 years ago at low price and rate hence paying less in interest he would have owned a mortgage free house NOW. He is paying interest anyway, why not be smart and do it when the cost is low? in my humble opinion, the lower principle and/or interest rate is immaterial. riba is riba whether low or high. But we must also try to pay it off as soon as possible.

We also want our Muslim community to flourish and not become a cheap labor. To have significant role in west, Muslims need to be in higher positions also such as politicians, scholars, scientists, lawyers, doctors, businessman, etc. All of these specialties need money and I am sure you do not have enough money to put your kids thru the university.

So instead of fighting, join the system, take advantage, become prominent Muslim but plan to pay off the loan as soon as possible. I have also heard an Alim on Tv echoing my sentiment in the same manner.

Also its not just fatwa, its the doctrine of necessities. If you others do not agree with me, I so understand, but the choice is always yours

 

[Abdul Haadi]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

What Quraan says about it;

(1) Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: "Trading is only like Riba (usury)," whereas Allah has permitted trading and forbidden Riba (usury). So whosoever receives an admonition from his Lord and stops eating Riba (usury) shall not be punished for the past; his case is for Allah (to judge); but whoever returns [to Riba (usury)], such are the dwellers of the Fire - they will abide therein.
( ???? ?????? , Al-Baqara, Chapter #2, Verse #275)

(2) Allah will destroy Riba (usury) and will give increase for Sadaqat (deeds of charity, alms, etc.) And Allah likes not the disbelievers, sinners.
( ???? ?????? , Al-Baqara, Chapter #2, Verse #276)

(3) O you who believe! Be afraid of Allah and give up what remains (due to you) from Riba (usury) (from now onward), if you are (really) believers.
( ???? ?????? , Al-Baqara, Chapter #2, Verse #278)

(4) O you who believe! Eat not Riba (usury) doubled and multiplied, but fear Allah that you may be successful.
( ???? ?? ????? , Aal-e-Imran, Chapter #3, Verse #130)

(5) And their taking of Riba (usury) though they were forbidden from taking it and their devouring of men's substance wrongfully (bribery). And We have prepared for the disbelievers among them a painful torment.
( ???? ?????? , An-Nisa, Chapter #4, Verse #161)

(6) And you see many of them (Jews) hurrying towards sin and transgression, and eating illegal things [as bribes and Riba (usury)]. Evil indeed is that which they have been doing.
( ???? ??????? , Al-Maeda, Chapter #5, Verse #62)

(7) And unto those who are Jews, We forbade every (animal) with undivided hoof, and We forbade them the fat of the ox and the sheep except what adheres to their backs or their entrails, or is mixed up with a bone. Thus We recompensed them for their rebellion [committing crimes like murdering the Prophets and eating of Riba (usury)]. And verily, We are Truthful.
( ???? ??????? , Al-Anaam, Chapter #6, Verse #146)

there is a book called "The Art of Islamic Science and banking" best book that I have heard not read all of it just purchased yesterday by Yahia Abdul Rahman. This book has lot of details in it. Here is a link you can read most of it by clicking on Google preview.

hopefully this would help u
May Allah keep us all away from harm & wrong path. Aameen

 

[Nawazish]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

It is a very big and serious sin usary(riba) Allah and He's Prophet(peace be upon him) declare war on those who deal with it.

Allah says in the Quran

"Those who take interest will not stand but as stands whom the demon has driven crazy by his touch. That is because they have said: 'Trading is but like riba'. And Allah has permitted trading and prohibited riba. So, whoever receives an advice from his Lord and stops, he is allowed what has passed, and his matter is up to Allah. And the ones who revert back, those are the people of Fire. There they remain for ever.

Allah destroys riba and nourishes charities. And Allah does not like any sinful disbeliever. Surely those who believe and do good deeds, establish Salah and pay Zakah, have their reward with their Lord, and there is no fear for them, nor shall they grieve.

