Is Riba/ Usury/ Interest a good thing to practice according the Islamic point of view? Guess you would like to be enlightened more this topic, since it is the order of the day especially when it comes to the banking sector. It also happens on daily basis as seen in different kinds of business transaction. Read below for further enlightenment.
All praise and thanks are due to Almighty Allaah for bringing us back to life after our death.
Islam has permitted us to help each other ( financially) when the need arises. People go in for help when they are in difficulties but how on earth can someone who is in difficulty seeking for help, rather end up in most difficult situation than he/she was before?
Interest is HARAM/FORBIDDEN or proscribed in Islam.
You gave him GHS 100 because he was in difficulty but rather took GHS 150 return? and still think you are giving him or her a helping hand?
Allaah Has cursed all those who involved themselves in interest dealings.
Are you a consumer of Riba/interest? Do you serve as guarantor? Do you serve as witness? Do you serve as secretary?
Then you are living under the umbrella of Almighty’s curse
(Prophet Muhammad S.A.W).
Allaah is informing all those who take in interest to prepare for a battle with Him subhana Allaah
Do not put your dependence in trouble by providing their needs with interest Income.
The two types of interest are ……….(to be discussed in the next session in sha Allaah).
Remember to send more salutations to our beloved prophet S.A.W
Also try as much as you can to supplicate more at the latter part of the day ( Friday)
Abu Abdullahi bun Abdullaah
It is very imperative that we seek knowledge or clearance as regards to whatever action we are planning to undertake. Know the pros and cons of such venture according to the Islamic point of view before we go ahead with such a venture. We should seek this kind of clearance from the right and proper sources.
The different types of Riba are;
1. Riba Nasiyah
2. Ribal Fadl
The first is increase in payment from borrower to the lender over original loan amount usually due to delay in payment.
credit sale is different
The second is related to sale or exchange of commodities of the same kind ( wheat,maize,gold,silver etc).
If exchange of the same commodities in unequal amount occurs then Riba Fadl is realized.
Example: Abi Baki gave his two cup of old gold/maize or any commodity to Abi Ismael for him to be given a new 1 cup of the gold/maize or any commodity of the same kind. Then Riba Fadl is considered here.
May Allaah save us all from this great disaster of making life unbearable for the poor.
Remember to gain salutations from the creator by sending salutations to the best of mankind Sallallaahu Alaihi wasallam. May Allah bless us with the understanding of the religion.
Abu Abdullaahi bun Abdullaah