Is the Riba which is Prohibited in the Quran the same as the Interest of Modern Bank? - Zakir Naik
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- เผยแพร่เมื่อ 21 ก.ย. 2024
- Is the Riba which is Prohibited in the Quran the same as the Interest of Modern Bank? - Dr Zakir Naik
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Questioner: Good evening sirs. My name is M.S. Shridharan. I am a bank officer. And I will earning my salary from my bank from the banks main income i.e. interest. I have some Muslim friends who have reservations even taking a food or tea from my home assuming that my source of income is from the main interest income of the bank. Please clarify if the interest as mentioned in the Holy Qur’an is the same that the modern bank is practicing, receiving or paying? Once again my question is incomplete I’m sorry. And I have my own professional difficulty of such… I mean… mobilizing the assets from my Muslim friends are lending loans to them also because they involve receipt or payment of interest. Please clarify the procedures.
Dr. Zakir: Brother being a Non-Muslim. He works in a bank he asked a question that why do Muslims resist; don’t come to his house because he’s earning money from interest. What does it say about interest? And he finds a difficulty in mobilizing funds from the Muslims. Brother the Arabic word motioned is Riba. Riba means interest as well as usury. Some people they think that Riba does not mean interest. But it includes interest as well as usury. Interest according to the dictionary means money earned on money lent. And usury means exorbitant interest. Both usury and interest, both are prohibited.
And the Qur’an mentions the word Riba in no less than 8 different places.
In Surah Ale Imran ch. No. 3 verse no. 130,
h Ch. No. 2 verse no. 275 thrice,
in Surah Baqarah Ch. No. 2 verse no. 276
as well as in Surah Baqarah Ch. No. 2 verse no. 278 and 279.
I’ll just translate the last verse. Surah Baqarah verse no. 278 and 279 says that
“If you give up not your demands of Riba, of interest then take notice of a war from Allah and his Rasool.”
So anyone who deals with interest, gives interest or takes interest, he is waging a war with All Mighty God, Allah and with the Messenger Prophet Muhammad (sallallahu alaihe wa sallah). It is one of the major sins in Islam, one of the major sins. And one Hadith says that one of the lower level of interest is equivalent to doing Zina, adultery with your mother. Now what is the logic behind it? You can hear my talk on ‘Interest free economy promulgated by the Qur’an’. It’s a big talk. For logically for me to prove to you why interest is Haraam. It will take a few hours which will not be possible now. But in short the reason interest is prohibited because it makes a rich person more rich and a poor person more poor and further more, interest encourages many evils. Like if you know in the 80’s most of the banks funded gambling dens, they funded alcohol bars etc.
In Islam we believing in profit and loss sharing. See today, you being a banker, you know the company which has the least debt is a better company. This interest was started by King George the V (5th), the banking system. He is the main culprit. Previously it wasn’t there and now to make the rich people more rich. If a poor person wants a loan from a bank it is difficult. You want to see what is his assets, how much is he earning. So it’s more difficult for a poor man to get loan.
And further more if you analyze the top companies, the top companies they are debt free companies. Therefore today we find stock listing. You know Anil Ambani, he floated the Reliance power. How many? 1.1 lakh corers. He got hundred times more than what he wanted...
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The brother who asked question about riba is very humble. May Allah guide him and bless him
Aameen
You are absolutely right to point this out. He is a good man. May Allah bless him.
I am currently studying Islamic Finance and what he said about the banks having Islamic window is correct. My curriculum covers it. InshAllah I find abundance in the the field of Islamic Finance and bring enlightenment to the Indian population
Salam brother. Can i contact you personally.? I would like discuss bit deeper about interest (riba).
Great thoughts
Masha Allah
Mashallah! Thank you for helping me find Islam and all the work you do for the ummah :))
Great
How r u sistee...i watch ur vedios regularly
Aameen ya ALLAH.
Holy Quran 2.269-- He Gives WISDOM to whom He wills, and whoever has been given WISDOM has certainly been given MUCH GOOD. And none will remember except those of Understanding.
QURAN IS BLESSINGS TO MANKIND FROM ONLY OF OUR CREATOR OF THE UNIVERSES IS ALLAH THE MOST HIGH.
Dr Zakir is a scholar that the Muslim ummah needs in present time. What Muslims lacked at large is correct Islamic education.
He is totally WRONG on talaq and he is not qualified
this is a great question.
Iron Will *Muslim Girls Vs Social Media* ‼️🥺👇
th-cam.com/video/Qs6dG-zLIq0/w-d-xo.html
Another question I've been looking to find the answer for!! Alhamdulillah
Holy Quran 17.7--
"If you do GOOD, you do GOOD for YOURSELVES; and if you do EVIL, [you do it] to YOURSELVES."
Todays India is very communal.May the people of India live happily together.
🤨I needed this. Thanks for uploading
@seek mogol reference please.
And yes urination by standing would lead to drops in the body and thus be haram
@seek mogol
You ignorant man, the miracle is that prophet Muhammad was illiterate man yet the quran was revealed to him. It is proof that quran is NOT man-made
@seek mogol
I said the reference for the Hadith.
Which Muslim said no one understands Islam, there are plenty of Muslims you understand Quran. You talk like a kid
@seek mogol
There are different qirraat not Quran, i suggest you look it up.
If you talk senseless one more time, i am going to ignore you
@seek mogol
We can't drink the urine of the prophet because he had passed away. There is a difference of opinion regarding the urine. But urine is generally impure
www.islamweb.net/en/fatwa/398377/urine-of-prophet-is-impure
quranandbibleblog.com/2019/06/12/hadith-database-hadith-on-the-prophets-urine/
Alhamdulillah, I needed this. The topic of Riba is a touchy subject so thank you Dr Zakir Naik. May Allah (Subhanahu wa ta'ala) reward you and your family the highest places in Jannatul Firdaus, Ameen.
Danish Rahim why is it a touchy subject ❓
May Allah have mercy on as and forgive me my sins and help to pay my dept
Mashaalllah beautiful knowledge have been blessed by Allah SWT
Assalamu'alaykum...
