Is interest haram?

Tsar Lexenkar I

🏴‍☠️🔵🅿🅸🆁🅰🆃🅴🔵🏴‍☠️
Is interest haram? Can someone knowledgeable in deen answer this?
yes, it's haram because the concept of interest is stealing from the weak to give more to the rich.

for example, I need money I gave you 100$ and I told you to give it back next month the same amount 100$.

this is halal because I helped you.

but I tell you to give me 100 and next month you must give me 150$ then it is haram because I used you poorness and need for money to take benefits from you.
 

Apollo

Staff Member
yes, it's haram because the concept of interest is stealing from the weak to give more to the rich.

for example, I need money I gave you 100$ and I told you to give it back next month the same amount 100$.

this is halal because I helped you.

but I tell you to give me 100 and next month you must give me 150$ then it is haram because I used you poorness and need for money to take benefits from you.
Islamic Banks change the meaning of interest rates and switch it over to ''fees''. It is the same shit, you will still be paying interest rates to Islamic banks.

You cannot lend out money to strangers without some compensation or otherwise the financial institution will collapse.

Riba = Usury which means excessive interest.
 

Apollo

Staff Member
Ya interest is haram, but you can't avoid it in today's society :francis:
How the hell is a bank supposed to make money?

Inflation is a few percent per year alone. Most interest rates of banks are close to the inflation rate.

Usury = over 10% per year.

Modest interest rate near inflation = 4-6%, what's immoral about that?

What is way more immoral is that Islamic countries use fiat currencies and just print money out of thin air and steal purchasing power away from savers.
 
How the hell is a bank supposed to make money?

Inflation is a few percent per year alone. Most interest rates of banks are close to the inflation rate.

Usury = over 10% per year.

Modest interest rate near inflation = 4-6%, what's immoral about that?

What is way more immoral is that Islamic countries use fiat currencies and just print money out of thin air and steal purchasing power away from savers.
@Snacks asked if interest is harem?
Honestly, I'm no sheikh so I should not have answered his question, but every single sheikh I have talked to said it's haram.

"While Muslims agree that riba is prohibited, not all agree on what precisely it is.[2][3] It is often used as an Islamic term for interest charged on loans,[Note 1] and the belief this is based on — that there is a consensus among Muslims that all loan/bank interest is riba — forms the basis of a $2 trillion Islamic banking industry.[7] However, not all scholars have equated riba with all forms of interest, or agree whether its use is a major sin or simply discouraged (makruh),[8][9] or whether it is in violation of sharia (Islamic law) to be punished by humans rather than by Allah.[8][9]"


Also, I know interest is fundamental in the banking industry. That's why I said you can't avoid it in today's society.
 

Tsar Lexenkar I

🏴‍☠️🔵🅿🅸🆁🅰🆃🅴🔵🏴‍☠️
@Snacks asked if interest is harem?
Honestly, I'm no sheikh so I should not have answered his question, but every single sheikh I have talked to said it's haram.

"While Muslims agree that riba is prohibited, not all agree on what precisely it is.[2][3] It is often used as an Islamic term for interest charged on loans,[Note 1] and the belief this is based on — that there is a consensus among Muslims that all loan/bank interest is riba — forms the basis of a $2 trillion Islamic banking industry.[7] However, not all scholars have equated riba with all forms of interest, or agree whether its use is a major sin or simply discouraged (makruh),[8][9] or whether it is in violation of sharia (Islamic law) to be punished by humans rather than by Allah.[8][9]"


Also, I know interest is fundamental in the banking industry. That's why I said you can't avoid it in today's society.
of course, you can't avoid it but we Muslims should try to decrease it to the lowest level possible
 

Omar del Sur

Proud supporter of Keiko- NO to Communism!
VIP
How the hell is a bank supposed to make money?

Inflation is a few percent per year alone. Most interest rates of banks are close to the inflation rate.

Usury = over 10% per year.

Modest interest rate near inflation = 4-6%, what's immoral about that?

What is way more immoral is that Islamic countries use fiat currencies and just print money out of thin air and steal purchasing power away from savers.
Islam says it's haraam therefore it's haraam. We shouldn't try to change Islam to suit us. We should try to change ourselves to conform with Islam. Islam is perfect and whatever goes against it is wrong.
 

Omar del Sur

Proud supporter of Keiko- NO to Communism!
VIP
@Snacks asked if interest is harem?
Honestly, I'm no sheikh so I should not have answered his question, but every single sheikh I have talked to said it's haram.

"While Muslims agree that riba is prohibited, not all agree on what precisely it is.[2][3] It is often used as an Islamic term for interest charged on loans,[Note 1] and the belief this is based on — that there is a consensus among Muslims that all loan/bank interest is riba — forms the basis of a $2 trillion Islamic banking industry.[7] However, not all scholars have equated riba with all forms of interest, or agree whether its use is a major sin or simply discouraged (makruh),[8][9] or whether it is in violation of sharia (Islamic law) to be punished by humans rather than by Allah.[8][9]"


Also, I know interest is fundamental in the banking industry. That's why I said you can't avoid it in today's society.
don't trust Wikipedia on Islam.
 

Apollo

Staff Member
Islam says it's haraam therefore it's haraam. We shouldn't try to change Islam to suit us. We should try to change ourselves to conform with Islam. Islam is perfect and whatever goes against it is wrong.
Muslim countries need to use either Gold or Bitcoin as their currency then.

Because with printable fiat you get inflation and as a result interest rates.

Fiat currencies necessitate interest rates.
 

Apollo

Staff Member
Currency of North Sudan (Muslim country) vs the US dollar historically.



Yeah, lending out Sudanese Pounds without interest rates is sustainable.

Fiat currencies are more haram than anything.
 

Omar del Sur

Proud supporter of Keiko- NO to Communism!
VIP
Muslim countries need to use either Gold or Bitcoin as their currency then.

Because with printable fiat you get inflation and as a result interest rates.

Fiat currencies necessitate interest rates.
The sources of legislation are Quran, Sunnah, then arguably Ijma then arguably Qiyas. What the Muslim governments are up to makes no difference.
 

Omar del Sur

Proud supporter of Keiko- NO to Communism!
VIP
Currency of North Sudan (Muslim country) vs the US dollar historically.



Yeah, lending out Sudanese Pounds without interest rates is sustainable.

Fiat currencies are more haram than anything.

quit arguing for Riba. Have some faith in the religion.
 

Apollo

Staff Member
quit arguing for Riba. Have some faith in the religion.
Look at that chart.

So a bank in North Sudan should lend out money while the government keeps on printing it and inflating it away?

During the early Islamic era they used Gold which was not printable. Riba refers to interest rate on GOLD, not on dirty government papers.
 

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