Is the Riba which is Prohibited in the Quran the same as the Interest of Modern Bank? - Zakir Naik
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- Опубликовано: 20 сен 2020
- Is the Riba which is Prohibited in the Quran the same as the Interest of Modern Bank? - Dr Zakir Naik
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Questioner: Good evening sirs. My name is M.S. Shridharan. I am a bank officer. And I will earning my salary from my bank from the banks main income i.e. interest. I have some Muslim friends who have reservations even taking a food or tea from my home assuming that my source of income is from the main interest income of the bank. Please clarify if the interest as mentioned in the Holy Qur’an is the same that the modern bank is practicing, receiving or paying? Once again my question is incomplete I’m sorry. And I have my own professional difficulty of such… I mean… mobilizing the assets from my Muslim friends are lending loans to them also because they involve receipt or payment of interest. Please clarify the procedures.
Dr. Zakir: Brother being a Non-Muslim. He works in a bank he asked a question that why do Muslims resist; don’t come to his house because he’s earning money from interest. What does it say about interest? And he finds a difficulty in mobilizing funds from the Muslims. Brother the Arabic word motioned is Riba. Riba means interest as well as usury. Some people they think that Riba does not mean interest. But it includes interest as well as usury. Interest according to the dictionary means money earned on money lent. And usury means exorbitant interest. Both usury and interest, both are prohibited.
And the Qur’an mentions the word Riba in no less than 8 different places.
In Surah Ale Imran ch. No. 3 verse no. 130,
h Ch. No. 2 verse no. 275 thrice,
in Surah Baqarah Ch. No. 2 verse no. 276
as well as in Surah Baqarah Ch. No. 2 verse no. 278 and 279.
I’ll just translate the last verse. Surah Baqarah verse no. 278 and 279 says that
“If you give up not your demands of Riba, of interest then take notice of a war from Allah and his Rasool.”
So anyone who deals with interest, gives interest or takes interest, he is waging a war with All Mighty God, Allah and with the Messenger Prophet Muhammad (sallallahu alaihe wa sallah). It is one of the major sins in Islam, one of the major sins. And one Hadith says that one of the lower level of interest is equivalent to doing Zina, adultery with your mother. Now what is the logic behind it? You can hear my talk on ‘Interest free economy promulgated by the Qur’an’. It’s a big talk. For logically for me to prove to you why interest is Haraam. It will take a few hours which will not be possible now. But in short the reason interest is prohibited because it makes a rich person more rich and a poor person more poor and further more, interest encourages many evils. Like if you know in the 80’s most of the banks funded gambling dens, they funded alcohol bars etc.
In Islam we believing in profit and loss sharing. See today, you being a banker, you know the company which has the least debt is a better company. This interest was started by King George the V (5th), the banking system. He is the main culprit. Previously it wasn’t there and now to make the rich people more rich. If a poor person wants a loan from a bank it is difficult. You want to see what is his assets, how much is he earning. So it’s more difficult for a poor man to get loan.
And further more if you analyze the top companies, the top companies they are debt free companies. Therefore today we find stock listing. You know Anil Ambani, he floated the Reliance power. How many? 1.1 lakh corers. He got hundred times more than what he wanted...
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The brother who asked question about riba is very humble. May Allah guide him and bless him
Aameen
You are absolutely right to point this out. He is a good man. May Allah bless him.
I am currently studying Islamic Finance and what he said about the banks having Islamic window is correct. My curriculum covers it. InshAllah I find abundance in the the field of Islamic Finance and bring enlightenment to the Indian population
Salam brother. Can i contact you personally.? I would like discuss bit deeper about interest (riba).
Mashallah! Thank you for helping me find Islam and all the work you do for the ummah :))
Great
How r u sistee...i watch ur vedios regularly
Aameen ya ALLAH.
Holy Quran 2.269-- He Gives WISDOM to whom He wills, and whoever has been given WISDOM has certainly been given MUCH GOOD. And none will remember except those of Understanding.
QURAN IS BLESSINGS TO MANKIND FROM ONLY OF OUR CREATOR OF THE UNIVERSES IS ALLAH THE MOST HIGH.
Dr Zakir Naik should know, ALL so called "islamic" banks charge higher "profit" than conventional banks. It is just a change of words, process is the same.
In my opinion, Riba's correct translation is usury, i.e. exploiting someone's weakness/helplessness to make higher profits and "exorbitant" bank interest falls in this category, but if bank charges 1-2% that allow the bank to run it's operations, control inflation, and provide services to millions of people, it does NOT fall in category of 'Riba'. On the other hand, what many people did during corona, i.e. stockpilling medicines and selling them at 1000% profit, is 100% Riba.
I agree with you.
