Riba (Usury)
Riba also known as Usury in English, the literal meaning of this Arabic term is "Excess". It is an condition in which borrower have to return extra amount or better quantity than the amount borrowed from the lender, For example giving 1000 currency note for change of 1200 currency note, this 200 excess amount would be term as Riba or Usury, having Goods or Services on credit and promise to pay higher amounts than it's original amount is also termed as riba, Simply Riba is an profit which is earned by a person without putting any effort, It is also an unfair advantage to the person or increase of wealth in unlawful way.
The reason behind prohibition of Riba in our religion Islam is that, riba deprives the wealth of an individual who have any relation with riba based activities, from Allah’s blessings. Person involve in the crime of riba is equated with crime of person who wrongfully captured the property belongs to others, It is an orders of Allah and teaching of our Prophet (PBUH) that Muslims should keep themselves away from riba for the sake of their own welfare. It is an teaching of our Holy Prophet (PBUH) When you lends money to someone, Muslims asked to take only the principal amount and forgot even that sum if the borrower is unable to repay. People usually get confused due to the apparent similarity of profits from trade and the profits from riba but the there is an difference between these two the excess amount you are getting from borrower is riba which is prohibited, only profits from trade are allowed.
In our Interest based system the Rich person the lender always take advantage of the need of the poor the borrower for money by charging interest, which multiplies the burden and exert more pressure on the shoulders of the borrower. As we can see in our country that due to our current Interest based system the rich becomes richer and the poor becomes poorer day by day. So, riba always give rise to the inequality of wealth among the members of the society. Our current Intrest based system lacks basic and established economic standards, the people who are not strong in the terms of wealth that part of our population are always at economic disadvantage when it comes to credit to finance economic activities.
Due to which the inequalities in wealth and Income always results into the differences among the people of the society, which also give rise to the envy and hatred among them.
Now-a-days there are many held views related to Riba amended by the people, when we compares it with the Islamic Laws they are either resulted into fundamental flaws or oversimplified for self interest.
Riba is prohibited in our religion Islam, by Quran and Sunna, in any condition whether somebody has taken a loan for the purpose of consumption or somebody takes loan for the production activity for the business.The prohibition implies that the lender can not take the predetermined excess return on the amount of loan given to a borrower as a reward for waiting because it is not permitted by the Laws of Sharia, whether that excess amount is fixed or variable, an absolute amount to be paid in advance or after the work done, or received in the form of a gift or prize or a service. All these ways to get excess amount in not permitted by the law of Sharia in Islam.
If we explore about riba in Holy Quran we can have at least four places where Allah has mentioned about interest (riba).
RIBA IN THE HOLY QURAN
1. First Revelation (Surah al-Rum, verse 39)
And whatever you give for interest to increase within the wealth of people will not increase with Allah . But what you give in zakah, desiring the countenance of Allah - those are the multipliers.
(30:39).
2. Second Revelation (Surah al-Nisa', verse 161)
And for their taking riba even though it was forbidden for them, and their wrongful appropriation of other peoples' property, We have prepared for those among them who reject faith a grievous punishment. (4:161).
3. Third Revelation (Surah Al 'Imran, verses 130-2)
O believers, take not doubled and redoubled riba, and fear Allah so that you may prosper. Fear the fire which has been prepared for those who reject faith, and obey Allah and the Prophet so that you may receive mercy. (3:130-2).
4. Fourth Revelation (Surah al-Baqarah, verses 275-81)
Those who benefit from riba shall be raised like those who have been driven to madness by the touch of the Devil; this is because they say: "Trade is like riba" while Allah has permitted trade and forbidden riba. Hence those who have received the admonition from their Lord and desist, may have what has already passed, their case being entrusted to Allah; but those who revert shall be the inhabitants of the fire and abide therein for ever. (275).
Hadith related to Riba
# H-28
Sahih al-Bukhari, Volume 6, Book 60, Number 67:
Narrated Ibn Abbas (R.A):
The last Verse (in the Quran) revealed to the Prophet was the Verse dealing with usury (i.e. Riba).
