that no-one is allowed to charge interest on a loan?
2006-11-01 10:00:18 · 26 answers · asked by Anonymous in Society & Culture ➔ Religion & Spirituality
sleep? I must enter more than ten characters, I only know one character!
2006-11-01 13:47:17 · update #1
yes it is very true.
2006-11-01 13:45:59 · answer #1 · answered by IamMuslimah 3 · 3⤊ 0⤋
yes, muslims are not supposed to charged interest on loans or borrowings. But there are exemptions, for instance, when one is in dire needs and have nowhere to borrow money to buy MEDICINES, FOOD,or some sort of emergency, then one may borrow from those with interest.
Reason is, in islam,no one is supposed to benefit from the expense ot another.
2006-11-01 10:10:42 · answer #2 · answered by Anonymous · 3⤊ 0⤋
it's true here is the fact about it:
a fixed interest on a loan is forbidden..like if i give you a specific amount of money as a loan i can't charge you for say 10% monthly or at the time of repayment that is "riba".
but on the other hand i have to calculate inflation rate...cos say you will repay me in 10 years .the value of the money today will be more than its value in 10 years so I'll add that inflation rate which is btw not fixed but is computed according to the market value of that currency.
that way no one will lose.
p.s the inflation rate is calculated when loans are due after long period when values of money changes.
i hope i made that clear !
2006-11-01 10:13:26 · answer #3 · answered by dewymaiden 3 · 0⤊ 3⤋
yes that's true :)
Islamic law doesn't allow to charge interest on a loan.
2006-11-01 10:05:40 · answer #4 · answered by Alone 4 · 4⤊ 0⤋
Yes. It's called Riba and is forbidden to prevent greed from loan sharks.
2006-11-01 10:16:16 · answer #5 · answered by Anonymous · 3⤊ 0⤋
Yes, we do not charge interest on a loan.
Peace.
2006-11-02 12:12:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes that is true, muslims cannot charge or recieve interest.
2006-11-01 10:06:13 · answer #7 · answered by Anonymous · 4⤊ 0⤋
Yup...just as Usury(interest) is not allowed in Christianity.
2006-11-01 10:06:50 · answer #8 · answered by **PuRe** 4 · 2⤊ 0⤋
I don't think it is always true. It may be that one should not charge interest on a money that they lend someone but I know banks in Iran for example charge and give interest.
2006-11-01 10:12:39 · answer #9 · answered by Fazar 2 · 0⤊ 4⤋
Yes, and there`re not supposed to accumulate any interest on savings either.
2006-11-01 10:04:31 · answer #10 · answered by The BudMiester 6 · 4⤊ 0⤋
true but investment is ok but not in a bank. however , keeping money or saving a lots of money at home is not allowed in Islam you should invested in the economy
2006-11-01 10:02:04 · answer #11 · answered by Anonymous · 3⤊ 1⤋