Hi Alex, I didnt really get what Dr Zakir Naik is saying here... maybe because English is not my first language. I am also of the opinion that (from what I heard) some Islamic banks do the same as normal banks but just frame it in another way.
I was wondering,, given that it is all the same... do you think would I be allowed or excused by the (All Mighty) if I sell my property, put it in the bank, and live of its interest payments (at least partially)?
so do you mean that only excessive profit from lending money is haram? if I was to lend someone money and only charge them 1 or 2% would that be halal?
@@milkshakes1981 Every action is deemed halal or haram depending on the intention, the procedure, the situation, and the impact. If you pay close attention to what is deemed haram, there must always be a defect in any one of those four things; maybe the intention is bad, maybe the procedure is bad, maybe the situation is bad, maybe the impact is bad, or maybe all of them are bad. Halal or haram is not simply just law, it is about etiquette and greater good. Everything has a purpose. From now on, you should think of halal or haram from that framework. Even something that initially is good could become haram if one or all of those things are tainted, and something that is initially bad could be permissible if the situation allows it to be.
Example: Eating is good. However, “eating too much” is probably bad. Why? Because there is one criteria that makes it bad, which is the “impact” of such action. When you eat enough, it is healthy for your body, but when you eat too much, your stomach can’t process all of the food and instead got trouble digesting it. Therefore, bad.
Second example: Sholat/praying is good. However, “praying for gaining public recognition” is probably bad. Why? The intention is tainted. Praying is good when the intention is to get closer to your God, but it becomes bad when the intention is for public recognition because then you put God behind, which is the total opposite of what praying should be in the first place.
Third example: Eating pork is haram. However, “eating pork as the last mean of survival” is halal or permissible. Why? Because the situation allows it. Let’s say you were in the middle of nowhere, no food at all except for a pack of bacon in front of you. If you don’t eat it, you stay faithful to your God’s words, and that is good, but if you don’t eat it, you will die and that is bad. In that situation, what is urgent takes more priority, and the urgency is you may die from hunger. Therefore, eating pork is permissible in that situation.
Fourth example: Fighting is bad. However, “fighting that is done for survival/defense, and follow specific rules to minimize the damage” is permissible. Why? Because the intention and the procedure are right. Your intention is to survive or to defend yourself from bullies or people who actively are harming you. On the other hand, the procedure is also done in such a way that will minimize the damage or casualties. If your enemies give up and stop attacking you, you must also stop and even forgive them. If you know the war ethics in the Hadith, there are so many rules for conducting war, so the damage could be minimized. No killing animals, no killing women and children, no killing civilians, no damaging villages, no damaging prayer buildings, etc. However, if war/fight could be avoided, it must be avoided as much as possible.
Now, try to apply this framework in whatever you will be doing. If even one of those four things is tainted, it could be makrooh or even haram.
@@milkshakes1981 Banks only give interest on deposit based on CPI (consumer Price Inflation) in that specific country. Usually, Higher the CPI, Higher the interest given or charged by the bank, based upon the central bank interest rate. So, even if you deposit and earn interest, you are actually losing money if CPI is too high in that country. You canNOT live of off it in the long run as what you perceive to be profits are just minimizing your loses due to inflation. Allah has prohibited "Riba" i.e. ripping someone off by charging higher rates. That person maybe in desperate need and may agree to the excessive rates/prices, but you will have to compensate in the hereafter.
Mashaalllah beautiful knowledge have been blessed by Allah SWT
this is a great question.
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Another question I've been looking to find the answer for!! Alhamdulillah
Alhamdulilah about riba good answer given to him zazak allah khair brother
Dr Zakir is a scholar that the Muslim ummah needs in present time. What Muslims lacked at large is correct Islamic education.
He is totally WRONG on talaq and he is not qualified
🤨I needed this. Thanks for uploading
@seek mogol reference please.
And yes urination by standing would lead to drops in the body and thus be haram
@seek mogol
You ignorant man, the miracle is that prophet Muhammad was illiterate man yet the quran was revealed to him. It is proof that quran is NOT man-made
@seek mogol
I said the reference for the Hadith.
Which Muslim said no one understands Islam, there are plenty of Muslims you understand Quran. You talk like a kid
@seek mogol
There are different qirraat not Quran, i suggest you look it up.
If you talk senseless one more time, i am going to ignore you
@seek mogol
We can't drink the urine of the prophet because he had passed away. There is a difference of opinion regarding the urine. But urine is generally impure
www.islamweb.net/en/fatwa/398377/urine-of-prophet-is-impure
quranandbibleblog.com/2019/06/12/hadith-database-hadith-on-the-prophets-urine/
Alhamdulillah, I needed this. The topic of Riba is a touchy subject so thank you Dr Zakir Naik. May Allah (Subhanahu wa ta'ala) reward you and your family the highest places in Jannatul Firdaus, Ameen.
