Is interest haram?
- Thread starter jabsveg276
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An interest system does not ensure shared loss. In Islam a loan is not allowed to be given for anything but charity.
In the Islamic finance system interest in loans is generally replaced with equity and that gives the bank and the business owner a shared incentive which is supposed to create a moral and less volatile system. They basically function as investment funds rather then simple lenders making it more difficult to get loans in practice i presume.
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There are classical scholars who back this opinion you raise interesting points fiat currency is different from gold and functions heavily on interest as a factor.Riba = interest on this:
Not this:
Some only applied Riba to the items specifically mentioned by the prophet this does not make one Kafir or even outside the fold of ahlul Sunnah
“Riba, or interest, on hand-to-hand exchanges of gold, silver, dates, salt, wheat and barley are prohibited per the prophet Muhammad's injunction, but analogical reasoning is not used to extend that injunction to other agricultural produce as is the case with other schools.The Ẓāhirīs are joined in this by early scholars such as Tawus ibn Kaysan and Qatadah.”
Mostly yeah but its impossible to buy a house without one and hard to go to college
I've graduated with an Economics degree and completely comprehend Apollo's perspective, but the Islamic community has made it abundantly clear that interest of any kind is Riba and Haram.
On a practical level, I do see why it isn't practical with Fiat currency. Also the credit system of the world, although being the obvious reason we have a global financial debt crisis, is also the reason why we've progressed as fast as we have on a productive level.
On a practical level, I do see why it isn't practical with Fiat currency. Also the credit system of the world, although being the obvious reason we have a global financial debt crisis, is also the reason why we've progressed as fast as we have on a productive level.
Muzaffer
𝕮𝖔𝖒𝖗𝖆𝖉𝖊 𝕲𝖊𝖓𝖊𝖗𝖆𝖑
if everyone pay his zakat which is 2.5 of his yearly income then there will be no need for riba and taxes. taxes in Islam is also haram
Huh???
Omar del Sur
VIP
you left out the source because you are literally quoting Wikipedia
Zahiri - Wikipedia
en.m.wikipedia.org
I'm not looking to get fataawa from Wikipedia.
you left out the source because you are literally quoting Wikipedia
Zahiri - Wikipedia
I'm not looking to get fataawa from Wikipedia.
Its not a fatwa and if you are unsatisfied with wikipedias synopsis the topic is well known, you should have little trouble finding more on this opinion.you left out the source because you are literally quoting Wikipedia
Zahiri - Wikipedia
I'm not looking to get fataawa from Wikipedia.
Omar del Sur
VIP
I don't care what Wikipedia says. Interest is haraam. I'm going by the real scholars- not Wikipedia.
This is a well known topic you clearly dont know what “the scholars” have said and nobody here has said interest is halal. Its what is the definition of Riba islamically or rather which types are haram.
Im not going to spend time arguing with someone choosing to be ignorant of the variety of opinions within Ahlul Sunnah itself good bye heres another resource on the topic look for more if you dont believe the citations and quotes.
The Riba-Interest Equivalence: Is There an Ijma (Consensus)?
In Islam Riba is categorically haram (prohibited). Riba is commonly equated with interest and thus interest is considered blanketly prohibited as well. Also, it
papers.ssrn.com
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Omar del Sur
VIP
This is a well known topic you clearly dont know what “the scholars” have said and nobody here has said interest is halal. Its what is the definition of Riba islamically or rather which types are haram.
Im not going to spend time arguing with someone choosing to be ignorant of the variety of opinions within Ahlul Sunnah itself good bye heres another resource on the topic look for more if you dont believe the citations and quotes.
The Riba-Interest Equivalence: Is There an Ijma (Consensus)?
In Islam Riba is categorically haram (prohibited). Riba is commonly equated with interest and thus interest is considered blanketly prohibited as well. Also, itpapers.ssrn.comYou don't have permission to view the spoiler content. Log in or register now.
I don't know what source that is, I don't care. It is an ijma of the scholars that interest is haraam and I am not interested in any logical gymnastics to try to make it halal.
Furthermore, it is not analogy. Interest applies whether it is wheat, gold, euros, whatever. because the ruling is not specific to any specific medium.
It's like somebody saying some new drug is halal because the Quran doesn't mention it. Then you explain the general principle and they say it's qiyas (analogy).
It is not based on analogy. There were no TVs when the Quran was revealed. That doesn't mean you can stare at women on TV and make it halal by trying to make a logical kung fu move and saying "actually, it's analogy ".
No real scholars are going around saying interest is halal. Bring a fatwa from a real scholar and not a Wikipedia fatwa or a quote from some website nobody has heard of. There are plenty of websites, SomaliSpot "progressive Muslims" in disguise and "Mufti Abu Layth" types saying "actually" and then denying basic principles of the din and implying the scholars all had it wrong for a thousands of years and these random nobodies finally discovered the true Islam..
A PHD holder and associate professor in Economics writes a paper about Riba and references opinions from 6 companions and well over a dozen scholars throughout times and places with citations many of which are well known but I should believe you and your alleged Ijma because “trust me bro” and Islamqa.
You are even less knowledgeable and more resistant to the material then Mufti Layth
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