Do you have a bank account? They are using your money and only leave 10% actually in the bank its called fractional banking. You are already assisting Riba.
Do you own a credit card? Riba too.
Do you pay car insurance? Haram.
Why are Somalis so opposed to riba in banking?
- Thread starter NordicSomali
- Start date
Do you own a credit card? Riba too.
Do you pay car insurance? Haram.
empressjamila
yktv
I love how the somali community which is full of people who scam the government and lie about being a single mother to get welfare checks and subsidized housing suddenly turn into scholars when the topic of riba is concerned.
So doing haram to live in some ghetto house and get a free check is okay but trying to take your kids out of the hood by taking out a necessary mortgage is some terrible thing? Hypocrites
So doing haram to live in some ghetto house and get a free check is okay but trying to take your kids out of the hood by taking out a necessary mortgage is some terrible thing? Hypocrites
Abu Huraira reported: The Messenger of Allah, peace and blessings be upon him, said, “A time will come upon people in which they will consume usury.” It was said, “All of the people?” The Prophet said, “Whoever does not consume it will be affected by its dust.”
Source: Musnad Aḥmad 10191
Grade: Sahih (authentic) according to Ahmad Shakir
The financial system of the world runs on riba
Source: Musnad Aḥmad 10191
Grade: Sahih (authentic) according to Ahmad Shakir
The financial system of the world runs on riba
Yeah you are right, but now they invented muslim banks without interest.
But at the end of the day, the government still has to take loans with interest from the IMF.
So that's a bit hypocritical to ban loans with interest when the government itself is using it.
You are right, but what do you expect from conservative somalis.
literally all other muslim groups take mortgages except us.
100%
Somali community lost out huuuge in the housing market boom the past 30 yrs. Hell even buying 5-10 yrs ago could give you life changing appreciation.
somalis today are at the same level as the Afghan refugees that came 2 weeks ago. Somali’s in the west, for the most part, have absolutely nothin to show in terms of generational wealth. Truly sad.
Here in the UK somalis came over especially if you a first generation immigrant in the late 80s and early 90s. Instead of jumping on the housing market boom like the timo jilec who are now seen as middle class over here. We still live in council houses and living off government benefits. Now they turn around and wonder why the prisons are filled with our youth well what do you expect when you live and continue the generational poverty.
Ahmed Ato
Self-interest
how so? if i am selling you something, i can actually sell you more than the usual amount if i am selling you on credit. it is only riba when the loan is actual money not good or service since i can change the price for any reason.
Afro Asiatic
Afrocanada
Exactly!!!!!!!!!!!!!!
Exactly, because it’s credit over time which exceeds the initial cash price, that makes it riba. There’s an Islamic transaction called muraabahah, in which both the buyer and the seller know the amount of profit. In your case the buyer knows the house costs 200k and the seller sells it for 400k, a profit of 200k. The two parties know that. It wouldn’t be riba if the full 400k was paid in cash on the spot. However since the buyer has to pay 400k over a period of x amount of years, it is riba. In Islam the credit and cash have to be the same, if the credit is more than the cash it’s riba.
Ask yourself why would someone pay 400k if they can buy it for 200k? They need the loan, the credit.
The prophet, and he’s the most truthful, already told us about these times wherein the traces of riba reaching everyone. Even if you stay away from riba, its dust will reach you
From Abu Hurayrah : The Prophet, , said: "There will certainly come a time for mankind when everyone will take riba and if he does not do so, its dust will reach him." (Abu Dawud, Kitab al-Buyu', Bab fi ijtinabi al-shubuhat; also in Ibn Majah)
The credit based mentality is inherently anti-Islamic. Buying things based on debts very risky, because you won’t enter paradise if you have debts. A Mujahid that dies in the front row of a lawful jihad will not enter paradise if he has debts
A man came to the Messenger of Allaah (peace and blessings of Allaah be upon him) and said: O Messenger of Allaah, if I am killed for the sake of Allaah, and bear that with patience, seeking the reward of Allaah, will that expiate for my sins? He said: “Yes, except for debt. Jibreel told me that.” Narrated by Muslim.
A man came to the Messenger of Allaah (peace and blessings of Allaah be upon him) and said: O Messenger of Allaah, if I am killed for the sake of Allaah, and bear that with patience, seeking the reward of Allaah, will that expiate for my sins? He said: “Yes, except for debt. Jibreel told me that.” Narrated by Muslim.
reer
VIP
also currencies fluctuate. so if you took a clean loan of 400k and pay it back in 10 years the 400k goes up or down in value. marka taas waa arin kale oo dhib ah.
I’m talking about the average joe with a car note and mortgage, They owe hundreds of thousands for most of they lives
tyrannicalmanager
pseudo-intellectual
bro Turkey and lebanon aren't govern by Islamic law.It is kind of stupid if you ask me. Banks cannot give out interest free loans to people under a fiat system where inflation is present (mind you in Islamic countries, inflation is often much higher than in the West). It would bankrupt banks and collapse the economy.
This irrational fear of interest rates is terrible for economic growth and could partially explain why non-petrostate Muslim countries tend to be so poor.
PS. Check out the value of the Turkish Lira or the Lebanese currency against Western currencies, imagine loaning that out without interest, makes 0 sense.
AbdiFreedom
Staff Member
1.5% mortgage rate.... HARAM.
18% interest on credit card.... That's fine
5% interest on student loans... That's fine
18% interest on credit card.... That's fine
5% interest on student loans... That's fine
KobeBryant
VIP
Somali Logic it is because other people will see you bought a house. But nobody will know your credit card and kids student loans lol. It's about image1.5% mortgage rate.... HARAM.
18% interest on credit card.... That's fine
5% interest on student loans... That's fine