Danish Rahim why is it a touchy subject ❓
Masha Allah Very useful video may be happy, healthy and successful always
Todays India is very communal.May the people of India live happily together.
🌻 جزاكم الله خيرا 🌻
Thanks for the clarification
mohon ustadz juga bahas ttg uang kertas & sejarahnya 🙏🏻
bagaimana pula dg penggunaan dinar-dirham yg dipermasalahkan oleh pemerintah?? 🤦🏻♂️
syukron
Salam alaikum can someone please link the video he mentioned that details on the effect of interest and usuary on the economy
Thanks for explaining about Riba.
May Allah have mercy on as and forgive me my sins and help to pay my dept
جزاك الله خيرا
Dealing with Riba or known as Interest on credit cards or life insurance or mortgages is like selling your Soul to the Devil (Ibliss).
But us Muslims are also ripping people off in business. Crazy how that works isn’t it. I can’t take a 3-5% saving rate (which is not even matching inflation) but someone with a business can go and increase his prices to match inflation? Please someone explain how that is fair.
Assalamu'alaykum...
Please consider to see the definition of money.
I believe we have different definition of money being used in the time of Rasulullah PBUH and the one we are using nowadays.
Today's money is only paper which no longer backed by underlying assets (Gold) and thus the purchasing power is declining (inflation).
I am afraid we are talking different definition of money, the common object of riba.
If the definition is clearly different, then I think we need to deep study before conclude whether or not interest is riba.
Syukron
Thats a great point.
Was wondering the same. Modern banking is a business itself. If they are not taking interest how will they keep up with inflation.
If a bank loans out a fixed amount without interest, let say we both agreed (me & the bank) that I will repay the loan in the next 10 year the amount paid completely by me will no longer be of the same value due to the inflation.
Some plz correct me if I am wrong
@@oddpotential
Narrated `Urwa: " .....Then he sold one of the sheep for one Dinar,...."
Bukhari Hadith No. 3642
And after more than 1400 years, we can buy a sheep with one Islamic dinar (4.25 gr of gold)
Compare to IDR money...
In 2003 price of a sheep is about idr 500,000.
Today, we need about idr 2,500,000 to buy one.
It's ±10% price increase per year.
If let say, today you sell a sheep @2500 to give loan to someone for a year period.
Next year when you receive the money back @2500, you need ±2750 to buy the same sheep.
In this case will anyone give someone else a loan for 10% loss?
I wouldn't say interest is not Riba.
But before saying interest is riba, I believe we need to see the different characteristics of money used at the time of Rasulullàh PBUH and today's paper money, and off course other relevant things.
@@oddpotential why need intrest. Allah permits of business and forbids riba. Bank can just buy a property 1million and sell for 1.5m and person buying it paying instalment of 1.5m that he buy. No interest or whatsoever. Is profit base simple. Islam is simple
@@haro722 A bank is not in the real estate business; it is in the business of facilitating credit and increasing economic activity.
@@frankjones3508 you talking about academic and western mindset. Im talking about islamic concept of business if the financial sector can do it. Why need interest where they can just earn from selling higher. Simple
Ma Shaa Allah.
Where I can get all of your debates online on Major topics such as riba?
He doesn’t debate because he’s a coward
Holy Quran 89.15--And as for man, when his Lord tries him and [thus] is generous to him and favors him, he says, "My Lord has honored me."
Holy Quran 89.16--But when He tries him and restricts his provision, he says, "My Lord has humiliated me."
Holy Quran 89.17--No! But you do not honor the ORPHAN
Holy Quran 89.18--And you DONOT Encourage one another to FEED the POOR.
Holy Quran 89.19--And you consume inheritance, devouring [it] altogether,
Holy Quran 89.20--And you LOVE WEALTH with Immense LOVE
Holy Quran 17.7--
"If you do GOOD, you do GOOD for YOURSELVES; and if you do EVIL, [you do it] to YOURSELVES."
❤May Allah reward you brother Naik ameen. May Allah forgive and accept us ameen.
تحياتي لك من الجزائر ربي يحفظك يا اسد الاسلام
Sir i have a question. If someone already in loan he is Paying in bank. His salat/ prayer will not be granted to ALLAH SWT . Is it true. Please give us some light of islam.