Please consider to see the definition of money.
I believe we have different definition of money being used in the time of Rasulullah PBUH and the one we are using nowadays.
Today's money is only paper which no longer backed by underlying assets (Gold) and thus the purchasing power is declining (inflation).
I am afraid we are talking different definition of money, the common object of riba.
If the definition is clearly different, then I think we need to deep study before conclude whether or not interest is riba.
Syukron
Thats a great point.
Was wondering the same. Modern banking is a business itself. If they are not taking interest how will they keep up with inflation.
If a bank loans out a fixed amount without interest, let say we both agreed (me & the bank) that I will repay the loan in the next 10 year the amount paid completely by me will no longer be of the same value due to the inflation.
Some plz correct me if I am wrong
@@oddpotential
Narrated `Urwa: " .....Then he sold one of the sheep for one Dinar,...."
Bukhari Hadith No. 3642
And after more than 1400 years, we can buy a sheep with one Islamic dinar (4.25 gr of gold)
Compare to IDR money...
In 2003 price of a sheep is about idr 500,000.
Today, we need about idr 2,500,000 to buy one.
It's ±10% price increase per year.
If let say, today you sell a sheep @2500 to give loan to someone for a year period.
Next year when you receive the money back @2500, you need ±2750 to buy the same sheep.
In this case will anyone give someone else a loan for 10% loss?
I wouldn't say interest is not Riba.
But before saying interest is riba, I believe we need to see the different characteristics of money used at the time of Rasulullàh PBUH and today's paper money, and off course other relevant things.
@@oddpotential why need intrest. Allah permits of business and forbids riba. Bank can just buy a property 1million and sell for 1.5m and person buying it paying instalment of 1.5m that he buy. No interest or whatsoever. Is profit base simple. Islam is simple
@@haro722 A bank is not in the real estate business; it is in the business of facilitating credit and increasing economic activity.
@@frankjones3508 you talking about academic and western mindset. Im talking about islamic concept of business if the financial sector can do it. Why need interest where they can just earn from selling higher. Simple
Holy Quran 89.15--And as for man, when his Lord tries him and [thus] is generous to him and favors him, he says, "My Lord has honored me."
Holy Quran 89.16--But when He tries him and restricts his provision, he says, "My Lord has humiliated me."
Holy Quran 89.17--No! But you do not honor the ORPHAN
Holy Quran 89.18--And you DONOT Encourage one another to FEED the POOR.
Holy Quran 89.19--And you consume inheritance, devouring [it] altogether,
Holy Quran 89.20--And you LOVE WEALTH with Immense LOVE
Holy Quran 2.281---And Fear a Day When you will be Returned to Allah . Then Every SOUL Will be COMPENSATED for What it EARNED, and They will NOT be Treated UNJUSTLY.
Saya mantan karyawan bank syariah menurut saya di indonesia 100% tidak ada bank syariah nanti ketemunya/hasil akhirnya sama saja dengan bank konvensional. Contohnya Di bank CIMB Niaga sistem konvensional dan sistem syariah di gabung menjadi 1 badan/1 perusahan. pinjam uang 1 juta ke bank jangan mengembalikan uang 1 juta ke bank ada bagi hasilnya untuk menjalankan operasinal perusahaan contohnya untuk membayar karyawan, listrik, air, dll kalo bank syariah menyebutnya mudharabah, bank konvensional menyebutnya bunga dan agama islam menyebutnya riba. Kalo mau pinjam uang ke teman/keluarga pinjam uang 1 juta biasanya mengembalikan 1 juta jadi tidak ada bagi hasilnya/mudharabah, bunga, riba.
Ya Allah Sab k Dill Deen e Islaam Se muNawr Kar de. Ya Allah Humein mAaff Farma
Ameen
Alhamdulilah about riba good answer given to him zazak allah khair brother
❤May Allah reward you brother Naik ameen. May Allah forgive and accept us ameen.
Masha Allah Very useful video may be happy, healthy and successful always
Dr Zakir Naik should know, ALL so called "islamic" banks charge higher "profit" than conventional banks. It is just a change of words, process is the same.
In my opinion, Riba's correct translation is usury, i.e. exploiting someone's weakness/helplessness to make higher profits and "exorbitant" bank interest falls in this category, but if bank charges 1-2% that allow the bank to run it's operations, control inflation, and provide services to millions of people, it does NOT fall in category of 'Riba'. On the other hand, what many people did during corona, i.e. stockpilling medicines and selling them at 1000% profit, is 100% Riba.
I agree with you.
Hi Alex, I didnt really get what Dr Zakir Naik is saying here... maybe because English is not my first language. I am also of the opinion that (from what I heard) some Islamic banks do the same as normal banks but just frame it in another way.
I was wondering,, given that it is all the same... do you think would I be allowed or excused by the (All Mighty) if I sell my property, put it in the bank, and live of its interest payments (at least partially)?
so do you mean that only excessive profit from lending money is haram? if I was to lend someone money and only charge them 1 or 2% would that be halal?
@@milkshakes1981 Every action is deemed halal or haram depending on the intention, the procedure, the situation, and the impact. If you pay close attention to what is deemed haram, there must always be a defect in any one of those four things; maybe the intention is bad, maybe the procedure is bad, maybe the situation is bad, maybe the impact is bad, or maybe all of them are bad. Halal or haram is not simply just law, it is about etiquette and greater good. Everything has a purpose. From now on, you should think of halal or haram from that framework. Even something that initially is good could become haram if one or all of those things are tainted, and something that is initially bad could be permissible if the situation allows it to be.
Example: Eating is good. However, “eating too much” is probably bad. Why? Because there is one criteria that makes it bad, which is the “impact” of such action. When you eat enough, it is healthy for your body, but when you eat too much, your stomach can’t process all of the food and instead got trouble digesting it. Therefore, bad.