O those who believe, fear Allah and give up what still remains of the riba if you are believers. But if you do not, then listen to the declaration of war from Allah and His Messenger. And if you repent, yours is your principal. Neither you wrong, nor be wronged. And if there be one in misery, then deferment till ease. And that you leave it as alms is far better for you, if you really know. And be fearful of a day when you shall be returned to Allah, then everybody shall be paid, in full, what he has earned. And they shall not be wronged." [Al-Baqarah 2:275-281]

And in the Hadeeth

The Prophet sallallaahu `alayhi wa sallam ( may Allaah exalt his mention ) said: Allaah has cursed the one who consumes Riba (i.e. usury or interest), the one who gives it to others, the one who records it and the one who witnesses it. [Muslim]

 

[gazoomartian]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

What Quraan says about it;

(1) Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: "Trading is only like Riba (usury)," whereas Allah has permitted trading and forbidden Riba (usury). So whosoever receives an admonition from his Lord and stops eating Riba (usury) shall not be punished for the past; his case is for Allah (to judge); but whoever returns [to Riba (usury)], such are the dwellers of the Fire - they will abide therein.
( ???? ?????? , Al-Baqara, Chapter #2, Verse #275)

bhai jaan

brother sarmad is looking for a solution in West. he is not looking for Quranic references. he already knows them I am sure. We need to show him the way out of his finances living in a riba based economy. We all know of the above ayahs..

suggest him some practical solution please that would be best suited to his needs yet not fully violating the sharia....

 

[babadeena]

Re: How Serious is Taking Riba (Interest) in Islam? PLZ REPL

How Serious is Taking Riba (Interest) in Islam?

Riba(Interest) is a serious matter. Quranic verses have already been pasted on the thread. This Rib(Interest) has to be defined. This the worst type of economic exploitation by humans and of humans. That is the reason in Quran the Riba has been compared with Sadaaqat and Zakat. The Emphasis has been that instead of lending the money on Interest to some helpless person, better give him as a loan for a fixed period and IF THE DEBTER IS STILL IN BAD CIRCUMSTANCES, then make that money as "Sadiqa". One does not need to be an atomic scientist to understand the basic rationale behind this. The scenario had been at that time and is till at least in my country, that a poor person in desperate need of getting money approached the wealthy person. The wealthy person give him money but on interest i.e. to say that after one year or so the returned money will be with interest and if it is not returned at that prescribed time then it will be compounded with further interest. So this is the interest which is prohibited in the society.
Interest has got many shapes in Pakistani society, the worst scenario is "Kami-based-system". Oh folk, you will not believe this, but the reality is that in a village specially in punjab there are families which are labelled Kamis (mean). The landlord/Choudhry give them free piece of land so that they can build a home of their own, they build this home with the grant of a money from Choudhary/Landlord, in return all their family members become dependent upon Landlord/Choudhary. That money never finishes even in generation. If the poor people protest, they are threatned to be evicted from that piece of land. The typically word is "Hahata" (in punjabi, Daay kay Deheeli lekha lee Vahaylee (Given only one penny but in written form it Surey Manasion).
So this type of interest which is "economic exploitation" of humans by some which has been made harram.
Now the modern day scenario:
--- Banks do not give you a penny until and unless they make sure of your credentials and collateral. Just try to go Barclays Bank and ask them, I have nothing but three children give me 100,000 thousand pounds and wait for the reply;

--- People put their money into banks because of security. Suppose one have 20,000 thousands or 100,000 dollars, either he has to dig a hole in his house in some secure place and put it there or to deposit it into bank.

---- Credit Card... Pay the due amount before the date. No extra charges (interest) will be applied.

---- If bank generates loan and given the interested people those loans on interest it is the banking and those who get these loans on interest. Believe they are not the mostly poor people.
So these are modern days problems, which need to be taken into account and the reputed Ulemas should frame a unanimous decision in this regard. As far as I remember I read that Jamaha ul Uzar, Egypt issued something about it. But one thing is for sure, DO NOT BUY THE HELPLESSNESS OF A POOR PERSON, DO NOT EXPLOIT THEM, DO NOT ENSLAVE THEM DUE TO THEIR POVERTY. Help them out with a loan (principal amount) and if that is not returned due to their ongoing poorness, just make it Sadaqa and see how much Allah grants you more in return.