It would be interesting to hear about how this is related to the newer more innovative ways of finance that include Hyper Apr/ APY’s of cryptocurrencies where everything is shared equally (dependant on your contribution). This is because “the rich get richer the poor get poorer” is not an aspect that occurs… how would one apply these verses to these particular cryptocurrencies? (I am talking specifically about Olympus Ohm and other forks of it, for which there are plenty, sharing APY’s of 100,000’s%)
Jzk
Same goes for paper currencies. Which no longer backed by gold and how the loose value due to inflation
Assalamu Alaikum..IM From INDONESIA LIKE YOU ALWAYS POREVER...👍👍👍
Mashallah
Straight facts
Ya Allah Sab k Dill Deen e Islaam Se muNawr Kar de. Ya Allah Humein mAaff Farma
Ameen
Jazakhallah
Holy Quran 17.35--
And GIVE FULL MEASURE when you measure, and WEIGH with an Even balance. That is the best [way] and BEST in Result
Holy Quran 2.281---And Fear a Day When you will be Returned to Allah . Then Every SOUL Will be COMPENSATED for What it EARNED, and They will NOT be Treated UNJUSTLY.
I am still perplexed about Riba. Is it, as according to the Quran, and if I understood correctly, that is when one borrows the money and the creditor asks for double the re-payment and/or he multiplies that 3x, 4x and so on, like a loan shark? So my question is whether it is haram when one demands the doubling and multiplying it for the return? Thanks for any insight.
Yes, Quran is very clear on this. Taking riba is haram not giving. Because the borrower is the oppressed one according to Quran.
@@ahmfarooq1823 I think it also make sense that the giving is also haram, as if the intention is to double and multiply that is a loan shark, and if there is no such giver there will be no oppression either.
@@alhazenmediax Quran doesn’t say that. Check the verses carefully an think yourself.
@@ahmfarooq1823 Here you alleging I don't know. Please provide the verse and kindly explain. Cheer
@@alhazenmediax Please read the verses 2:275; 4:161 and 3:130. Moreover according to modern academic scholars riba(usury) and interest are not the same. Riba is unreasonably high rate of interest which Quran explicitly referred to. Allah knows best. Thanks.
What was the medium of exchange during prophet's time. .....gold silver dates wheat
If you change the term from interest to profit then it becomes halal? Contrary to popular belief banks do incur losses on loans, where the collateral is worth less than the loan. So the risk is there. Also, no when you start a business no one will buy your share until you have something established. Most businessmen procure loans from banks to take the business off the ground, then they float the share.
I know I’m tired of low iq tips. You make sense. How does one get something off the ground without investors to share loss, how can you but a house ? How can you get a loan. The loop hole he explains is Just buy stock
@@investorhirsi7321 Look up crowdfunding.
Starting a business requires risk capital at first. I dont know any bank that would do this to start a business unless they take some collateral guarantee from you (inventory, real estate, equipment).
Jazakallahu Khair
So is it permiseble to work in conventional bank who also have islamic window??
Verses prohibits riba
..........
Ch 3 v110
Ch 2 v 275
Ch 2 v 276
Ch 2 v 278 ,279
Ch 30 v 39
Giving up interest demand of lender or borrower? How can borrower demand interest on loan? Is the verse is to warn the lender only?
Live and let live(others) good practice.
Even Islamic banks they take loans even though I admit percentage is less compare to other banks. I took loan from sharjah Islamic bank in UAE, I am paying interest. And I understand bank can't survive these days without interest.
Hello brothers i would like to know if this IS riba or not im a trader i work with a company that borrowed Me an amount of money in exchange i have to pay 20% of m'y profits but if i dont do profit i dont pay nothing
I can't find anything regarding King George V. If you have any links, please share.
Interst is on consumable things. 2nd point is that in the Quran, it is not mentioned even a single time that giving interest is prohibited.The interest doesn't apply to mortgage and getting a car on lease.
Alhamdulillah
Subhanallah
What if my father took the riba but didn't ask for repentance before death.. How to get rid of that after his death and relieve him of that thing.. Like the way we make up for missed fasts, is there something we can do to riba
You can pray for his forgiveness, and dedicate good deeds for his forgiveness such as Hajj and Umrah
I let you know about west banks in Australia imterest rates in Australian banks is :
On mortgages, at the moment is 7,9%.
On personal loan the interrest is going up from 11.99% to 20.50%.
great
Was there paper currency during prophet's sallahu alaihi wassalam times? ??
Saya mantan karyawan bank syariah menurut saya di indonesia 100% tidak ada bank syariah nanti ketemunya/hasil akhirnya sama saja dengan bank konvensional. Contohnya Di bank CIMB Niaga sistem konvensional dan sistem syariah di gabung menjadi 1 badan/1 perusahan. pinjam uang 1 juta ke bank jangan mengembalikan uang 1 juta ke bank ada bagi hasilnya untuk menjalankan operasinal perusahaan contohnya untuk membayar karyawan, listrik, air, dll kalo bank syariah menyebutnya mudharabah, bank konvensional menyebutnya bunga dan agama islam menyebutnya riba. Kalo mau pinjam uang ke teman/keluarga pinjam uang 1 juta biasanya mengembalikan 1 juta jadi tidak ada bagi hasilnya/mudharabah, bunga, riba.