Second example: Sholat/praying is good. However, “praying for gaining public recognition” is probably bad. Why? The intention is tainted. Praying is good when the intention is to get closer to your God, but it becomes bad when the intention is for public recognition because then you put God behind, which is the total opposite of what praying should be in the first place.
Third example: Eating pork is haram. However, “eating pork as the last mean of survival” is halal or permissible. Why? Because the situation allows it. Let’s say you were in the middle of nowhere, no food at all except for a pack of bacon in front of you. If you don’t eat it, you stay faithful to your God’s words, and that is good, but if you don’t eat it, you will die and that is bad. In that situation, what is urgent takes more priority, and the urgency is you may die from hunger. Therefore, eating pork is permissible in that situation.
Fourth example: Fighting is bad. However, “fighting that is done for survival/defense, and follow specific rules to minimize the damage” is permissible. Why? Because the intention and the procedure are right. Your intention is to survive or to defend yourself from bullies or people who actively are harming you. On the other hand, the procedure is also done in such a way that will minimize the damage or casualties. If your enemies give up and stop attacking you, you must also stop and even forgive them. If you know the war ethics in the Hadith, there are so many rules for conducting war, so the damage could be minimized. No killing animals, no killing women and children, no killing civilians, no damaging villages, no damaging prayer buildings, etc. However, if war/fight could be avoided, it must be avoided as much as possible.
Now, try to apply this framework in whatever you will be doing. If even one of those four things is tainted, it could be makrooh or even haram.
@@milkshakes1981 Banks only give interest on deposit based on CPI (consumer Price Inflation) in that specific country. Usually, Higher the CPI, Higher the interest given or charged by the bank, based upon the central bank interest rate. So, even if you deposit and earn interest, you are actually losing money if CPI is too high in that country. You canNOT live of off it in the long run as what you perceive to be profits are just minimizing your loses due to inflation. Allah has prohibited "Riba" i.e. ripping someone off by charging higher rates. That person maybe in desperate need and may agree to the excessive rates/prices, but you will have to compensate in the hereafter.
Dr. Zakir Naik said, Loann/Interest makes rich person get richer and poor person to more poor. However, things are opposite in case of Homeloan. If poor person can't afford house, he has 2 options one take mortgage or pay rent. If he buys house on mortgage he is building his equity but when he pay rent he will remain poor and he will help rich person to more richer.
I strongly believe that our Muslim Ulemas who already have their own beautiful houses and big bungalows are not understanding common muslim problem because they don't have to deal with it. Tell me any famous Scholar or Aalim who live on rental house.
Somehow christians and jews understand the meaning of Usury or Riba but we are still far from that understanding. Usary means unreasonably high rates of interest. Think about 3% per year interest vs 10% per month. 10% per month is Usury and 3% per annum is interest.
Lmao 🤣 🤣 🤣 🤣
The point, which you are missing, is that NOBODY EVER said that owning a house is the aim of life. In japan no body owns their own home and nobody wants to. The jews only got rich because they consumed interest.
@@razamughal9095: Where is your evidence that in Japan no one own a house? Who owns it ?
@@TheBluesman511 its the culture in japan. Someone must own the house or the government must own the house. Its not just Japan either.
In Japan no one is in a desperate race to own their own home. They happily rent, happily decorate the house and live in it until they die. The result is that property is not expensive there.
@@razamughal9095 : I already investigated. 80 % of adult Japanese own homes - mostly apartments. Rest of them rent because they can not afford to get into mortgages according to Wikipedia. Some Japanese rent and live in tiny 14 sqm apartments because they do not have money to afford bigger space for living. Hong Kong is even more worse. Tens of thousands live in coffin homes, Type on Utube and see.
Dealing with Riba or known as Interest on credit cards or life insurance or mortgages is like selling your Soul to the Devil (Ibliss).
But us Muslims are also ripping people off in business. Crazy how that works isn’t it. I can’t take a 3-5% saving rate (which is not even matching inflation) but someone with a business can go and increase his prices to match inflation? Please someone explain how that is fair.
Riba should be ONLY for interest above inflation. I receive interest from bank at 3% when inflation has been 5%. I am actually losing purchasing power of my money. Essentially, i am charging 3% from bank and still losing purchasing power of my saving. Think of it this way: I loan to the bank $100 today which buys 1 kg of sugar at today's price. In one year, the same 1 kg of sugar will cost $105 due to 5% inflation, yet I am getting only $103 from the bank a year from now which means i cannot even afford to buy 1 kg of sugar a year from now. So, how is getting 3% considered a Riba when inflation is at least 5% or more?
Don't bother, the molvis don't understand modern economics and banking systems 😅
Verses prohibits riba
..........
Ch 3 v110
Ch 2 v 275
Ch 2 v 276
Ch 2 v 278 ,279
Ch 30 v 39
Interst is on consumable things. 2nd point is that in the Quran, it is not mentioned even a single time that giving interest is prohibited.The interest doesn't apply to mortgage and getting a car on lease.
Thanks for the clarification
جزاك الله خيرا
Holy Quran 17.35--
And GIVE FULL MEASURE when you measure, and WEIGH with an Even balance. That is the best [way] and BEST in Result
🌻 جزاكم الله خيرا 🌻
Thanks for explaining about Riba.
mohon ustadz juga bahas ttg uang kertas & sejarahnya 🙏🏻
bagaimana pula dg penggunaan dinar-dirham yg dipermasalahkan oleh pemerintah?? 🤦🏻♂️
syukron
تحياتي لك من الجزائر ربي يحفظك يا اسد الاسلام
I let you know about west banks in Australia imterest rates in Australian banks is :
On mortgages, at the moment is 7,9%.
On personal loan the interrest is going up from 11.99% to 20.50%.
Ma Shaa Allah.
If you change the term from interest to profit then it becomes halal? Contrary to popular belief banks do incur losses on loans, where the collateral is worth less than the loan. So the risk is there. Also, no when you start a business no one will buy your share until you have something established. Most businessmen procure loans from banks to take the business off the ground, then they float the share.
