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are muslims allowed to reveice interest, someone told me you cant
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Posted: 2005-10-13 15:34:32
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No Muslims aren't. We cannot take interest.
Verses 130 and 131 from The Holy Quran:
O ye who believe! Devour not usury, doubled and multiplied; but fear Allah. that ye may really prosper.
Fear the Fire, which is repaired for those who reject Faith.
The definition of Interest, the literal meaning of interest or Al-Riba as it is used in the arabic language means to excess or increase. In the Islamic terminology interest means effortless profit or that profit which comes free from compensation or that extra earning obtained that is free of exchange. Riba has been described as a loan with the condition that the borrower will return to the lender more than and better than the quantity borrowed.
As muslims, our main concern when it comes to financial transactions is to avoid Riba in any of its forms, despite the fact that the basic foundation of the world economics and finance today is that of riba and dealing in usury.
The Prophet Muhammad (pbuh) has foretold us of a time when the spread of riba would be so overwhelming that it would be extremely difficult for the muslim to avoid it. This situation calls for muslims to be extra cautious before deciding on what money payment of financial methods to use in any personal or business transaction.
To make sure that we are safe from Riba, we have to learn which transactions lead to it.
More on interest can be found
HERE
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Posted: 2005-10-13 15:58:53
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so what do muslims say to banks when they open accounts
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Posted: 2005-10-13 17:28:51
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well in the uk, you dont exactly have a choice do you...
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Posted: 2005-10-13 17:55:05
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we do we have Islamic Banks.
They work by not taking interest.
For example a normal bank would give you a loan to buy a car (lets say it was 15,000) you have to pay back the load during a period of time which costs 20,000.
In an Islamic bank, they say, ok you want this car. The bank BUYS the car, then gives it to you and gives you a finance option which comes to 20,000.
It's a technicality but one that most Muslims have no choice with in this day and age.
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Posted: 2005-10-13 18:36:13
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On 2005-10-13 18:36:13, amnesia wrote:
we do we have Islamic Banks.
They work by not taking interest.
For example a normal bank would give you a loan to buy a car (lets say it was 15,000) you have to pay back the load during a period of time which costs 20,000.
In an Islamic bank, they say, ok you want this car. The bank BUYS the car, then gives it to you and gives you a finance option which comes to 20,000.
It's a technicality but one that most Muslims have no choice with in this day and age.
theyve got that in s. africa....which banks do that here?
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Posted: 2005-10-13 18:41:06
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What about Muslim saving accounts and that surly you wouldn’t say no to the banks giving you interest on your money?
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Posted: 2005-10-13 18:41:14
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On 2005-10-13 17:28:51, solidsingh wrote:
so what do muslims say to banks when they open accounts
This is what i do, at the end of the year for example Ramadhan i contact my bank and tell them to give me the years total of interest in my account and then take that amount and give it to the poor with my zakat (2.5% of my total wealth). In this country its not as easy but Islam helps you in situations like these and my example is one easy way of dealing with the issue.
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Posted: 2005-10-13 23:08:19
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On 2005-10-13 18:41:14, joebmc wrote:
What about Muslim saving accounts and that surly you wouldn’t say no to the banks giving you interest on your money?
Yes i do say no. Islam comes before my wealth.
Verses 130 and 131 from The Holy Quran:
O ye who believe! Devour not usury, doubled and multiplied; but fear Allah. that ye may really prosper.
Fear the Fire, which is repaired for those who reject Faith.
Rather give the interest back than suffer in the hearafter.
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Posted: 2005-10-13 23:13:09
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are you allowed to borrow money?
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Posted: 2005-10-13 23:15:12
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