Modern day banking interest is like tijarat therefore mlolana usuf ali and alazhar university consider this halal.
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:
Modern
day banking interest is like tijarat therefore mlolana usuf ali and alazhar
university consider this halal. it is difeerenet from old age exploitative intereste=usuaaeuyry-
u have to differentiate bet usuary and interst = estimated profit
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Answer:
Interest is usury is
riba
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.
Interest
is a nominal sum or rate charged by a creditor from his debtor for the use of
his borrowed money.
Usury
is an exorbitant rate of interest charged by a creditor from his debtor for the
use of his borrowed money.
Although the Arabic and Quranic term riba is normally
translated as usury, in light of the guidance of the Quran and the Sunnah, we
absolutely assure you that the Quranic term riba constitutes, encompasses,
and includes both, interest as well as usury.
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)!
Allah Says in the Holy Quran Chapter 3 Surah
Ale-Imraan verses 130-132:
130 O ye who believe! Devour
not riba doubled and multiplied; but fear Allah; that ye may (really)
prosper.
131 Fear the Fire which is prepared for those
who reject faith.
132 And obey Allah and the Messenger; that ye
may obtain mercy.
Allah Says in the Holy Quran Chapter 30 Surah
Rome verse 39:
39 That which ye lay out
for riba through the property of (other) people 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.
Allah Says in the Holy Quran Chapter 2 Surah
Baqarah verse 276:
276 Allah will deprive riba of all blessings, but He will give
increase for deeds of charity: for He loveth not creatures ungrateful and
wicked.
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 riba, those who paid it, those
who recorded it, and those who refused to give sadaqah.
A trade by its very nature involves two different
commodities..One buys a kilo of rice (one commodity) for say $2.00 (another
commodity)that is a trade. If one who
buys the kilo of rice for $2.00 and sells the rice for $3.00, the $1.00 is his
profit in the trade, which is absolutely lawful in Shariah.
But if one buys a kilo of rice (one commodity) on loan
with the promise or undertaking that after a specified period of time he will
pay back the loan to the owner with two kilos of rice (same commodity).that
would constitute the abomination of riba and not trade in the Sight of
Allah Subhanah! It absolutely does not
matter if the promise or undertaking is to pay back 1.01kg of rice, or 1.1kg,
or 1.5 kg, or even a 100kg of rice.as long as the undertaking is to pay back
with an increase to the loan in the same commodity, it would constitute as
riba and not trade in the Sight of the Lord!
Dear and beloved sister in Islam, every single type,
derivation, and manifestation of riba (including usury, interest, etc.) is
absolutely and categorically forbidden for the believers who sincere believe,
trust, fear, and have faith in Allah and the Last Day..thus let no one convince
you otherwise!
Respected sister in Islam, if all the so-called Moulanas
and all the universities of the world were to tell you that only usury
(excessive interest) and not interest alone is riba, we absolutely assure
you from the clear guidance of the Quran and the Sunnah that their deduction is
absolutely wrong and inaccurate! The
Quranic term riba constitutes, encompasses, and includes both, interest as
well as usury, thus allow no one to convince you otherwise!
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