Did You Know That Islam Stipulates Interest-Free Economy?

Question

The Noble Qura’n:

Allah obliterates usury but makes charity grow in value! Allah does not love any persistently ungrateful wrongdoer. (2:276)

Those who practise usury will not rise from the grave except as someone driven mad by Satan's touch. That is because they say, ‘Trade is the same as usury.’ But Allah has permitted trade and He has forbidden usury. Whoever is given a warning by his Lord and then desists, can keep what he received in the past and his affair is Allah’s concern. But all who return to it will be the Companions of the Fire, remaining in it timelessly, for ever. (2:275)

Because of wrongdoing on the part of the Jews, We made forbidden for them some good things which had previously been lawful for them; and because of their obstructing many people from the Way of Allah, and because of their practising usury when they were forbidden to do it, and because of their consuming people’s wealth by wrongful means, We have prepared for the disbelievers among them a painful punishment. (4:160-161)

And because of their taking usury when they were forbidden to do it, and because of their consuming people’s wealth by wrongful means, We have prepared for the disbelievers among them a painful punishment. (4:161)

You who believe! Have fear of Allah and forgo any remaining usury if you are believers. If you do not, know that it means war from Allah and His Messenger. But if you repent you may have your capital, without wronging and without being wronged. (2:278-279)

You who believe! Do not feed on usury, multiplied and then remultiplied. Have fear of Allah so that hopefully you will be successful. (3:130)

Answer 1

yeah!
n alhumdolillah my Dad puts his account in the "CURRENT ACCOUNT" on which there is NO interest....
n he never takes a debt from the bank since they involve Interest too (well .. he actually never takes a debt from anyone:)
n we dont take cars on LEASE since that also involves ribba (interest )
n we also donot believe in that stupid "profit/loss stuff".. thats actually another name for Interest.. but most muslims dont get it

but i fell really anguished to say this that most muslims Do take Interest.. atleast here in Pakistan.. i think almost 85% ppl keep in accounts that give interest... (like i asked most of my friends if their fathers keep their accounts interest free... n only one said yeah.. n the others went silent)


Interest is PROHIBITED in Islam,.. it is SOO bad for the community.. its makin the poor poorer....

Answer 2

Usury used to be anathema to Christians as well. Many countries or in the U.S. states has laws against it. That has all changed. The U.S. Federal Gov't has laws to prohibit usurious profits by contractors (not to exceed 10% which is obscenely high) and for the last six years has ignored those laws when negotiating contracts with special interests.

Answer 3

Yes. I worked at Lloyds which provides Islamic related financial products as muslims are not allowed to profit from borrowing/lending and other such activities.

Answer 4

specific, all of us know that. it extremely is interesting to make certain how Muslim banks pass by way of all sorts of contortions to get around it. yet did you apart from mght know, Christianity teaches a similar concern, yet they desperate to initiate sinning eons in the past,

Answer 5

This is a misconception.

It is forbidden to charge interest when lending a poor person money for necessities.

When lending money that will be used for investment (such as starting a business) it is OK to charge interest.

Answer 6

Tell that to Suadi Arabia and the other Islamic members of OPEC.

They'll laugh you to scorn !

Answer 7

What a wonderful way to appeal to the poor! The rich should loan their money to the poor for free! Political genius! It's like one bank competing with another...

"you can borrow your money from ME if you follow my religion"

GENIUS!

Answer 8

the old testament warns against it too, nobody listens.