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  • Name:Saadi Afati MA Class:Msc (Smester1) Submi Ttedto:Hafi Zghulammujadd Rollno:M61

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    Huzaifa Ans
    28 views3 pages
    The document discusses the Islamic prohibition of interest (riba). It provides definitions of interest from various sources and perspectives. The key points are: 1) In Islamic terminology, interest means profit or earning that results from money without compensation or work, such as an increase on a loan. 2) As Muslims, we must avoid riba in all its forms, despite its role in modern secular economics and finance which are largely based on interest. 3) The Quran depicts riba as an advance with the condition that the borrower must return more than the original amount, and declares that Allah deprives interest of all blessing.

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    The document discusses the Islamic prohibition of interest (riba). It provides definitions of interest from various sources and perspectives. The key points are: 1) In Islamic terminology, interest means profit or earning that results from money without compensation or work, such as an increase on a loan. 2) As Muslims, we must avoid riba in all its forms, despite its role in modern secular economics and finance which are largely based on interest. 3) The Quran depicts riba as an advance with the condition that the borrower must return more than the original amount, and declares that Allah deprives interest of all blessing.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    28 views3 pages

    Name:Saadi Afati MA Class:Msc (Smester1) Submi Ttedto:Hafi Zghulammujadd Rollno:M61

    Uploaded by

    Huzaifa Ans
    The document discusses the Islamic prohibition of interest (riba). It provides definitions of interest from various sources and perspectives. The key points are: 1) In Islamic terminology, interest means profit or earning that results from money without compensation or work, such as an increase on a loan. 2) As Muslims, we must avoid riba in all its forms, despite its role in modern secular economics and finance which are largely based on interest. 3) The Quran depicts riba as an advance with the condition that the borrower must return more than the original amount, and declares that Allah deprives interest of all blessing.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 3

    NAME:SAADI

    AFATI
    MA
    CLASS:MSC(
    SMESTER1)
    SUBMI
    TTEDTO:HAFI
    ZGHULAM MUJADD
    ROLLNO:M61

    PROHI
    BITI
    ONOFI
    NTEREST
    I
    NTEREST:

    Thel i
    ter
    almeani ngofi nterestorAl-Ri
    baasi ti
    susedi ntheArabi
    c
    l
    anguagemeanst oexcessori ncrease.IntheI
    slamicterminol
    ogyint
    erest
    meansef fort
    lesspr of
    itort hatprofi
    twhi chcomesf r
    eef r
    om compensates
    orthatextraearningobt ainedthatisfreeofexchange.Ribahasbeen
    depictedasanadv ancewi t ht
    hecondi t
    ionthatt
    hebor rowerwit
    hgetback
    tothemoneyundermor et hantheamountacqui red.

    AsMuslim,ourmai
    nconcernwhenitcomestofinanci
    alt
    ransact
    ioni
    s
    toavoidRi
    bainanyofi
    tsfor
    ms,despit
    ethefactt
    hatthebasi
    cfoundati
    on
    oftheworl
    deconomicsandfi
    nancetodayi
    sthatofRibaanddeali
    ngis
    usury
    .

    Theprophet(PBUH)hasf or
    etol
    dusofat imewhenthespreadofRi
    ba
    wouldbesoov erwhelmingthatitwouldbeextr
    emelydi
    ff
    icul
    tfort
    he
    Musl i
    mtoav oi
    di t.Thi
    ssituati
    oncall
    sforMuslimtobeextr
    acauti
    ons
    beforedecidi
    ngonwhatmanypay mentoffinanci
    almet
    hodstouseinany
    proposalorbusinesstransacti
    on.

    Tomakesurethatwear
    esaf
    efr
    om Ri
    bawehav
    etol
    ear
    nwhi
    ch
    t
    ransact
    ionsl
    eadtoit
    .
    Inmoder nsecul areconomicsyst
    em inter
    estpl ayav eryi
    mport
    antrol
    e.
    I
    nf act,
    inthewest ernwor l
    dpeopl
    ecannott hinkofanyeconomi csyst
    em
    wit
    houti nt
    erest.Fr
    om at heor
    eti
    calstandpoint,i
    nteresthasbeena
    debatablesubjectamongeconomi candpol iti
    caltheori
    sts.

    DEFI
    NATI
    ONS:

    I
    nterestisthepriceofCapi
    tal
    .TheHolyQur
    anusesthewordRibato
    denoteinterest
    .Ribameansincr
    ease,
    growth,
    addi
    ti
    on,andrai
    se,excess.

    AbuSauddef
    ineI
    nter
    estas,

    “Theexcessofmoneypaidbybor
    rowert
    othel
    enderoverandabov
    ethe
    pri
    nci
    plefort
    heuseoflender
    sli
    qui
    dmoneyoveracert
    ainperi
    odofti
    me”

    Accor
    dingt
    oDonPat
    inki
    nis,

    “I
    nter
    esti
    soneoftheformsofi
    ncomef
    rom pr
    oper
    ty,
    theot
    herf
    orm
    bei
    ngsdiv
    idend,
    rentandpr
    oper
    ty”

    J.
    M Keynes,
    howev
    er,
    didnotdef
    ineI
    nter
    estbutment
    iont
    her
    ateof
    i
    nter
    estas,

    “Theper centageofexcessofasum ofunitsofmoneycontractedfor


    forwarduni tsofti
    meov ert
    hespotorcashpr i
    ceofthesum thud
    contractedf orf
    orwarddeli
    ver
    yMusl i
    m soci
    ali
    st,
    howeverandnumberof
    capit
    alist,economisthavequest
    ionedtheexpl
    anati
    onsonbot htheor
    eti
    cal
    andtechni calgrounds”
    .

    I
    nthel
    ightofQur
    an,

    Al
    l
    ahsay
    s:

    “
    All
    ahdepr
    ivesi
    nter
    estofal
    lbl
    essi
    nganddev
    elopschar
    it
    y……”

    “Thei
    nter
    estthaty
    ougiv
    ei nordert
    oincr
    easet
    heweal
    thoft
    hepeopl
    e
    doesnoti
    ncreasei
    nthesightofAll
    ah….
    .”

    Theseay
    atsmakei
    tcl
    eart
    hatanyaddi
    ti
    ont
    ocapi
    tal
    shal
    lbecal
    l
    edRi
    ba.
    However,
    theHol
    yQuranhasnotdecl
    aredal
    ltheaddit
    iont
    ocapi
    talt
    ake
    pl
    aceintr
    adeal
    so.TheQuranf
    orbi
    dsaparti
    cularki
    ndofaddi
    ti
    on.Thati
    s
    whyiti
    scall
    edRi
    ba.

    TheArabi
    cwordRibadenot
    esinteresteveni
    npre-
    Isl
    ami
    cperiodalso.I
    n
    thi
    speri
    odthepeopl
    eregar
    dedinterestl
    awfull
    i
    kethepr
    ofi
    tintrade.

    I
    slam madeitcl
    eart
    hatanyaddi
    ti
    onorexcesstocapi
    talgai
    nedintr
    adei
    s
    l
    awfulandtheaddi
    ti
    onorincr
    easeint
    heform ofi
    nter
    estinunl
    awful
    .

    Qur
    ansay
    s,

    “Theyhavebeencondemnedtothi
    scondi
    ti
    onbecausetheysay:“Tr
    adei
    s
    j
    ustlikei
    nter
    est
    ”whereasAl
    lahhasmadetradel
    awfulandint
    erest
    unlawful
    .”

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