Friday Naseehah 1: Interest (Usury)

Interest (Riba)

Quranic verses which prohibits Interest.

1. “Allaah has permitted trading and forbidden Riba” [al-Baqarah 2:275] 

2. “O you who believe! Be afraid of Allaah and give up what remains (due to you) from Riba” [al-Baqarah 2:278]

3. Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah . But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein. [Al-Baqara, Chapter 2, Verse 275]

4. Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever. [ Al-Baqara, Chapter 2, Verse 276]

5. O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful. [Aal-e-Imran, Chapter 3, Verse 130]

6. And whatever you give for interest to increase within the wealth of people will not increase with Allah . But what you give in zakah, desiring the countenance of Allah - those are the multipliers. [Ar-Room, Chapter 30, Verse 39]  

 

Prophetic Traditions which prohibits Interest.

1. Al-Tirmidhi Hadith 2826 Narrated byAbuHurayrah Allah's Messenger (peace be upon him) said, "Usury has seventy parts, the least important being that a man should marry his mother." Ibn Majah and Bayhaqi, transmitted it in Shu'ab al-Iman. 

2. Al-Tirmidhi Hadith 2825 Narrated byAbdullah ibn Hanzalah ; Abdullah ibn Abbas Allah's Messenger (peace be upon him) said, "A dirham which a man knowingly receives in usury is more serious than thirty-six acts of fornication." 

Further Reading on Interest/usury/Riba. 

Interest and its Role in Economy and Life (part 1 of 7): An Introduction

Interest and its Role in Economy and Life (part 2 of 7): The Islamic Stance

Interest and its Role in Economy and Life (part 3 of 7): Religion and Early Thinkers

Interest and its Role in Economy and Life (part 4 of 7): Prohibition to Justification

Interest and its Role in Economy and Life (part 5 of 7): Explanations and Theories

Interest and its Role in Economy and Life (part 6 of 7): The Ills of Interest I

Interest and its Role in Economy and Life (part 7 of 8): The Ills of Interest II

Interest and its Role in Economy and Life (part 8 of 8): The Islamic Solution

May Allah the Almighty save us from taking, giving, witnessing and writing of Riba, because Allah and His Messenger has cursed those who take, give, witness or write Riba.