# H-29
Sahih al-Bukhari, Volume 6, Book 60, Number 64:
Narrated 'Aisha (R.A):
When the Verses of Surat-al-Baqara regarding usury (i.e. Riba) were revealed, Allah's Apostle recited them before the people and then he prohibited the trade of alcoholic liquors.
“Do not sell gold for gold unless it is the same amount for the same amount, and do not make one amount greater than the other. Do not sell silver for silver unless it is the same amount and do not make one greater than the other.”
(Bukhari and Muslim).
“Gold with gold, silver with silver, wheat with wheat, barley with barley, dates with dates, and salt with salt; same quantity for same quantity, equal for equal; transaction being made hand to hand (i.e. on the spot payment).”
(Muslim)
# H-32
From Fadalh ibn 'Ubayd al-Ansari (R.A) : On the day of Khaybar he bought a necklace of gold and pearls for twelve dinars. On separating the two, he found that the gold itself was to more than twelve dinars. So he mentioned this to the Prophet, peace be on him, who replied, "It [jewellery] must not be sold until the contents have been valued separately." [Muslim, Kitab al-Musaqat, Bab bay'i al-qiladah fiha kharazun wa dhahab, #3864; also in Tirmidhi and Nasa'i].
# H-17
Sahih al-Bukhari, Volume 3, Book 34, Number 388:
Narrated Abdur-Rahman bin Abu Bakra (R.A):
that his father said, "The Prophet forbade the selling of gold for gold and silver for silver except if they are equivalent in weight, and allowed us to sell gold for silver and vice versa as we wished."
Hazrat Ali radiyallahu anhu reported that he heard the Messenger of Allah sallallahu alaihe wasallm cursing the devourer of usury, its giver, its scribe and one who refuses to give Zakat and he used to forbid mourning.
(Nisai)
Hazrat Umar bin Al-Khattab radiyallahu anhu reported: the last of what was revealed was the verse of usury. The Messenger of Allah sallallahu alaihe wasallm was taken and he had not explained it to us. So, give up usury and doubt.
(Ibn Majah, Darimi)
After going through all these verses from the Quran and Hadith related to Riba, Now as a believer it is clear to us that interest could never be legal and halal in any condition or circumstances.
"O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers." (2:278)
"And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged." (2:279)
Now we have to realised how could we even take the decision to involve in a matter which is disliked by our Lord and his Prophet (PBUH), a matter in which Allah has declared "WAR" on the people who deals with riba and his Beloved Prophet sallallahu alaihe wasallm has cursed them? As a Muslim and as well as a sensible person we have to realised the insanity of this matter and have to understand that what ever the way our creator Allah has chosen for us to lead our lives is an best way which will be resulted in our prosperity and success in this world and also on the day of judgement.
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In our Interest based system the Rich person the lender always take advantage of the need of the poor the borrower for money by charging interest, which multiplies the burden and exert more pressure on the shoulders of the borrower. As we can see in our country that due to our current Interest based system the rich becomes richer and the poor becomes poorer day by day. So, riba always give rise to the inequality of wealth among the members of the society. Our current Intrest based system lacks basic and established economic standards, the people who are not strong in the terms of wealth that part of our population are always at economic disadvantage when it comes to credit to finance economic activities.
Due to which the inequalities in wealth and Income always results into the differences among the people of the society, which also give rise to the envy and hatred among them.
Now-a-days there are many held views related to Riba amended by the people, when we compares it with the Islamic Laws they are either resulted into fundamental flaws or oversimplified for self interest.
Riba is prohibited in our religion Islam, by Quran and Sunna, in any condition whether somebody has taken a loan for the purpose of consumption or somebody takes loan for the production activity for the business.The prohibition implies that the lender can not take the predetermined excess return on the amount of loan given to a borrower as a reward for waiting because it is not permitted by the Laws of Sharia, whether that excess amount is fixed or variable, an absolute amount to be paid in advance or after the work done, or received in the form of a gift or prize or a service. All these ways to get excess amount in not permitted by the law of Sharia in Islam.
If we explore about riba in Holy Quran we can have at least four places where Allah has mentioned about interest (riba).
