"O ye who believe! fear God and relinquish what remains of interest, if you are believers. But if you do it not, then beware of war from God and His Messenger . . ."
Source/Credit: InForum
By Syed Sajid Ahmad | February 2, 2019
In today’s world, a significant portion of the earned wealth of people and their governments goes to payments toward interest on borrowed funds. Funds spent on interest by individuals and families could elevate their economic condition if they were available for commerce and public benefit.
Islam forbids interest. “O ye who believe! devour not interest involving diverse additions; and fear God that you may prosper.” (Holy Quran, 3:130/131) “Those who devour interest do not rise except as rises one whom Satan has smitten with insanity. That is because they say: ‘Trade also is like interest;’ whereas God has made trade lawful and made interest unlawful. So, he to whom an admonition comes from his Lord and he desists, then will that which he received in the past be his; and his affair is with God. And those who revert to it, they are the inmates of the Fire (economic problems); therein shall they abide. God will abolish interest and will cause charity to increase. And God loves not anyone who is a confirmed disbeliever and an arch-sinner… O ye who believe! fear God and relinquish what remains of interest, if you are believers. But if you do it not, then beware of war from God and His Messenger; and if you repent, then you shall have your original sums; thus, you shall not wrong, nor shall you be wronged” (2:276-280).
Islam requires leniency towards a debtor, while in today’s world we see that a well-to-do person is offered more favorable terms for loans compared to the people already constrained in resources.
Islam goes as far as to advise lenders to show leniency or to forgive the loans of people when they are in trouble. “And if any debtor be in straitened circumstances, then grant him respite till a time of ease. And that you remit it as charity shall be better for you, if only you knew” (2:280/281). Remittance will result in good will in society. It will give a new momentum to the productivity of the affected people.
To enlarge economies and put people to work, Islam encourages charity and interest-free loans. “As to the men that give alms, and the women that give alms, and those who lend to God a goodly (interest-free) loan — it will be increased manifold for them, and theirs will also be an honorable reward” (57:18/19). “If you lend to God a good (that is, interest-free) loan, He will multiply it for you, and will forgive you; and God is Most Appreciating, Forbearing” (64:17/18). “Who is it that will lend God a goodly (interest-free) loan that He may multiply it for him manifold? And God receives and enlarges, and to Him shall you be made to return” (2:245/246). “Who is he that will lend to God a goodly loan? So, He will increase it manifold for him, and he will have a generous reward” (57:11/12).
Every person within his capacity has the opportunity to help a fellow being to win the pleasure of his provider.
Read original post here: Perspective: Islam encourages interest-free living | Syed Sajid Ahmad
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