I know I’m tired of low iq tips. You make sense. How does one get something off the ground without investors to share loss, how can you but a house ? How can you get a loan. The loop hole he explains is Just buy stock
@@investorhirsi7321 Look up crowdfunding.
Starting a business requires risk capital at first. I dont know any bank that would do this to start a business unless they take some collateral guarantee from you (inventory, real estate, equipment).
I'm trying to buy a house in the U.S and its impossible to buy without getting the bank involved. Renting is something I won't do because I know people who have rented and get kicked out without warning because the owner sold the house.
Interest makes rich richer and poor poorer. But if you rent forever to avoid interest you are getting poorer no?
Follow Allah and his messenger. This world isn't our Jannah.
Wow that's quite profound and I agree with you. Not just financially poorer but many lack of access to education etc means you're poorer in other things like knowledge
No. Because in return you got a roof over your head. Its greed that makes people think that the sole aim of life is to get bogged down in debt just to own a house. The house that takes 25 years to own. The pathetic part of all of this is that at the same time people are giving birth to less or no children. So no one to leave it to, probably because the same greed consumed them into thinking children cost money. All this interest gets you a house, but in those twenty five years no one actually leads a nice lifestyle, no holidays no nice car to drive in. It seems that having one life is incomplete without a house.
Assalamu Alaikum..IM From INDONESIA LIKE YOU ALWAYS POREVER...👍👍👍
Quran 4.135---
O you who have believed, be persistently standing firm in JUSTICE, Witnesses for ALLAH, even if it be Against YOURSELF or PARENTS and RELATIVES. Whether one is RICH or POOR, Allah is more worthy of both. So Follow NOT [personal] inclination, lest you not be JUST. And if you distort [your testimony] or refuse [to give it], then indeed Allah is ever, with what you do, Acquainted.
So far Mr. Zakir Naik did explain Ribaa from Quran. Perhaps Mr. Naik explained Ribaa in his own not according to Quran. Yes Allah said in Quran Ribaa is Haram. But Ribaa according to Quran ? Please only by Quran . Can any one explain ?
@@thermalenvy8285 i will have to do Study it Brother...
@@xyzabc6898 please brother. Your study may help many of us. In my comment, there is some typing mistake. actual to read as below : Mr. Zakir Naik actually did not explain Ribaa according to Quran rather he explained from his own. No doubt Ribaa is Haram and Mr. Naik also said it. But what is Ribaa according to Quran ? what is the difference with present banking ?
Any one please explain only from Quran. Not from sahi Hadith !!!
I am really confused about this interpretation of riba, money is measured in value( purchasing power), not quantity. If you are taking interest and the interest isn't higher than inflation, you are not getting richer. That's not the same as taking interest on gold 1400 years ago.
It's pretty hard to avoid taking interest in high inflation countries without getting screwed since the government is basically stealing your money by money printing.
قرآن مجید قرآن مجید ایک سورہ 10: 19 روشنی سور Surah 24:35 اللہ سورہ 10:90 فرعون سورہ 57: 22 کوئی ڈیزاسٹر ہڑتال نہیں زمین پر یا آپس میں اس کے علاوہ یہ اس سے پہلے ایک رجسٹر میں ہے ہم لائے یہ وجود میں - بے شک ، اللہ کے لئے آسان ہے۔ یہ سورہ 10: 15 اے محمد سور Surah 57: 23 اور اللہ کو پسند نہیں ہے ہر ایک نے خود سے دھوکہ دیا اور گھمنڈ - سورہ 6: 17 اور اگر اللہ کرے آپ کے ساتھ چھو مصیبت ، نہیں ہے ہٹانا یہ سوائے اس کے۔ سورہ 6:18 اور وہ محکوم ہے اپنے بندوں پر۔ اور وہ حکمت والا ہے [سب کے ساتھ] واقف ہے۔ کنگ جیمز ورژن کنگ جیمز ورژن مکاشفہ 22: 18۔19 یہ کتاب خروج 24: 7 کتاب ایک میتھیو 23: 9 یروشلم گلتیوں 4: 26 ہماری ماں سب ایک میتھیو 23: 8 تم سب بھائی ہو میتھیو 19: 4 لڑکا اور لڑکی خروج 12:49 ایک قانون زبور 119: 142 تیرا قانون نشان 12:32 سچ: ایک جان 12: 43-48 1 تیمتھیس 1: 17 ابھی زبور 118: 24 یہ دن ہے جو رب کے پاس ہے بنا ہوا؛ ہم خوش ہوں گے اور خوش رہو یہ. روشنی زبور 119: 130 مارک 12: 29 ایک رب خروج 6: 13 فرعون ایک پیدائش 41:25 فرعون یہ عمیر اعمال 8: 6 فلپ ڈینیل 2: 31-38 تم آرٹ اس ہیڈ کے سونا سلیمان کا گانا 7: 5 اپنا سر ملازمت 13: 26-28 میرے پاؤں مکاشفہ 1: 15 اور اس کے پاؤں عبرانیوں 7: 2 امن کا بادشاہ حزقییل 10: 20 زندہ مکاشفہ 17: 14 بادشاہوں کا بادشاہ رومیوں 9: 17 فرعون زبور 145: 14 نیچے جھکی ہو جان 8: 17-18 دو استثنا 6: 4 ایک روشنی زبور 27: 1 مکاشفہ 19: 1 ایلیلیویا اعمال 7:52 بس ایک مکاشفہ 19: 4 ایلیلیویا مکاشفہ 4: 2 ون سیٹ آن دی عرش جان 20:22 روح القدس 1 جان 1: 5 خدا نور ہے روشنی پیدائش 1: 5 دن زبور 118: 27 خداوند ہے 1 جان 5: 7 روح القدس جان 5:35 روشنی زکریاہ 14: 9 اس کا نام ایک مسیحی 12: 13-14 خوف خدا مکاشفہ 22: 9 خدا کی عبادت کرو images.app.goo.gl/8eiYgsHWScZNGfBL8 images.app.goo.gl/uE1iPGaZizs1dgDy5
The Holy Quran
The Holy Quran
One
Surah 10:19
Light
Surah 24:35
Allah
Surah 10:90
Pharaoh
Surah 57:22
No Disaster strikes
Upon The Earth or
Among yourselves
Except That
it
Is in A register before
We bring
it
Into Being - indeed That,
For Allah, is easy -
it
Surah 10:15
O Muhammad
Surah 57:23
And
Allah does Not like
Everyone Self-Deluded
And
Boastful -
Surah 6:17
And if Allah should
Touch you with
Adversity, there is No
Remover of
it
Except Him.