Sir devaluation pe koi lecture hay apka?
ALLAH TAHLA apko Saya hamisha ham par rahkah amen💓
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Thank you for your indulgence to explain interest issue even if it was compressed one. Here I am a bit dubious about the system if it is wholly under scrutiny. If the rest of the world accepted Islamic economic system then we wouldn’t have had such a system on hand. That’s why we must begin with constructing the theory of Islamic Economy (supposing the full compliance of the world is existent) and then we can make comparison between current economy and the right one. It’s like subtraction in math; we subtract this current economy from the right one. The result will be complete halal economy.
Let me here bring a complicated question. Muslims should seek an an answer to this question.
There are numerous people on earth who have natural right to earn living. How does an Islamic approach allocate profit and contribution making jobs to each individual (who has priority to have one like family father and single man and woman etc.)?When people are earning money from interest, stocks, real estate etc. capital in this way wouldn’t go to creations of new job areas. Thus the fundamental aim is to provide jobs to unemployed people. A Muslim should have a moral responsibility to lead the capital in real sector to earn for himself and for those who need it. Capital must be an active asset in the economy. It must be dynamic and run in real markets. Capital must be a remedy to whole mankind. This capital mustn’t be directed totally satisfy conformism driven production system which is capitalism. Capitalism has hegemony over science to expand production cycle by exploiting and exhausting limited sources through scientific methods which are not in favor of humanity. Thus this cannot be Islamic way of life. Islam doesn’t see science under the yoke of capitalism. Science is free infinitely in Islam but its aim cannot be reduced to satisfy the greedy appetite of human nature….
So technically if for example the bank invests into your business and gets the percentage of a profit it wouldn't be considered ribba? This way a bank could technically collect more money until you are able to pay back the investment! And if the company does not make any money or loses in value the bank can try to sell their shares to other silent investors.
They could also share their stock when it generates a lot of money to their banks customers putting them at risk. But where does the money from the bank come from? From the people that have put their money in the bank!
So do we actually need banks for anything but keeping money? And if that is so, how can the bank earn any money to operate such an endavour? Or should a bank be state funded? Which again is by us?
Maybe that is why digital currencies might actually be of help, if their operational costs are safe and somewhat minimum!
Or you make it "illegal" for people to have more than a certain amount of money in their accounts for longer then maybe 3-6 months, so they are forced to invest! And this could lead to people investing in all sorts of businesses which could also work as long as it is not more than 50% of that business
Most banks as u said have Islamic windows but where the money comes from?. From the same interest dealing, is this halal?
Jazakallah
Also write interest(as an accountant)
The definition of interest is asking for a profit on loan. There is no mention of fixed or flexible rate of profit on loan in the definition. If the lender does not fix the rate of profit on loan, will it make it halal?
Asslamu Alaikum
We live in New Zealand and lots of Muslim brothers and sisters want to buy their house to live as renting is very expensive. But unfortunately we do not have any financial organization who provides Islamic home loan. All the banks here we have follows the traditional rules and apply interest on the given home loan. As a 1st home buyer lots of Muslim brothers and sister are in confusion and they don’t know what would be the best possible solution to solve this problems.
Could you please guide us to take the proper steps and help us to stay away from mistakes.
Jajakallah
There is no alternative to this.
If I lent 8 grams of gold (borrower can sell it for cash) for 5 yrs and ask the borrower to return me 8 grams of gold after 5 years (borrower should purchase the gold from market after 5 yrs )....there is no Riba here.....am I right
Yes because you are not demanding more than 8 grams
What is the point of doing that? There is a concept of value of time. For example, would you like to get 100 dollar today or 3 years later? There is no reason to get it 3 years later. Why would you like to be indifferent while the person who gets the 8 gold from you makes profit from the business that he created? Also, interest is not only to get profit, but also it is necessary to protect the value of your money against inflation. How can you be against interest while your money's value decline against inflation?
All the stock mark companies have interest based loan. You can check there balance sheet
Please sir upload all your cascades in youtube
You don't share profit when you buy standard shares. Your shares value increases if the company you invested with makes a profit at the of the year but you do not get money from them. You will have to sell your shares once the value increases. Those who share the profit are shareholders investing very big amount of money to buy a percentage of the company.
