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My question to you is that. I know that Ribaa or interest is haram and so is everything associated with it.

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:

Asalamu Alaikum Brother Burhan:


Im a frequent reader of the contents of your website and find it very useful to know Islamic way of life, instructions, guidance as per the holy quran and hadith which are required on a daily basis by a simple (not very learned man in terms of Islam) man.


First of all allow me to thank you for a wonderful job that you and your team are doing, may Allah reward you in this life and here after.


My question to you is that. I know that Ribaa or interest is haram and so is everything associated with it.


However, I have asked a learned man who have said that if one keep his money in a Islamic Bank and the profit earned is not haram. Please shed light on this.


In this regard, please note that there are no Islamic banks in India and therefore where can a muslim keep his money in India?


What can a muslim do with the interest money earned in a Non Islamic bank in a Non Islamic country?


How can I secure my retirement in terms of finance, where I am unable to do buisness in this competent world, cannot have fixed deposits, insurance, etc.


Thank you for your reply.

 

(There may be some grammatical and spelling errors in the above statement. The forum does not change anything from questions, comments and statements received from our readers for circulation in confidentiality.)

 

Answer:

 

Riba interest

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 none worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.

 

May Allah Subhanah reward you with the best of this world and the Hereafter for your kind comments of encouragement for our humble efforts in the propagation of the Truth. If our humble and modest efforts have helped even one brother or sister get closer to Allah and His Deen of Truth, then we would consider ourselves indeed fortunate to have been given this opportunity by the Lord Most Merciful to serve in His Cause. We hope, beg, and pray the Merciful Lord accepts our humble and weak efforts, forgives us our shortcomings, and saves you, us, and all the believers from the torment of the Hell Fire. Ameen.

 

Your Statement: I know that Ribaa or interest is haram and so is everything associated with it.
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!

 

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.

 

Your Question: However, I have asked a learned man who have said that if one keep his money in a Islamic Bank and the profit earned is not haram. Please shed light on this.

The absolute majority of the good Islamic Banks conduct their business on interest-free Shariah principles, thus indeed the profits earned from ones investments or deposits in a Shariah-compliant Islamic Bank would be deemed absolutely lawful for the believers.


 

Your Question: In this regard, please note that there are no Islamic banks in India and therefore where can a muslim keep his money in India?

Al-Tirmidhi Hadith 5083 Narrated by Abu Dharr

Allah's Messenger (saws) said to him, "Fear Allah wherever you are.

 

It is not as if it is only lawful in Shariah for one to place or invest their wealth in Islamic Banks alone! A believer is at absolute liberty in Islam to invest their wealth in any lawful investment, or trading, or business, or in property, etc. What a believer, who sincerely fears Allah and the Last Day, cannot and should not do is transgress the clearly prescribed Boundaries of their Lord and indulge in what is declared as unlawful or haraam.and without an iota of a doubt, every single derivative and manifestation of the evil of riba and interest is categorically declared as haraam for the believers.

 

If one happens to reside in a place or nation where there are no Shariah-compliant financial institutions or banks, one is obviously at liberty to invest ones wealth in any other type of lawful investment like trading, or property, etc.

 

Your Question: What can a muslim do with the interest money earned in a Non Islamic bank in a Non Islamic country?

Allah and His Messenger (saws) have indeed declared the receiving and paying of riba as absolutely Haraam and prohibited for the believers in very strong terms, and it is the prescribed duty of every believer, who sincerely believes in Allah and the Last Day, to abstain from dealing in riba.

 

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)!

 

My beloved brother in Islam, first and foremost one who believes in Allah and the Last Day, must immediately abstain and stop taking any interest.

 

It is not as if it is deemed permissible in Islam for one to continue taking interest as long as he spends it on charity; for Allah does not accept anything in His Cause unless and until it is pure and lawful.

 

Sahih Muslim Hadith 2214 Narrated by Abu Hurayrah

Allah's Messenger (saws) said: O people, Allah is Good and He, therefore, accepts only that which is good!

