Your reply to me about interest was totally out of line. I asked if we can re-interpret riba as usury and not as interest, as understood in the present western world. And all you could do was to bore me with how Quraan condemns riba, as if we dont already know this. Is riba the same as interest, as understood in the modern western world? If so, I maintain that all financial transactions involve interest, rent, leasing and trade included. If it is usury then, it should be as Quraan says, rightly condemned
Can we re-interpret Riba with Usury?
In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and who-ever He allows to fall astray, none can guide them aright. We bear witness that there is no one (no idol, no person, no grave, no prophet, no imam, no dai, nobody!) worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.
Firstly, we would like to apologize for ‘boring’ you with the aayahs of the Glorious Quran. That was not our intention; our intention in quoting the aayahs of the Glorious Quran was only as an admonition.
Allah says in the Holy Quran Chapter 87 Surah Al-Aala verses 9-13: Therefore, admonish them (from the Quran), it might be that the admonition is profitable to them. He who fears (Allah and the Last Day) will accept the admonition, and it will be shunned by the most wretched ones, who shall enter the Great Fire; wherein he shall neither die, nor live!
We really did not mean to ‘bore’ with the words of our Lord and Creator, the Al Quran.
Lets see if we can understand your question so that we do not fall into the same trap again.
Your comment: Is riba the same as interest, as understood in the modern western world?
‘Riba’ is Usury, and interest is only one of the faces of Riba. Riba has a much broader and wider meaning, and the closest English word for it would be Usury. Thus to directly answer your question, no! Riba is not the same as interest! On the contrary, Interest is only a small part of Riba!
Your Comment: If so, I maintain that all financial transactions involve interest, rent, leasing and trade included. If it is usury then, it should be as Quraan says, rightly condemned.
Allah says in the Holy Quran Chapter 2 Surah Baqarah verse 274-276: But those who devour ‘riba’ become like the one whom Shaitaan has bewitched and maddened by his touch. They have been condemned to this condition because they say, “Trade is just like ‘riba”, whereas Allah has made trade halaal and ‘riba’ haraam. Henceforth, if one abstains from taking ‘riba’ after receiving this admonition from his Lord, no legal action shall be taken against him regarding the ‘riba’ he had devoured before: his case shall ultimately go to Allah. But if one repeats the same crime even after this, he shall go to Hell, where he shall abide forever! Allah deprives ‘riba’ of all blessing but wills charity, and Allah does not like an ungrateful, sinful person.
Allah has Himself given a very comprehensive answer to your question whether rent, leasing and especially TRADE is haraam or halaal! Allah says that He had condemned the people who used to say, ‘Trade is just like Riba’. Whereas, Allah has made Trade legal, and forbidden Riba!
Thus in light of the above clear aayah of the Holy Quran, rent, leasing and trade, done without the involvement of any interest bearing transactions, is absolutely legal in Islam.
And Allah Alone Knows Best and He is our Only Source of Strength.
May Allah guide you and us to read and understand the simple and plain words of the Glorious Quran. May Allah increase our knowledge from the Holy Quran. May Allah guide us to the Siraat al Mustaqeem.
Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength.
Your brother and well wisher in Islam,