There is always advise that riba is haram and what the consequences are....but what do we do to avoid it wen the banks pay riba into ur account...we can't give it to charity we cant use it and we can't just leave it there.....so wat do we do....why doesn't 1 person give beneficial advise instead of stating the obvious and teaching more of the same that we already know
Quran 4.135---
O you who have believed, be persistently standing firm in JUSTICE, Witnesses for ALLAH, even if it be Against YOURSELF or PARENTS and RELATIVES. Whether one is RICH or POOR, Allah is more worthy of both. So Follow NOT [personal] inclination, lest you not be JUST. And if you distort [your testimony] or refuse [to give it], then indeed Allah is ever, with what you do, Acquainted.
So far Mr. Zakir Naik did explain Ribaa from Quran. Perhaps Mr. Naik explained Ribaa in his own not according to Quran. Yes Allah said in Quran Ribaa is Haram. But Ribaa according to Quran ? Please only by Quran . Can any one explain ?
@@thermalenvy8285 i will have to do Study it Brother...
@@xyzabc6898 please brother. Your study may help many of us. In my comment, there is some typing mistake. actual to read as below : Mr. Zakir Naik actually did not explain Ribaa according to Quran rather he explained from his own. No doubt Ribaa is Haram and Mr. Naik also said it. But what is Ribaa according to Quran ? what is the difference with present banking ?
Any one please explain only from Quran. Not from sahi Hadith !!!
I have a question from Pakistan that is it halal to convert black money with a small investment in white..
Right
I am really confused about this interpretation of riba, money is measured in value( purchasing power), not quantity. If you are taking interest and the interest isn't higher than inflation, you are not getting richer. That's not the same as taking interest on gold 1400 years ago.
It's pretty hard to avoid taking interest in high inflation countries without getting screwed since the government is basically stealing your money by money printing.
My question is, all scholars talk about riba that it's haram but gives an example that when a poor person takes loan on interest, it's hard to pay back. So Is Loan on interest and saving account in which we earn interest , both same and haram? Or we need to do more research on this matter? 😊
Yes they are both haram
Dr. Zakir Naik said, Loann/Interest makes rich person get richer and poor person to more poor. However, things are opposite in case of Homeloan. If poor person can't afford house, he has 2 options one take mortgage or pay rent. If he buys house on mortgage he is building his equity but when he pay rent he will remain poor and he will help rich person to more richer.
I strongly believe that our Muslim Ulemas who already have their own beautiful houses and big bungalows are not understanding common muslim problem because they don't have to deal with it. Tell me any famous Scholar or Aalim who live on rental house.
Somehow christians and jews understand the meaning of Usury or Riba but we are still far from that understanding. Usary means unreasonably high rates of interest. Think about 3% per year interest vs 10% per month. 10% per month is Usury and 3% per annum is interest.
Lmao 🤣 🤣 🤣 🤣
The point, which you are missing, is that NOBODY EVER said that owning a house is the aim of life. In japan no body owns their own home and nobody wants to. The jews only got rich because they consumed interest.
@@razamughal9095: Where is your evidence that in Japan no one own a house? Who owns it ?
@@TheBluesman511 its the culture in japan. Someone must own the house or the government must own the house. Its not just Japan either.
In Japan no one is in a desperate race to own their own home. They happily rent, happily decorate the house and live in it until they die. The result is that property is not expensive there.
@@razamughal9095 : I already investigated. 80 % of adult Japanese own homes - mostly apartments. Rest of them rent because they can not afford to get into mortgages according to Wikipedia. Some Japanese rent and live in tiny 14 sqm apartments because they do not have money to afford bigger space for living. Hong Kong is even more worse. Tens of thousands live in coffin homes, Type on Utube and see.
THE controversy about the permissibility or prohibition of bank interest started in the colonial times, in the 19-century onwards, when banking institutions came to the Islamic world.
The controversy first raged in Egypt. It is said that the Grand Mufti of Egypt, Muhammad Abduh, had permitted interest on postal savings though the fatwa issued by him is not available now. Today, many still ask if bank interest is prohibited in Islam. Most of the jurists maintain that it is not permissible, and Muslims should not accept interest on their bank deposits.
In the latter part of the 20-century many Muslim intellectuals came out with the concept of Islamic banking based on mudaraba and profit-sharing. A number of Islamic banks were started in Muslim and non-Muslim countries with a large Muslim population. Still the question continues to be asked if banking interest is permissible, and there is no unanimity of opinion on this question.
Yet, there are many Islamic scholars who feel that banking interest is not prohibited by Islam. Many modern commentators of the Quran also translate riba as usury and not as simple banking interest. From Pakistan Prof Fazlur Rehman, who had migrated to the US and taught at Chicago University for a number of years, wrote a very well-argued paper on the permissibility or otherwise of banking interest. He came to the conclusion that banking interest is not prohibited. Even those who do not agree with this view must read his article. It is very scholarly and based on original sources.
