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Interest is haraam in Islam then why people say that It depends upon situation.

Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh.  (May Allah's Peace, Mercy and Blessings be upon all of you)

 

One of our brothers/sisters has asked this question:

Dear Burhan Bhai

Asslam-o-Alaikum,

 Please answer my below questions.

Interest is haraam in Islam then why people say that-

1. It depends upon situation.

2. It depends upon place where you are living like muslims of India are allowed to take interest. In fact they quote Hadith in support of that.Is there any authentic hadith in support of this?

Also I want to know about Insurance, bonds etc. Are these halaal in islam? Please reply,


Jazak Allah Your brother

 

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Answer:

 

Interest halaal in India

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever 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.

 

Q-1: Interest is haraam in Islam then why people say that: It depends upon situation.


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 for ever! Allah deprives riba of all blessing and develops charity, and Allah does not like an ungrateful, sinful person.

 

Allah says further in the Holy Quran Chapter 2 Surah Baqarah verse 278:

O Believers!, fear Allah and give up that riba which is still due to you, if you are true believers. But if you do not do so, then you are warned of the declaration of war against you by Allah and His Messenger!

 

Allah says in the Holy Quran Chapter 4 Surah Nisa verse 161:

That they took riba, although they were forbidden. And that they devoured mens substance wrongfully. We have prepared for those among them who reject faith a grievous punishment (of Hell Fire)!

 

Al-Tirmidhi Hadith 2829 Narrated by Ali ibn AbuTalib

Ali said he heard Allah's Messenger (saws) invoke the curse of Allah on those who took usury, those who paid it, those who recorded it, and those who refused to give sadaqah.

 

Without an iota of a doubt, modern-day interest is a form and manifestation of riba, and Allah and His Messenger (saws) have declared every form and every situation of transacting in riba absolutely unlawful and haraam for the believers; thus brother let no one convince you otherwise.

 

Allah says in the Holy Quran Chapter 33 Surah Ahzaab verse 36:

It does not behove a believing man and a believing woman that when Allah and His Messenger have given their decision in a matter, they should exercise an option in that matter of theirs. For whoever disobeys Allah and His Messenger, has indeed strayed into manifest error.

 

Q-2: It depends upon place where you are living like muslims of India are allowed to take interest. In fact they quote Hadith in support of that.Is there any authentic hadith in support of this?

Regardless of where one lives or resides on this earth, the laws of Islam will be the same for all of them! It can never be that believers from one country have a different set of Islamic laws from another nation. Whatever product is considered unlawful will be unlawful all over the world, regardless of its people or its location.

 

There is no hadith recorded in the authentic collections of Sunnah which declares the giving or taking of interest as lawful for the believers!

 

Q-3: Also I want to know about Insurance, bonds etc. Are these halaal in islam?

It is not the concept of insurance or bonds per se which are considered unlawful in Islam, but rather what is haraam and forbidden in Islam is the interest-based aspect which is utilized by the conventional insurance companies and the bonds markets during their transactions when conducting their business.

 

Almost all the conventional insurance companies and bonds securities transact their business based on interest, and it is this interest aspect which is deemed absolutely haraam in Islam. But Alhamdolillah, today there are several Islamic Insurance Institutions and Islamic Bonds which transact their business based on Shariah principles, and thus there is absolutely no harm in seeking insurance or buying bonds from such interest-free institutions.

 

Whatever written of Truth and benefit is only due to Allahs Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only Source of Strength.

 

Your brother and well wisher in Islam,

 

 

 

Burhan



 


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