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Riba (Usury and Interest) According to Quran and Sunnah
Defining the Problem
As muslims, our main concern when it comes to financial transactions is to avoid Riba in any of its forms, despite the fact that the basic foundation of the world economics and finance today is that of riba and dealing in usury. The Prophet To make sure that we are safe from Riba, we have to learn which transactions lead to it.
Interest in Pre-Islamic Times
HafizIbn hajr writes in his commentary of Sahih Bukhari (Fathul Bari), Vol. IV p.264: Imam Malik reports on the authority of Zaid Ibn Aslam that in the period of ignorance (pre-Islamic times) interest was changed according to the following scheme. One person had a right to the property of another person. It may have been a general right because of the amount lent or the price of something purchased or in any other form. A time was set when the claim would be settled.When the appointed time arrived the creditor would ask the debtor if he wanted to settle the claim or pay interest with an extension of time. If the claim was settled then there was no increase in the payment. Otherwise the debtor would increase the amount payable and the creditor would extend the period further.
Textual Evidence
My father bought a slave who practised the profession of cupping, (My father broke the servants instruments of cupping). I asked my father why he had done so. He replied, "The Prophet forbade the acceptance of the price of a dog or blood, and also forbade the profession of tatooing, or getting tatooed and receiving or giving Riba (Usury), and cursed the picture makers."
He speaks of in a dream related to the Prophet (SAW) that there is a river of blood and a man was in it, and another man was standing at its bank with stones in front of him,facing the man standing in the river. Whenever the man in the river wanted to come out , the other one threw a stone in his mouth and caused him to retreat back into his original position.The Prophet
275. Those who eat Rib� (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shait�n (Satan) leading him to insanity. That is because they say: "Trading is only like Rib� (usury)," whereas All�h has permitted trading and forbidden Rib� (usury). So whosoever receives an admonition from his Lord and stops eating Rib� (usury) shall not be punished for the past; his case is for All�h (to judge); but whoever returns [to Rib� (usury)], such are the dwellers of the Fire - they will abide therein. 276. All�h will destroy Rib� (usury) and will give increase for Sadaq�t (deeds of charity, alms, etc.) And All�h likes not the disbelievers, sinners. 277. Truly those who believe, and do deeds of righteousness, and perform As-Sal�t (Iq�mat-as-Sal�t), and give Zak�t, they will have their reward with their Lord. On them shall be no fear, nor shall they grieve. 278. O you who believe! Be afraid of All�h and give up what remains (due to you) from Rib� (usury) (from now onward), if you are (really) believers. 279. And if you do not do it, then take a notice of war from All�h and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums). 280. And if the debtor is in a hard time (has no money), then grant him time till it is easy for him to repay, but if you remit it by way of charity, that is better for you if you did but know. 281. And be afraid of the Day when you shall be brought back to All�h. Then every person shall be paid what he earned, and they shall not be dealt with unjustly.
O you who believe! Eat not Rib� (usury) doubled and multiplied, but fear All�h that you may be successful.
The following three ahadith have been taken from Mishkat-ul-Masabih under the section of interest and the English translation has been taken from its English version written by Al Hajj Moulana Fazl Karim (218-227 vol.11)
Conclusion After reading the above, it is apparent to us that interest is haram (prohibited). How could anybody even take the time out to think about a matter in which Allah has declared war on the user and his Beloved Prophet Islam has encouraged men to earn their own provision and provide for their families. The condition is that the earning has to be according to the Shari�ah. These rules can be found under the heading of trade in the books of jurisprudence. Interest is amongst those conditions which all dealings must be free from. Imam Abu Hanifah has ruled that if the measurement system (volumetric or in compounds) is the same and the two items are in the same category, then they should be sold in the same amount and direct not in credit otherwise interest will be found. Imam Shaf�ee says that if the items are valuable and could be considered food then there is the chance of interest. Imam Malik says that if the items are valuable and are edible then interest is a subject.
Related Link: List of Islamic Banks & Financing
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