Interest or Halaal Business?

[Basra]

SO say I buy a book for $ 10.00 and sell it for $ 25.00


That extra $ 15.00 is it interest or Halal business transaction? (profit)

 

[Macalin M]

That’s not interest

 

[AliUK]

SO say I buy a book for $ 10.00 and sell it for $ 25.00


That extra $ 15.00 is it interest or Halal business transaction?

halal of course.

Interest is when i borrow $1000 to buy 100 books for $10 to sell for $25 each and make back $2500 overall and you then have to pay 10% interest on top of the loan you took when i pay back the money so basically paying back $1100 to the guy i borrowed the $1000 from.

 

[Inquisitive_]

SO say I buy a book for $ 10.00 and sell it for $ 25.00


That extra $ 15.00 is it interest or Halal business transaction?

From my understanding no, that is just trade, because both you and the seller agree on that 'fixed' price that has no ambiguity or clauses otherwise business would never function.

Yasir Qadhi has a great lecture on it breaking it down.

 

[Younes Osman]

SO say I buy a book for $ 10.00 and sell it for $ 25.00


That extra $ 15.00 is it interest or Halal business transaction?

No, walashay you are making $15 profit.

 

[Basra]

Thank you guys! Walaahi we have fine young men above me here! Mashalaah

 

[NotMyL]

Basra that’s not interest, how will Muslims do business if they can’t ask for profit?

 

[AussieHustler]

@Basra

Great thread.

Now, you made a 150% profit on that book which is an exorbitant amount of money and yet, it is halal. If I sell that very same book to a poor student and ask him to pay it by instalments with an interest of market rates of 5% each month within 6 months, it will cost h/her roughly $14 and that is considered haram, which one is more exploitative and is against the spirit of Islam in terms of the banning usury? Keep in mind that;


“Riba in the pre-Islamic period consisted of the doubling and redoubling [of money or commodities], and in the age [of the cattle]. At maturity, the creditor would say to the debtor, ‘Will you pay me, or increase [the debt]’? If the debtor had anything, he would pay. Otherwise, the age of the cattle [to be repaid] would be increased ... If the debt was money or a commodity, the debt would be doubled to be paid in one year, and even then, if the debtor could not pay, it would be doubled again; one hundred in one year would become two hundred. If that was not paid, the debt would increase to four hundred. Each year the debt would be doubled.”[57][58]

That is why halal mortgages are more profitable for the Banks than the normal mortgages based on interest rates. Banning usury was intended to protect Muslims not to be financially exploited and that is exactly how the halal version is now performing. No one asks themselves why was usury banned, which one is cheaper and which of the two is very costly and exploitative?

I can't complain, they have been the goose that laid the golden eggs for me.

 

[Basra]

@Basra

Great thread.

Now, you made a 150% profit on that book which is an exorbitant amount of money and yet, it is halal. If I sell that very same book to a poor student and ask him to pay it by instalments with an interest of market rates of 5% each month within 6 months which will cost h/her the whole book for roughly $14, which one is more exploitative and is against the spirit of Islam in terms of the banning usury? Keep in mind that;


“Riba in the pre-Islamic period consisted of the doubling and redoubling [of money or commodities], and in the age [of the cattle]. At maturity, the creditor would say to the debtor, ‘Will you pay me, or increase [the debt]’? If the debtor had anything, he would pay. Otherwise, the age of the cattle [to be repaid] would be increased ... If the debt was money or a commodity, the debt would be doubled to be paid in one year, and even then, if the debtor could not pay, it would be doubled again; one hundred in one year would become two hundred. If that was not paid, the debt would increase to four hundred. Each year the debt would be doubled.”[57][58]

That is why halal mortgages are more profitable for the Banks than the normal mortgages based on interest rates. Banning usury was intended to protect Muslims not to be financially exploited and that is exactly how the halal version is now performing it. No one asks themselves why was usury banned, which one is cheaper and which of the two is very costly and exploitative?

I can't complain, they have been the goose that laid the golden eggs for me.

@AussieHustler


You can rationalize your way to Hell, i am not gonna STOP u huuno

 

[AussieHustler]

@AussieHustler


You can rationalize your way to Hell, i am not gonna STOP u huuno

@Basra

Eeddo, did you run out of anything else to say?

The prophet said, most hell-dwellers are women because of gossiping. Sounds like you didn't heed to his warning and therefore, I will see you in hell.

 

[Younes Osman]

@Basra

Eeddo, did you run out of anything else to say?

The prophet said, most hell-dwellers are women because of gossiping. Sounds like you didn't heed to his warning and therefore, I will see you in hell.

Walalo, you are on the deen

 

[Basra]

@Basra

Eeddo, did you run out of anything else to say?

The prophet said, most hell-dwellers are women because of gossiping. Sounds like you didn't heed to his warning and therefore, I will see you in hell.

loool I will repent it, God will forgive me. But WHO will forgive u??? U dont even believe in Allaah swt lol

 

[Libaaxseendheer]

No, you are good

 

[Wiil_Facaye]

Buy low, sell high. Don’t all business do that?