|
|
|
|
Riba
|
| |
|
| |
Riba (Arabic: ???, ) means usury and is forbidden in Islamic economic jurisprudence.
Qur'an states the following on Riba:
is also mentioned in Ahadith and is considered one of the seven major sins:
More ahadith regarding usury can be found in Volume 3, Book 34 "Sales and Trade" of Sahih Bukhari. Additionally, the USC-MSA website has a searchable database of ahadith in which a user can type "usury" as a search term.
Discussion
Ask a question about 'Riba' Start a new discussion about 'Riba' Answer questions from other users |
Recent Posts
Encyclopedia
Riba (Arabic: ???, ) means usury and is forbidden in Islamic economic jurisprudence.
Qur'an
The Qur'an states the following on Riba:
Ahadith
Riba is also mentioned in Ahadith and is considered one of the seven major sins:
More ahadith regarding usury can be found in Volume 3, Book 34 "Sales and Trade" of Sahih Bukhari. Additionally, the USC-MSA website has a searchable database of ahadith in which a user can type "usury" as a search term. http://www.usc.edu/dept/MSA/reference/searchhadith.html
Jurisprudence
The interpretation of riba varies among different scholars of Islamic law and jurisprudence. The popular view in modern Islamic banking and Islamic economic jurisprudence is that the concept of interest itself is riba and is therefore unlawful. This rule has also made many Islamic nations seem to be incompatible with Capitalism through a non-Muslim perspective.
The definition of riba in classical Islamic jurisprudence was "surplus value without counterpart." When "currencies of base metal were first introduced in the Islamic world, no jurist ever thought that paying a debt in a higher number of units of this fiat money was riba" as they were concerned with the real value of money (determined by weight only) rather than its numerical value. For example, it was acceptable for a loan of 1000 gold dinars to be paid back as 1050 dinars of equal aggregate weight of gold (i.e., the value in terms of weight had to be same because all makes of coins did not carry exactly similar weight) - therefore having the same real value. The rationale behind riba according to classical Islamic jurists was "to ensure equivalency in real value" and that the "numerical value was immaterial (or it was not of any concern at that time)." The common denominator between the classical view, and the modern view, is that paying money back at a higher real value than the original loan is riba, if not any numerical value above the original amount. This would still rule out modern loan interest rates in both opinions so has given birth to the modern Islamic banking and Islamic economic jurisprudence.
Ruling on Riba
Riba[1] is considered amongst Seven Heinous Sins (Al-Saba al-Mubiqat - ??????? ??????????), namely, i) Shirk (believing in multiple gods), ii) Magic, iii) Killing, iv) consuming Riba (usury), v) unlawfully taking orphan’s money, vi) fleeing from battlefield and vii) accusing chaste believing women[2]. The Qur'an states:
3:130 O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful.
2:175 Allah has permitted trade and has forbidden interest
- Mohammad said in his farewell sermon: “God has forbidden you to take Riba, therefore all riba obligation shall henceforth be waived. Your capital, however, is yours to keep. You will neither inflict nor suffer inequity. God has judged that there shall be no riba and that all the riba due to `Abbas ibn `Abd al Muttalib shall henceforth be waived.”[3].
- Quran explicitly prohibits Riba, and since Quran is an undisputed source of guidance, all Muslims unanimously agree on prohibition of Riba. There is no difference of opinion among any school of thought on prohibition of Riba in Islamic Shariah.
Qur'an mentions that the person who deals with Riba will stand (on judgment day) as one who is being beaten by Satan into insanity[4]. Here Qur'an makes it clear that “trade” and “riba” are not same, and that God forbade “riba” and allowed “trade”[5]. It further states that whoever accepts guidance of God must immediately stop dealing in Riba, and those who return to Riba after God’s guidance has reached are dwellers of fire, because God destroys “Riba” and he will reward those who give to charity.
- Mohammad cursed the one who deals with Riba. From Jabir: Mohammad cursed the receiver and the payer of riba, the one who records it and the two witnesses to the transaction and said: "They are all alike [in guilt]." [Sahih al-Muslim, Sahih Al-Bukhari, Tirmidhi, Ibn Majah, Bahiqi and Musnad Ahmad]
- Islamic Shariah considers Riba as tool of oppression and a means to unjustly take others money[6] by exploiting their needs and circumstances. Hence it forbids a Riba based system altogether and it promotes Charity as an alternative. Therefore, Mohammad said: “God has judged that there shall be no riba” [Last Sermon].
Islamic Shariah also consider Riba as a medium for hoarding money by elite and powerful, and it warns against those who accumulate wealth with this unjust way. Alternatively, Islam on one hand distributes wealth by implementation of Charity, Zakat and Laws of Inheritance, and on other hand, vigorously encourages spending of money to help the needy.
- The crimes of dealing in Riba are so serious that God has declared war against those who deal in Riba[7]. Mohammad has cursed anyone who deals with Riba, the one who takes it, one who pays it and one who records it, they are all “equal”[8].
- Muslims around the world traditionally avoid eating pork and alcohol, whereas, Riba is considered much worse than that. Mohammad declared consumption of Riba worse than adultery: worse than “to a man committing adultery with his own mother”[9].
[1] The word “Riba”, which is a Quranic term. One of its applications is “interest” or “usury” on loaned money. Quranic term in not limited to money, it includes all those loan transactions where debtor returns in excess or above the original loan, be it money, gold, silver, eatable or any other item or goods; anything in excess to original is considered “Riba” if items exchanged are of same kind (e.g. gold for gold). See Definition.
[2] Al-Saba al-Mubiqat (??????? ??????????): Narrated Abu Huraira: The Prophet said, "Avoid the seven great destructive sins." The people enquire, "O Allah's Apostle! What are they? "He said, "To join others in worship along with Allah, to practice sorcery, to kill the life which Allah has forbidden except for a just cause, (according to Islamic law), to eat up Riba (usury), to eat up an orphan's wealth, to give back to the enemy and fleeing from the battlefield at the time of fighting, and to accuse, chaste women, who never even think of anything touching chastity and are good believers. [Sahih al-Bukhari, Sahih al-Muslim]
???? ??????? ????? ???? ???? ???????? ?? ??? ????? ??? ???? ??? ?? ???? ???? ??? ???? ???? ???? ???
[3] Last Sermon of Mohammad given on 10 Dul-hajj 10 hijra, mentioned in all book of Hadith. Sahih Bukhari mentions parts of it. Musnad Imam Ahmed recorded the longest and complete speech.
????? ????? ????? ????? ????? ??? ???????????????? ????????? ???????? ???????? ?????? ??????? ???????????? ??? ??????????? ????????????????? ????????? ????? ?????????? ????? ??????????? ???? ?????????????????? ????????? ??????
[4] Quran 2:275.[al-Baqarah].
[5] Quran 2:275 [al-Baqarah].
[6] Quran 4:161 [an-Nisa].
[7] Quran 2:278 [al-baqarah].
[8] Recorded in Sahih al-Muslim.
[9] Recorded in Sunan Ibn Majah. br />
See also
External links
- by Dr. Mohammad Omar Farooq
- by Dr. Mohammad Omar Farooq
- by Dr. Mohammad Omar Farooq
-
|
| |
|
|