Surah 6:18
And He is the subjugator
Over His servants. And
He is the Wise, The
Acquainted [with All].
King James Version
King James Version
Revelation 22:18-19
This Book
Exodus 24:7
The Book
One
Matthew 23:9
Jerusalem
Galatians 4:26
The Mother of us
All
One
Matthew 23:8
All ye are Brethren
Matthew 19:4
Male and Female
Exodus 12:49
One Law
Psalm 119:142
Thy Law
Mark 12:32
The Truth:
One
John 12:43-48
1 Timothy 1:17
Now
Psalm 118:24
This is The Day
Which the Lord hath
Made; We will Rejoice
And Be glad in
it.
Light
Psalm 119:130
Mark 12:29
One Lord
Exodus 6:13
Pharaoh
One
Genesis 41:25
Pharaoh
it
Omer
Acts 8:6
Philip
Daniel 2:31-38
Thou Art This Head
Of
Gold
Song of Solomon
7:5 Thine Head
Job 13:26-28
My Feet
Revelation 1:15
And his Feet
Hebrews 7:2
King of Peace
Ezekiel 10:20
Living
Revelation 17:14
King of Kings
Romans 9:17
Pharaoh
Psalm 145:14
Be Bowed Down
John 8:17-18
Two
Deuteronomy 6:4
One
Light
Psalm 27:1
Revelation 19:1
Alleluia
Acts 7:52
The Just One
Revelation 19:4
Alleluia
Revelation 4:2
One Sat on The
Throne
John 20:22
The Holy Ghost
1 John 1:5
God is Light
Light
Genesis 1:5
Day
Psalm 118:27
God is The Lord
1 John 5:7
The Holy Ghost
John 5:35
Light
Zechariah 14:9
His name One
Ecclesiastes 12:13-14
Fear God
Revelation 22:9
Worship God
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Al hamdulillah dr zakaria and thank you all the people. I am Mozambican Muslim. I need financing and unfortunately in Mozambique there is no Islamic bank. I ask for support please
ALLAH TAHLA apko Saya hamisha ham par rahkah amen💓
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THE controversy about the permissibility or prohibition of bank interest started in the colonial times, in the 19-century onwards, when banking institutions came to the Islamic world.
The controversy first raged in Egypt. It is said that the Grand Mufti of Egypt, Muhammad Abduh, had permitted interest on postal savings though the fatwa issued by him is not available now. Today, many still ask if bank interest is prohibited in Islam. Most of the jurists maintain that it is not permissible, and Muslims should not accept interest on their bank deposits.
In the latter part of the 20-century many Muslim intellectuals came out with the concept of Islamic banking based on mudaraba and profit-sharing. A number of Islamic banks were started in Muslim and non-Muslim countries with a large Muslim population. Still the question continues to be asked if banking interest is permissible, and there is no unanimity of opinion on this question.
Yet, there are many Islamic scholars who feel that banking interest is not prohibited by Islam. Many modern commentators of the Quran also translate riba as usury and not as simple banking interest. From Pakistan Prof Fazlur Rehman, who had migrated to the US and taught at Chicago University for a number of years, wrote a very well-argued paper on the permissibility or otherwise of banking interest. He came to the conclusion that banking interest is not prohibited. Even those who do not agree with this view must read his article. It is very scholarly and based on original sources.
What is riba then? The Quran strongly condemns the institution of riba. It says, “Those who swallow usury (riba) cannot arise except as one whom the devil prostrates by (his) touch. That is because, they say, trading is only like usury. And Allah has allowed trading and forbidden usury. To whomsoever then the admonition has come from his Lord, and he desists, he shall have what has already passed. And his affair is in the hands of Allah. And whoever returns (to it) - those are the companions of Fire there they will abide.” (2275)
The Quran also goes on to say, “But if you do (it) not, (i.e. continue to take riba), then be apprised of war from Allah and His Messenger; and if you repent, then you shall have your capital. Wrong not and you shall not be wronged.” (2279)
Thus we see that if one continues to take riba, the Quran not only warns against it but even permits war against the usurer. Is bank interest so severe in consequences as to be warned of a war by God? Banking interest is taken and given by hundreds of thousands of Muslims all over the world, including in Islamic countries. Should Islamic states declare war against banks? No country ever does it. Let alone war, they are not given any punishment.
Then what is riba? Its root meaning in Arabic is 'growth' and here obviously it is unjust growth. One should not fatten oneself at the cost of others, which leads to gross injustice in society. Our justice system overlooks the stock exchange operations, which is based on pure speculation. One either becomes a millionaire overnight or is ruined completely if share prices crash. Islam permits only just growth which one earns in a permissible way through one's hard work, physically, intellectually, or both.
Speculation is strictly prohibited. For example, it is not permissible to buy a standing crop in the field as one does not know how much it would be maturing and how much will be destroyed. To buy cheap a standing crop amounts to speculation and exploitation of the peasant. Yet, many middlemen thrive on such speculations. Our justice system hardly ever condemns such practices. Many people become rich overnight by speculation using such practices. On the contrary, our jurists allow the share trade without any restrictions.
There were no banks during the time Islam appeared on the scene. People used to borrow money from private moneylenders and return double or more than the actual amount. Thus we see riba was the doubling of double (3129), which ruined the poor borrowers who often borrowed either for personal needs or small trade. This is certainly condemnable and all governments should take action against such practices.