What is riba then? The Quran strongly condemns the institution of riba. It says, “Those who swallow usury (riba) cannot arise except as one whom the devil prostrates by (his) touch. That is because, they say, trading is only like usury. And Allah has allowed trading and forbidden usury. To whomsoever then the admonition has come from his Lord, and he desists, he shall have what has already passed. And his affair is in the hands of Allah. And whoever returns (to it) - those are the companions of Fire there they will abide.” (2275)
The Quran also goes on to say, “But if you do (it) not, (i.e. continue to take riba), then be apprised of war from Allah and His Messenger; and if you repent, then you shall have your capital. Wrong not and you shall not be wronged.” (2279)
Thus we see that if one continues to take riba, the Quran not only warns against it but even permits war against the usurer. Is bank interest so severe in consequences as to be warned of a war by God? Banking interest is taken and given by hundreds of thousands of Muslims all over the world, including in Islamic countries. Should Islamic states declare war against banks? No country ever does it. Let alone war, they are not given any punishment.
Then what is riba? Its root meaning in Arabic is 'growth' and here obviously it is unjust growth. One should not fatten oneself at the cost of others, which leads to gross injustice in society. Our justice system overlooks the stock exchange operations, which is based on pure speculation. One either becomes a millionaire overnight or is ruined completely if share prices crash. Islam permits only just growth which one earns in a permissible way through one's hard work, physically, intellectually, or both.
Speculation is strictly prohibited. For example, it is not permissible to buy a standing crop in the field as one does not know how much it would be maturing and how much will be destroyed. To buy cheap a standing crop amounts to speculation and exploitation of the peasant. Yet, many middlemen thrive on such speculations. Our justice system hardly ever condemns such practices. Many people become rich overnight by speculation using such practices. On the contrary, our jurists allow the share trade without any restrictions.
There were no banks during the time Islam appeared on the scene. People used to borrow money from private moneylenders and return double or more than the actual amount. Thus we see riba was the doubling of double (3129), which ruined the poor borrowers who often borrowed either for personal needs or small trade. This is certainly condemnable and all governments should take action against such practices.
Banking interest is far from ruinous and its rate is fixed by market operations to increase or decrease liquidity in case of inflation or deflation. A bank cannot be conceived as an exploiting institution. On the other hand, it is a regulatory institution facilitating financial operations between borrowers and lenders.
Some jurists argue that interest is not permissible as there is no element of risk in it and its rate is fixed. There is no such argument in the Quran itself. If this argument is valid then even investing in a building and giving premises on rent will also not be permissible as rent is fixed and there is no risk involved. The Quran denounces riba as an exploitative practice leading to unjust growth, not because there is no element of risk in it.
In view of the above arguments it can be argued that banking interest cannot be treated as riba and should be held permissible.
The writer is an Islamic scholar who heads the Centre for Study of Society and Secularism, Mumbai.
please refer the article
Al hamdulillah dr zakaria and thank you all the people. I am Mozambican Muslim. I need financing and unfortunately in Mozambique there is no Islamic bank. I ask for support please
Im tabasum from pakistan.I'm working in commercial bank. I want to leave this job. But my family depends on me and no many other source of income. Kindly reply me what I can do.
Islam is to believe in Allah and do good to others. I would continue to work but enhance my education and look for a better opportunity in another industry, when the opportunity arises later. I am not a Muslim Scholar.
From my view on bank interest as westerner i hate bank interest practices organically and i contempt big bankers who live rich life with a lot of money but give their workers in banks peanuts in comparation to their material richness in this material world where dogs eat dogs and big fish swallow small fish. On this group are also politicians, court systems and all these that makes this world work for ultra rich that contempt poor. I am not poor but have just enough to live my life and not to complain. How this life will go, i have no idea. Nothing is permanent except God. I am really afraid to where this world is leading. Since you work for peanuts and your family depends on you, you really need to continue to work in bank but if you get greedy and want to get promoted to higher places at work rank for much more money then it starts to be problematic for your believe in God and justice. To get education in different industry fields might be key for you to find job there and feel not guilty for working for big bosses in usury industry - bank.
Alhamdulillah Alhamdulillah 🕋🕌☪️💚💚☪️ Allahuakhbar Allahuakhbar from Malaysia 🇲🇾🇲🇾🇲🇾🇲🇾🔻🔻🔻🔻😃😃😃👍👍👍
I'm in Canada. Purchased home long ago . Normal way . In bank . Considering my self lucky . Now question his is it halal. My confusion is through the roof . Because at this very moment in time . I just don't know what is more crazier purchase home or renting . Why because interest rates are around 7.89% and home prices even for hen house is at least 750000 plus. At same time if you are to rent something in Toronto or area be ready to pay minimum 2500a monthly just for space .