 

Now the question arises what should one do with the interest money one has already accumulated in the past in ignorance of the Laws of Allah?

 

For the unlawful interest money that one has accumulated in ones past in ignorance of Allahs Laws, the person has two choices:

  1. One may leave it in the bank.
  2. Or, one may take it and dispose it.

 

Some scholars are of the opinion that it does not help the cause of the believers to leave the interest in conventional banks for at best it helps them to generate more interest, and at worst, they may dispose it to an institution which might work against the Cause. In cases where one has already accumulated interest money in ignorance of Islamic Law, and Allah Subhanah has guided them, and they now wish to dispose off that illegal money, the scholars are of the opinion that one may take this interest with the intention that he wants to rid himself of this evil thing, and give it away to some charity without seeking any reward from Allah Subhanah for this spending. His only intention should be to get rid of this unwanted and illegal money, and thus purify himself from the evil of riba. The believer who does this only because he fears the accounting of Allah on an Inevitable Day, will, if Allah Wills, be rewarded for keeping himself pure from the evils of riba.

 

The spending of illegally and unlawfully earned wealth does not have any worth in the Sight of Allah; for Allah is Good and Pure, and He accepts only what is good and pure.

 

The issue with the illegally and unlawfully accumulated money is not how best to spend it, but how soon can one rid himself of this illegal and unlawful wealth. His only intention in giving this money away should be to purify oneself and get rid of the evil that is with him. This illegal and unlawful money earned from interest can be compared to a burning coal in ones hand! When one unintentionally and accidentally holds a burning coal, his only intention is to get rid of the burning coal from his hand; not where best to place it so that it can be of some benefit!

 

Your Question: Please advice me if I can continue the way iam doing or should I take that money and destroy every time it is credited in my account.

Beloved brother, may Allah Subhanah bless you and reward you appropriately for your sincere striving to be obedient to His Laws. If the bank which you are currently dealing with refuses to open an account which does not bear interest, you might try finding a bank which would not insist on giving you interest on your account.beloved brother, basically you need to do whatever it takes to make sure that you are not a recipient of any interest funds.

 

Your Question: How can I secure my retirement in terms of finance, where I am unable to do buisness in this competent world, cannot have fixed deposits, insurance, etc.

Allah Says in the Holy Quran Chapter 2 Surah Baqarah verses 276-279:

276 Allah will deprive riba (interest) of all blessings, but will give increase for deeds of charity: for He Loves not creatures ungrateful and wicked.

277 Those who believe and do deeds of righteousness and establish regular prayers and regular charity will have their reward with their Lord: on them shall be no fear nor shall they grieve.

278 O ye who believe! Fear Allah and give up what remains of your demand for riba, if ye are indeed believers.

279 If ye do it not, take notice of war from Allah and his Messenger: but if ye turn back ye shall have your capital sums; deal not unjustly and ye shall not be dealt with unjustly!

 

Allah Says in the Holy Quran Chapter 30 Surah Rome verses 39-40:

39 That which ye lay out for riba (interest) will have no increase with Allah: but that which ye lay out for charity seeking the Countenance of Allah (will increase): it is these who will get a recompense multiplied.

40 It is Allah Who has created you: further He has provided for your sustenance; then He will cause you to die; and again He will give you life.

 

Respected brother, a believer is at absolute liberty to invest their wealth in any lawful business or investment..but what they cannot and should never do, under absolutely any circumstances, is try to earn or increase their wealth through unlawful means.and without an iota of a doubt, the increase of ones wealth through riba or interest is categorically declared as unlawful and haraam for the believers who sincerely fear Allah and the Last Day.

 

Allah Says in the Holy Quran Chapter 65 Surah Talaq verse 2 (part):

And for those who fear Allah He (ever) prepares a way out.

 

If one trusts, obeys, and follows the guidance and commands of Allah and His Messenger (saws), one can be assured of never ever being misled; but if one believes, obeys and follows any other guidance, other than that of Allah and His Messenger (saws), one can be assured of being led astray.

 

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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