Banking interest is far from ruinous and its rate is fixed by market operations to increase or decrease liquidity in case of inflation or deflation. A bank cannot be conceived as an exploiting institution. On the other hand, it is a regulatory institution facilitating financial operations between borrowers and lenders.
Some jurists argue that interest is not permissible as there is no element of risk in it and its rate is fixed. There is no such argument in the Quran itself. If this argument is valid then even investing in a building and giving premises on rent will also not be permissible as rent is fixed and there is no risk involved. The Quran denounces riba as an exploitative practice leading to unjust growth, not because there is no element of risk in it.
In view of the above arguments it can be argued that banking interest cannot be treated as riba and should be held permissible.
The writer is an Islamic scholar who heads the Centre for Study of Society and Secularism, Mumbai.
please refer the article
You don't share profit when you buy standard shares. Your shares value increases if the company you invested with makes a profit at the of the year but you do not get money from them. You will have to sell your shares once the value increases. Those who share the profit are shareholders investing very big amount of money to buy a percentage of the company.
Even Islamic banks they take loans even though I admit percentage is less compare to other banks. I took loan from sharjah Islamic bank in UAE, I am paying interest. And I understand bank can't survive these days without interest.
Dr said interest makes poor person poorer and rich person richer. A person renting a house for 20 years has nothing after 20 years but a person buying the house on interest has a house as an asset after 20 years. How the logic fits here?
Dr said Interest loan is hard for poor to get than rich. The banks provides loan according to repaying capability of borrowers. If they have income versus expenses such that they can pay the EMI then loan is granted. To avoid exploiting into exorbiant loads onto “poor” who cant actually pay.
I agree with Dr sb on the interest haram but not on his logics given.
Can anyone counter my comment with understandable logic?
The reason the poor get poorer is because of interest. Interest is haram its someone making money FOR NOTHING. So then the bank doesnt give them a loan, making them go into debt and then repaying that debt with more interest.
If there was a way of repaying money without interest, then such a person would still get an assett that he has paid for, without someone making a profit. The rates of interest are unreasonable and its the root cause of poverty in the world today. Just like, not giving inheritance the way Allah commanded, interest is another way of ensuring that there is an unequal division of wealth in the world.
Honestly, I think it's moreso meant from the perspective that a needy poor person needs to borrow money and the richer person allows it but wants x amount additional back to the borrowed money. So personally, I think it is to counter this specific system. Someone in need with clearly a lack of money shouldn't be put in a position with an even bigger lack.
However, inflation was, to my knowledge, not a thing at the time. So this complicates the whole idea. Because evidently if you are not investing and earning interest on it, you are becoming the increasingly poor person. In this case, we'd have to delve into inflation, why it is happening and if interest is the main factor or just one of the factors. How we are then contributing to this inflation (by giving our money to banks? or...?). And thus how to counter this new problem.
Because also, from the bank's perspective: if they borrow lets say 100 dollars and they get the 100 dollars back 4 years later - by that time, with inflation - the money has lost (if the average inflation rate is 5%) one fifth of its initial value. If it would have gone up with inflation rates (by trading and what not where prices increase by year due to inflation), it could have become 120 dollars (in an ideal inflation rate following scenario) and now the bank gets back 100 dollars. So yeah, honesty it's complicated 😅. I guess that's why islamic banks do participate in interest but just not more than the inflation rate.
I always try to grasp the intent behind the verses, it helps me. I think my first paragraph is the intention behind the prohibition of riba. So I try to wonder if I am doing something that would actually cause this negative result (poor becoming poorer) or not. I guess education is key in this. Morals/ ethics are more complicated than how black and white they are sometimes portrayed, the complexity annoys me all the time but it makes one learn. 😊
*Riba is Usury (doubling redoubling); not bank Interest on loan taken for business. Several top Egyptian Scholars have said same what I have said*
Allah is not Stupid and forgives not all Sins.
Live and let live(others) good practice.
There is no doubt that ribba is forbidden in Islam because it is called wrong we should understand the difference between interest and ribba if you get money from a deal and generat income and pay the amount of instalment from generated income, it will be called deal interest base, but if the loan amount is spent on your daughter's marriage or on someone's illness and no income is generated, then you have to pay it from your own pocket. So this deal is riba base and it is forbidden in Islam.
Jazakhallah
Alhamdulillah Alhamdulillah 🕋🕌☪️💚💚☪️ Allahuakhbar Allahuakhbar from Malaysia 🇲🇾🇲🇾🇲🇾🇲🇾🔻🔻🔻🔻😃😃😃👍👍👍
Why we study interest in course and what is it advantages studying in the course? 🤔
Ihad a banking job back home grade 3 officer started idid not accept it Allah brought meinAmerica for good purpose
Im tabasum from pakistan.I'm working in commercial bank. I want to leave this job. But my family depends on me and no many other source of income. Kindly reply me what I can do.
Islam is to believe in Allah and do good to others. I would continue to work but enhance my education and look for a better opportunity in another industry, when the opportunity arises later. I am not a Muslim Scholar.
From my view on bank interest as westerner i hate bank interest practices organically and i contempt big bankers who live rich life with a lot of money but give their workers in banks peanuts in comparation to their material richness in this material world where dogs eat dogs and big fish swallow small fish. On this group are also politicians, court systems and all these that makes this world work for ultra rich that contempt poor. I am not poor but have just enough to live my life and not to complain. How this life will go, i have no idea. Nothing is permanent except God. I am really afraid to where this world is leading. Since you work for peanuts and your family depends on you, you really need to continue to work in bank but if you get greedy and want to get promoted to higher places at work rank for much more money then it starts to be problematic for your believe in God and justice. To get education in different industry fields might be key for you to find job there and feel not guilty for working for big bosses in usury industry - bank.
Most banks as u said have Islamic windows but where the money comes from?. From the same interest dealing, is this halal?
What was the medium of exchange during prophet's time. .....gold silver dates wheat
1:35 What's money 💰???
This should be the real question
Mashallah
Straight facts
Most of the arab banks don't take interest locally.BUT they invest their xcess liquidity in mostly US banks thus earning billions.
