Is interest haram or not?


#1

I know many people say interest is haram or not but can someone tell me in detail whether it is haram or is it not?

The thing is, if it is haram i am not able to understand something. Here is the scenario that i put in front of you.

Suppose i give 1000rs loan to someone for an year. Let say in 1000rs i could have bought 1kg of gold (suppose). After the year is passed, the money is returned to me without interest which is 1000rs. Now after 1 year due to inflation the price of gold rises and now in the same 1000rs i am able to buy only 0.75kg of gold.

Dont you think it will be a bit unfair on the person who gives the loan in this scenario? Shouldn't he be compensated?

Anyway, would be great if someone can tell me if interest is haram or not. If yes then why.


#2

I don't understand why people keep asking religious questions on this forum. Don't you think you'd get a better answer if you asked your masjids imaam instead of asking random strangers who might have twisted views on religion?


#3

I agree with sah! Ask some islamic scholar and ask him to suggest for evidence in hadith or Quran - if that's not possible, help yourself with your own research.


#4

[quote=", post:, topic:"]

I don’t understand why people keep asking religious questions on this forum. Don’t you think you’d get a better answer if you asked your masjids imaam instead of asking random strangers who might have twisted views on religion?
[/quote]

Yeah someone like me :D


#5

it is haram the thing is that you cant just sit and eat you have to earn to eat

and taking or giving interest is war against Allah and his prophet Muhammed (Hadith)


#6

You should visit www.islam-qa.com. On this website interest and other questions have been answered by a Mufti.


#7

and i have heard that when you give loan to someone to do business and if you have a share in both his profit and loss then it is not interest


#8

Anywhere where money itself is used as a commodity is not allowed in Islam. And interest is forbidden in Islam.


#9

Its simple, basically the saudi's were puzzled as how to start a functioning banking system which was all islamic. So after some thinking they started calling the interest as "profit". Now many pakistani banks are following suite.

So according to islam if the bank calls it profit its halal. If they call it interest then its haraam. Up to the bank really.


#10

[quote=", post:, topic:"]

Its simple, basically the saudi’s were puzzled as how to start a functioning banking system which was all islamic. So after some thinking they started calling the interest as “profit”. Now many pakistani banks are following suite.

So according to islam if the bank calls it profit its halal. If they call it interest then its haraam. Up to the bank really.

[/quote]

There is banking system in Islam and said system define in Quran and Hadis. Instead of discussing without knowledge we better refer this matter to some Mufti or Alim who know interest issue in depth.


#11

[quote=", post:, topic:"]

I know many people say interest is haram or not but can someone tell me in detail whether it is haram or is it not?

The thing is, if it is haram i am not able to understand something. Here is the scenario that i put in front of you.

Suppose i give 1000rs loan to someone for an year. Let say in 1000rs i could have bought 1kg of gold (suppose). After the year is passed, the money is returned to me without interest which is 1000rs. Now after 1 year due to inflation the price of gold rises and now in the same 1000rs i am able to buy only 0.75kg of gold.

Dont you think it will be a bit unfair on the person who gives the loan in this scenario? Shouldn’t he be compensated?

Anyway, would be great if someone can tell me if interest is haram or not. If yes then why.

[/quote]

My dear,it is forbidden because its is exloitation. Thats how Baniaas controlled the economy and thats how jews control economy. It is haram haram haram. You are not willing to participate in the risk taking,if there is a profit you get a share anyway,and if the person who has taken loans faces hardship he pays you anyway.

I am posting two links which would help you …

http://www.inter-islam.org/Prohibitions/intrst.htm#Illegal

http://www.shodalap.com/Interest_Zamir_I.htm


#12

I request the moderators to take religious threads seriously and dont allow anyone to post these kind of questions . .no muslim needs any explaination regarding SOOD i-e interest being haram . Hazrat Muhammad S.A.W warned the whole UMMAH . ."i-e consuming 1 dirham of SOOD is worst then doing ZINNA 36 times" . .

This saying should b enough to satisfy any muslim . .


#13

^so one cannot question in islam, is that what you mean? or am i missing something here?

i know nothing about the topic myself honestly, i've just heard it from elders that it is supposed to be haram. but if you are curious than the best thing i can suggest is to do a research to satisfy yourself. look for solid proofs in Quran and try to understand it.


#14

@alamode: This discussion will definitely spin out of control. It would be best if you take such questions to a scholar, or maybe try a forum dedicated to Islamic law.

Closing thread.