Kategori: Riba

No Muslim is allowed to render permissible what Allah has rendered `Haram, by comparing the disallowed matter to another matter that Allah has allowed. Indeed, whoever does this will have committed a major sin and will be saying about Allah what he has no knowledge of. Also, such a person will have opened a door […]

Providing for people’s needs, helping them acquire their benefit and ensuring meaningful cooperation between them will only be achieved through abiding by Islamic Law. It requires truthfulness and Amanah (honesty) and prohibits lying, deceit and all the types of dealings that Allah does not permit. Allah said,  وَتَعَاوَنُوا عَلَى الْبِرِّ وَالتَّقْوَى وَلاَ تَعَاوَنُوا عَلَى […]

In response, we state that Muslims benefited from the Islamic economic system for the past fourteen centuries, long before banks ever existed. During this long period of time, the projects and industries that existed in the Muslim World did not rely on prohibited types of dealings. Further, we state the fact that in modern times, […]

We should add by stating that the writer gains no benefit from allowing the current types of Riba transactions by comparing them to as-Salam transactions. As-Salam type of transactions was allowed because Allah allowed it, a fact that demonstrates the greatness of the Islamic legislation that aims to benefit the Muslim Ummah at large. Further, […]

In response to this sweeping claim, we should first state the fact that the current banking transactions are not different from the prohibited Riba transactions. Further, Allah sent Muhammad as the Final Messenger from Him, and required all mankind, starting with the Prophet’s contemporaries up until the Day of Judgment, to implement His Commandments that […]

Ibrahim then said that Shaikh Rasheed Ridha allowed savings accounts that gain interest. The opinion that he mentioned is an error in judgment that is based on discredited personal conclusions that clearly contradict the relevant Texts [of the Quran and Sunnah]. The scholars stated that Muslims are not allowed to rely on Ijtihad (personal judgment) […]

Dr. Ibrahim also mentioned some general statements by ibn Qudamah, ibn Taimiyyah and ibn Al-Qayyim about allowing the practices that benefit Muslims in general, which also do not cause any harm for Muslims. However, we must stress that these mentioned scholars restricted this ruling, by only allowing the beneficial practices that do not contradict any […]

The answer to this portion of Dr. Ibrahim’s research, is that the Faqihs, i.e., the scholars who have knowledge in the religion, have considered usury `Haram (impermissible) because [various versus of the Quran and] authentic Hadiths of the Prophet, salla allahu `alaihi wa-sallam, rendered it `Haram. Surely, there are several authentic Hadiths that clearly state […]

As for the second and third parts of Ibrahim’s statement, “There can be no economic preeminence without financial institutions, and no financial institutions without Interest (Riba)”, they are utterly false. There are many Texts in the Quran, some of which we have already mentioned, that contradict Ibrahim’s false statement. Further, the established Islamic economic practices […]

Second, Ibrahim claimed that, “A financial institution to any economy is just like the heart to the human body.” Again, this is not a true statement. A financial institution can always function without the need for usury, just as was the case with Muslim economy in past centuries, especially during the early time of Islam. […]