نبی کریم ﷺ نے جب سورج غروب ہوا
تو ان سے پوچھا کہ تم کو معلوم ہے?
یہ سورج کہاں جاتا ہے ؟
میں نے عرض کی کہ اللہ اور اس کے رسول ہی کو علم ہے ۔ آپ ﷺ نے فرمایا
کہ یہ جاتا ہے اور عرش کے نیچے پہنچ کر پہلے سجدہ کرتا ہے
۔ پھر ( دوبارہ آنے کی ) اجازت چاہتا ہے اور اسے اجازت دی جاتی ہے
اور وہ دن بھی قریب ہے ، جب یہ سجدہ کرے گا
تو اس کا سجدہ قبول نہ ہو گا اور اجازت چاہے گا
لیکن اجازت نہ ملے گی
۔ بلکہ اس سے کہا جائے گا کہ جہاں سے آیا تھا وہیں واپس چلا جا
۔ چنانچہ اس دن وہ مغرب ہی سے نکلے گا ۔ اللہ تعالیٰ کے فرمان (سورۃ یٰسٓ آیت 38 ) میں اسی طرف اشارہ ہے ۔
صحیح بخاری حدیث نمبر 3199
Dr Naik has avoided the question which was is the riba mentiomed in quran the same as the practised by the modern banks?
The way I see it is that the interest mentioned in the Quran refers to the interest imposed by the rich on the poor when they needed money to meet their needs and the inteserest was in some cases higher than 50%. and that fifers from the interest of modern day bankingi in substance and essence as the money in the banks belong to the rich and the borrowers are rich. So the issue is explploiting the poor and making them poorer and even ruining their very existence basis.
I don't know if this actually answered the question, I thought it would be more if Riba in the Quran is the same as the traditional interest now.
Western economy by introducing PAPER currency has created INFLATION.
As they PRINT more and more currency without gold reserves. ....the price of goods goes up and up
Papper money was invented in China in 7th century but is in circulation from 11 century. Then west EU jump on the same thing to do.
Allah said in the quran while he tolking ribaa (usry)we have permitted and allowed business to continue but to stop usry.
Prophet Muhammad (saw) olso gave 5 assurances for the women nor men in business to practise
1=refrain from taking riba(usry)
2=(not to swear while doing business
3=not to hide the defect of athing
4=not to find foult after purchasing it
Not to praise the thing while doing business.
Interest is time value of money. Any book on finance can tell you that. Quran gives the reason not to charge interest: don't take your brother's wealth unjustly. Every economy has to make two decision: what to produce and how to distribute it. An economy with a surplus beyond immediate needs of its members must distribute claims to future production of the economy; this is called money. In short, money is nothing but a claim to future production. How unjust would it be to retain my future claim and to ask for increase in it?
Islamic Banking and finance has been around but difficult to implement in this current context
God is easy
Just like Sharia
So Muslims must be realistic @@asad-kc8zf
Islamic financing is actually how you pay money, in addition to the principal amount, under the label of rent rather than interest. Perhaps this is merely a matter of perception. The real question is why renting of a house is halal and renting of money is haram where both of these are assets which can be used to generate income? Why a tenant can rent an office to do business and can pay the landlord but is not allowed to rent money and do business with it and pay the lender?
Interest ----- why is it prohibited ---- do not understand why it should be inhibited---- in particularly interest from bank.
Sir i have a question. If someone already in loan he is Paying in bank. His salat/ prayer will not be granted to ALLAH SWT . Is it true. Please give us some light of islam.
Also write interest(as an accountant)
Salam alaikum can someone please link the video he mentioned that details on the effect of interest and usuary on the economy
Thank you for your indulgence to explain interest issue even if it was compressed one. Here I am a bit dubious about the system if it is wholly under scrutiny. If the rest of the world accepted Islamic economic system then we wouldn’t have had such a system on hand. That’s why we must begin with constructing the theory of Islamic Economy (supposing the full compliance of the world is existent) and then we can make comparison between current economy and the right one. It’s like subtraction in math; we subtract this current economy from the right one. The result will be complete halal economy.
Let me here bring a complicated question. Muslims should seek an an answer to this question.
There are numerous people on earth who have natural right to earn living. How does an Islamic approach allocate profit and contribution making jobs to each individual (who has priority to have one like family father and single man and woman etc.)?When people are earning money from interest, stocks, real estate etc. capital in this way wouldn’t go to creations of new job areas. Thus the fundamental aim is to provide jobs to unemployed people. A Muslim should have a moral responsibility to lead the capital in real sector to earn for himself and for those who need it. Capital must be an active asset in the economy. It must be dynamic and run in real markets. Capital must be a remedy to whole mankind. This capital mustn’t be directed totally satisfy conformism driven production system which is capitalism. Capitalism has hegemony over science to expand production cycle by exploiting and exhausting limited sources through scientific methods which are not in favor of humanity. Thus this cannot be Islamic way of life. Islam doesn’t see science under the yoke of capitalism. Science is free infinitely in Islam but its aim cannot be reduced to satisfy the greedy appetite of human nature….
Even jews have an issue with interest (riba) also jews are required to give charity (zakat)
Islam is very similar to Judaism.
Subhanallah
Holy Quran 8.30--And [remember, O Muhammad], When Those who Disbelieved Plotted Against You to Restrain You or Kill You or Evict You [from Makkah].
But THEY PLAN, and
ALLAH PLANS. And
ALLAH IS THE BEST OF PLANNERS.
I am still perplexed about Riba. Is it, as according to the Quran, and if I understood correctly, that is when one borrows the money and the creditor asks for double the re-payment and/or he multiplies that 3x, 4x and so on, like a loan shark? So my question is whether it is haram when one demands the doubling and multiplying it for the return? Thanks for any insight.
Yes, Quran is very clear on this. Taking riba is haram not giving. Because the borrower is the oppressed one according to Quran.
@@ahmfarooq1823 I think it also make sense that the giving is also haram, as if the intention is to double and multiply that is a loan shark, and if there is no such giver there will be no oppression either.