RIBA IN THE HOLY QURAN
1. First Revelation (Surah al-Rum, verse 39)
And whatever you give for interest to increase within the wealth of people will not increase with Allah . But what you give in zakah, desiring the countenance of Allah - those are the multipliers.
(30:39).
2. Second Revelation (Surah al-Nisa', verse 161)
And for their taking riba even though it was forbidden for them, and their wrongful appropriation of other peoples' property, We have prepared for those among them who reject faith a grievous punishment. (4:161).
3. Third Revelation (Surah Al 'Imran, verses 130-2)
O believers, take not doubled and redoubled riba, and fear Allah so that you may prosper. Fear the fire which has been prepared for those who reject faith, and obey Allah and the Prophet so that you may receive mercy. (3:130-2).
4. Fourth Revelation (Surah al-Baqarah, verses 275-81)
Those who benefit from riba shall be raised like those who have been driven to madness by the touch of the Devil; this is because they say: "Trade is like riba" while Allah has permitted trade and forbidden riba. Hence those who have received the admonition from their Lord and desist, may have what has already passed, their case being entrusted to Allah; but those who revert shall be the inhabitants of the fire and abide therein for ever. (275).
Hadith related to Riba
# H-28
Sahih al-Bukhari, Volume 6, Book 60, Number 67:
Narrated Ibn Abbas (R.A):
The last Verse (in the Quran) revealed to the Prophet was the Verse dealing with usury (i.e. Riba).
# H-29
Sahih al-Bukhari, Volume 6, Book 60, Number 64:
Narrated 'Aisha (R.A):
When the Verses of Surat-al-Baqara regarding usury (i.e. Riba) were revealed, Allah's Apostle recited them before the people and then he prohibited the trade of alcoholic liquors.
“Do not sell gold for gold unless it is the same amount for the same amount, and do not make one amount greater than the other. Do not sell silver for silver unless it is the same amount and do not make one greater than the other.”
(Bukhari and Muslim).
“Gold with gold, silver with silver, wheat with wheat, barley with barley, dates with dates, and salt with salt; same quantity for same quantity, equal for equal; transaction being made hand to hand (i.e. on the spot payment).”
(Muslim)
# H-32
From Fadalh ibn 'Ubayd al-Ansari (R.A) : On the day of Khaybar he bought a necklace of gold and pearls for twelve dinars. On separating the two, he found that the gold itself was to more than twelve dinars. So he mentioned this to the Prophet, peace be on him, who replied, "It [jewellery] must not be sold until the contents have been valued separately." [Muslim, Kitab al-Musaqat, Bab bay'i al-qiladah fiha kharazun wa dhahab, #3864; also in Tirmidhi and Nasa'i].
# H-17
Sahih al-Bukhari, Volume 3, Book 34, Number 388:
Narrated Abdur-Rahman bin Abu Bakra (R.A):
that his father said, "The Prophet forbade the selling of gold for gold and silver for silver except if they are equivalent in weight, and allowed us to sell gold for silver and vice versa as we wished."
Hazrat Ali radiyallahu anhu reported that he heard the Messenger of Allah sallallahu alaihe wasallm cursing the devourer of usury, its giver, its scribe and one who refuses to give Zakat and he used to forbid mourning.
(Nisai)
Hazrat Umar bin Al-Khattab radiyallahu anhu reported: the last of what was revealed was the verse of usury. The Messenger of Allah sallallahu alaihe wasallm was taken and he had not explained it to us. So, give up usury and doubt.
(Ibn Majah, Darimi)
After going through all these verses from the Quran and Hadith related to Riba, Now as a believer it is clear to us that interest could never be legal and halal in any condition or circumstances.
"O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers." (2:278)
"And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged." (2:279)
Now we have to realised how could we even take the decision to involve in a matter which is disliked by our Lord and his Prophet (PBUH), a matter in which Allah has declared "WAR" on the people who deals with riba and his Beloved Prophet sallallahu alaihe wasallm has cursed them? As a Muslim and as well as a sensible person we have to realised the insanity of this matter and have to understand that what ever the way our creator Allah has chosen for us to lead our lives is an best way which will be resulted in our prosperity and success in this world and also on the day of judgement.
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