Why we study interest in course and what is it advantages studying in the course? 🤔
Alhumdulillah
Brilliant
1:35 What's money 💰???
This should be the real question
my mom got books that were on sale and selled them later using the original price
is that riba?
No. Thats profit.
Assalamu Alaikum recently I have taken up a course which cost 1800 € I couldn’t pay it together so the owner told me that I can pay in installments with zero interest so I got the admission but know she is saying me that she is paying the interest on it but I’m giving only the fix amount I’m so confused and depressed about it please guide me us this halal what should I do about it if I knew it before I would never do it
And I haven’t take any loan I’m just paying in installments please help me
If you’re not paying any interest then you should be fine. Also thank the lender.
Please help me if you could.
1. If I didn't have the option to switch to an Islamic bank, what is the best way to deal with the interest money? Would giving it away to the poor rid me of the sin? 2. My family had set up a fixed deposit for me that hasn't matured yet. Cancelling it now would cost us a compensation. Should I cancel it now or wait till it's matured and then give away the interest?
Usually the way to dispose off unwanted interest is to give it to a non-muslim poor person with no intention of gaining any reward for giving it away. Hope it helps.
I'm not a muslim so I can take it, as a favour to you 😀
dear sir you did not explain about Bankers salary.
Dr Naik has avoided the question which was is the riba mentiomed in quran the same as the practised by the modern banks?
The way I see it is that the interest mentioned in the Quran refers to the interest imposed by the rich on the poor when they needed money to meet their needs and the inteserest was in some cases higher than 50%. and that fifers from the interest of modern day bankingi in substance and essence as the money in the banks belong to the rich and the borrowers are rich. So the issue is explploiting the poor and making them poorer and even ruining their very existence basis.
So, do muslims deposit money at the bank? If so, do they accept the interest on it?
Yes. And that interest is to be disposed of without any reward
Western economy by introducing PAPER currency has created INFLATION.
As they PRINT more and more currency without gold reserves. ....the price of goods goes up and up
Papper money was invented in China in 7th century but is in circulation from 11 century. Then west EU jump on the same thing to do.
Islamic Banking and finance has been around but difficult to implement in this current context
God is easy
Just like Sharia
Mujhe samajh nahi araha mai kya karun, mere parents back ke sood (interest) ke chakkar mei parh gaye hain. Mujhe andaza hai ke islam kya kehta hai interest ke baare mei lekin mere ghar wale nahi samajh rahe. Please meri madad karein mujhr batayen mujhe kya karna chahiye
I am unable to pay my credit card bills and they charge me interest. Will I get punishment from Allah and is this considered riba?
Yes that is Riba. Make sincere tauba and give it up
@@manlikeak I don’t think you read my question carefully. I said I’m unable to pay for my credit card bill. Meaning I don’t have any money and the bank has been charging me interest and it has been added to my bill. How is that riba if I can’t pay for it if I don’t have job?
@@manlikeak when answering someone please read question completely, you answer as if I’m doing riba on purpose.
@@kashifhussain987 You took the riba and are now paying the price quite literally. Get a job of any kind, pay off what you owe off riba, seek repentance and cancel your credit card.
@@manlikeak Dude when giving advice to people don’t be so ignorant and rude, with first knowing the person situation and where they live. First of all I don’t know what riba was to begin with. So for you to say I’m paying the price quite literally is wrong and also disrespecting Allah mercy. Also I live in usa where they require you to have credit card, without it you can’t even rent a apartment to live in.
Holy Quran 8.30--And [remember, O Muhammad], When Those who Disbelieved Plotted Against You to Restrain You or Kill You or Evict You [from Makkah].
But THEY PLAN, and
ALLAH PLANS. And
ALLAH IS THE BEST OF PLANNERS.
Islamic financing is actually how you pay money, in addition to the principal amount, under the label of rent rather than interest. Perhaps this is merely a matter of perception. The real question is why renting of a house is halal and renting of money is haram where both of these are assets which can be used to generate income? Why a tenant can rent an office to do business and can pay the landlord but is not allowed to rent money and do business with it and pay the lender?
is ethicl hacking haram or halal please reply me
Brother , hacking is getting the information in a computer , mobile , site etc , without the consent of the owner ,
Hence it is not allowed .
Hacking could lead to breaching privacy which is a sin .
@@muslimgirl4157 actually, ethical hacking means hacking with the owners consent, to check the strength of security. This is white hat hacking, solely for the purpose of checking security. Black hat hacking is the one that is haram.
Shall I work in REC ltd??? Can anybody help??
Allah is not Stupid and forgives not all Sins.