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It is known that the banks do not grant the money by way of loan, rather it is in accordance with a valid and shar‘ī contract, such as partnership, ju‘ālah, rent, or the like.
It is very essential that Riba should be eliminated from our economy and society without any mental reservation as enjoined by the Shari‘ah. This should include the elimination of Riba on foreign loans also. Our development strategy and economic transactions should be within the context of Islam so that we arc not constrained to infringe the Injunctions of Holy Qur’an and the Sunnah. Once we are determined as a nation to seek the pleasure of Allah, all our problems are bound to be solve
"Those who devour usury will not stand except as stands one whom the Satan by his touch has driven to madness. That is because they say, "trade is like usury", but Allah has permitted trade and has forbidden usury"
Hazrat Jabir radiyallahu anhu has reported that the Messenger of Allah sallallahu alaihe wasallm cursed the devourer of usury, its payer, its scribe and its two witnesses. He also said that they were equal (in sin).
The literal meaning of interest or Al-RIBA as it is used in the Arabic language means to excess or increase. In the Islamic terminology interest means effortless profit or that profit which comes free from compensation or that extra earning obtained that is free of exchange. Hazrat Shah Waliullah Dehlvi a great scholar and leader has given a very concise and precise definition of interest. He says,
"Riba` is a loan with the condition that the borrower will return to the lender more than and better than the quantity borrowed."
If Sharia Law came to my land, and I was "forced" to live under tenants of Al-RIBA. I would be thankful.
Originally posted by mamabeth
Anything to do with islam and sharia law is a
no go in my book!
Originally posted by debris765nju
Are you suggesting that people get to pick the portions of sharia law they like and reject the rest?
Modernists, traditionalists and fundamentalists all hold different views of Sharia, as do adherents to different schools of Islamic thought and scholarship. Different countries and cultures have varying interpretations of Sharia, as well.
Interest is the reason money is loaned, it is the "rent" you pay for the use of that money.....the longer you keep it, the more you pay. Some people do not repay that borrowed money, in the course of time the money available would disappear. Loans without interest elicit no interest in lenders to lend money. We call it economics.
Originally posted by mamabeth
I am mature enough to pay my bills.
Originally posted by Sri Oracle
Personally, I kicked my mortgages, credit cards, and student loans to the curb in 2008, I destroyed my credit and have never looked back; nor do I ever intend to. I work for cash, pay in cash, and I will never take out a interest based loan again.
If Sharia Law came to my land, and I was "forced" to live under tenants of Al-RIBA. I would be thankful for the new banking laws.
[edit on 30-7-2010 by Sri Oracle]