@@alhazenmediax Quran doesn’t say that. Check the verses carefully an think yourself.
@@ahmfarooq1823 Here you alleging I don't know. Please provide the verse and kindly explain. Cheer
@@alhazenmediax Please read the verses 2:275; 4:161 and 3:130. Moreover according to modern academic scholars riba(usury) and interest are not the same. Riba is unreasonably high rate of interest which Quran explicitly referred to. Allah knows best. Thanks.
Jazakallahu Khair
Alhamdulillah
I'm in Canada. Purchased home long ago . Normal way . In bank . Considering my self lucky . Now question his is it halal. My confusion is through the roof . Because at this very moment in time . I just don't know what is more crazier purchase home or renting . Why because interest rates are around 7.89% and home prices even for hen house is at least 750000 plus. At same time if you are to rent something in Toronto or area be ready to pay minimum 2500a monthly just for space .
Allah himself has no problem with Riba, *provided he is the one receiving the loan* : Quran 2:245: Who will lend to Allah a good loan which Allah will multiply many times over? It is Allah ˹alone˺ who decreases and increases ˹wealth˺. And to Him you will ˹all˺ be returned.
This means there should be no banks. As no institution can work without earning, so if the banks earn interest then as per Dr Sahib interpretation it's as if you are committing Zina
Fact is the true interpretation is not not being conveyed
Now what's Islamic banking system, they use the same practices but have changed the nomenclature
May Allah Almighty save me from misinterpretation, however Dr Gamadi presents another interpretation which is much clearer version and be carefully listened
My question is, all scholars talk about riba that it's haram but gives an example that when a poor person takes loan on interest, it's hard to pay back. So Is Loan on interest and saving account in which we earn interest , both same and haram? Or we need to do more research on this matter? 😊
Yes they are both haram
Incorrect explanation of usury / riba---. Simple interest has nothing in common with accumulative charges of loans 1400 years ago---.
anything more than what you borrowed is Riba. that is it.
Jazakallah
sleeping partner is the exact word used in islamic business law
u invest ، look into it but your partner is giving time and energy to the business
profit sharings ، writen agreemnt zaroori as narrated in Quran
i don't recall the surah and aayat #
but kuch aisa hi parha tha ky lain dain ky muamlaat likh liya karo
transparent
Was there paper currency during prophet's sallahu alaihi wassalam times? ??
Brilliant
The definition of interest is asking for a profit on loan. There is no mention of fixed or flexible rate of profit on loan in the definition. If the lender does not fix the rate of profit on loan, will it make it halal?
Where I can get all of your debates online on Major topics such as riba?
He doesn’t debate because he’s a coward
There is always advise that riba is haram and what the consequences are....but what do we do to avoid it wen the banks pay riba into ur account...we can't give it to charity we cant use it and we can't just leave it there.....so wat do we do....why doesn't 1 person give beneficial advise instead of stating the obvious and teaching more of the same that we already know
Asslamu Alaikum
We live in New Zealand and lots of Muslim brothers and sisters want to buy their house to live as renting is very expensive. But unfortunately we do not have any financial organization who provides Islamic home loan. All the banks here we have follows the traditional rules and apply interest on the given home loan. As a 1st home buyer lots of Muslim brothers and sister are in confusion and they don’t know what would be the best possible solution to solve this problems.
Could you please guide us to take the proper steps and help us to stay away from mistakes.
Jajakallah
There is no alternative to this.
Mujhe samajh nahi araha mai kya karun, mere parents back ke sood (interest) ke chakkar mei parh gaye hain. Mujhe andaza hai ke islam kya kehta hai interest ke baare mei lekin mere ghar wale nahi samajh rahe. Please meri madad karein mujhr batayen mujhe kya karna chahiye
As I've mentioned in another video, stop trying to make arguments that turn something unlawful to lawful. Yes, it was different during our prophets time, but law is law, and even living in a non-islamic country, doesn't make it halal to take a loan with interests/rates/usury/riba to buy property. We are all living on borrowed time, there are no guarantee that you will be able to live as long as to pay all your debts, and the last thing you want to do, is to fall short on the Day of Reckoning.
Riba was about financial exploitation of poor debtors. Interest with modern banks is not riba. Loan sharks, payroll lenders and pawn shop lending is like riba at the time of the prophet.
@@roberthannah7983 it would be great if you are correct but the consensus amongst Islamic scholars is that interest of modern banks is riba
@@AH-hz5xc I would say there is a majority of scholars who say interest is riba. A majority is not a consensus, and it wont be the first time the conventional wisdom is wrong. Prof. Farooq makes a good case that since the time of scholar al Jassas (AH 370), many scholars went down the wrong path in asserting that all interest is riba. His argument is that riba al-jahiliyyah (as known to the Arabs at the time of the prophet) was the burdensome redoubling of unpaid debt (often in kind or in commodities, not money) placed on poor debtors who could not repay debt when due. There was no evidence that stipulated interest was riba. (Links dont seem to work in my comments, so google his paper "Farooq stipulated interest"). Modernist scholars like Fazlur Rahman and Abdullah Saeed accept this view.
Islamic scholars should pay more attention the the maqasid sharia (higher ethical principles) rather than attempting to make judgments in fields like modern finance, which has become rather technical. They would find that they have much in common with regulators who try to apply ethical principles such as truth in lending, consumer protection, fair dealing, and client priority in trading.
@@AH-hz5xc I would add that Prof Farooq lists a large number of scholars who do not agree that all interest is riba in his paper "The Riba-Interest Equivalence: Is There an Ijma (Consensus)?" Someone who asserts to you that there is a consensus that interest is riba is being intellectually dishonest.
@@roberthannah7983 Sounds all good to me. Riba means to me highly excessive profits, price gouging, etc. I believe that Islam allows for such modern arrangements, once we firmly believe in Allah (Salah) and do good to others.
Giving up interest demand of lender or borrower? How can borrower demand interest on loan? Is the verse is to warn the lender only?
great