Is the Riba which is Prohibited in the Quran the same as the Interest of Modern Bank? - Zakir Naik 

The brother who asked question about riba is very humble. May Allah guide him and bless him

Mashallah! Thank you for helping me find Islam and all the work you do for the ummah :))

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

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.

Another question I've been looking to find the answer for!! Alhamdulillah

this is a great question.

Dealing with Riba or known as Interest on credit cards or life insurance or mortgages is like selling your Soul to the Devil (Ibliss).

🤨I needed this. Thanks for uploading

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

May Allah have mercy on as and forgive me my sins and help to pay my dept

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.

Dr Zakir is a scholar that the Muslim ummah needs in present time. What Muslims lacked at large is correct Islamic education.

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

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.

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?

Interest makes rich richer and poor poorer. But if you rent forever to avoid interest you are getting poorer no?

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

I hate interest I wish Allah would make it possible for interest one day to be removed my credit cards and banks have interest I wish it would be prohibited in my country so banks can’t give you interest or charge interest on you

Holy Quran 17.7-- "If you do GOOD, you do GOOD for YOURSELVES; and if you do EVIL, [you do it] to YOURSELVES."

Most banks as u said have Islamic windows but where the money comes from?. From the same interest dealing, is this halal?

Mashaalllah beautiful knowledge have been blessed by Allah SWT

Todays India is very communal.May the people of India live happily together.

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.

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?

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 images.app.goo.gl/8eiYgsHWScZNGfBL8 images.app.goo.gl/uE1iPGaZizs1dgDy5

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

Why dont u give solution to the modern banking system which is used by all including you!!

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.

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%.

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.

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.

So everybody in the United States is screwed ??..

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.

Why we study interest in course and what is it advantages studying in the course? 🤔

Incorrect explanation of usury / riba---. Simple interest has nothing in common with accumulative charges of loans 1400 years ago---.

But but but the Halal companies gets loans to grow business!! Isn’t that Haraam??!!

❤May Allah reward you brother Naik ameen. May Allah forgive and accept us ameen.

Dr. Zakir Naik---give me the rate they charged interest 1400 years ago---. I know you cannot---because they did not charge an interest rate---. They charged an X amount on top of the loaned amount for an X amount of period + + +.

Assalamu Alaikum..IM From INDONESIA LIKE YOU ALWAYS POREVER...👍👍👍

Bank interest is cancer 4 level of this world because lazy greedy bankers want to earn money on fradulent fiat money that is not estabilished on gold basis These practises makes huge gap between ultra rich and poor. India is known for these practises that are forbiden in Bible and strictly forbiden in Islam. See, particulary India, then Sri Lanka, Bangladesh and Pakistan has that huge gap between ultra rich and ultra poor. India had 350M poor people that live shit poor life. Pakistan and Bangladesh is not much better.

I don't see how paying interest is haram from this verse. I do see earning interest is haram here. Majority of people finance their homes and pay interest for 15-30 years. This allows them to buy a house in a better environment where their family can thrive. If you buy a house cash for 100kusd you will be in a decapitated home in a bad neighborhood. With the same 100k you can put a 20% down payment on a 500kusd home in a good neighborhood and build equity. Islamic mortgages just change the word interest to profit sharing but are the same. This can also free up capital to help poor by paying Zakkat and to do other good things in your life. How is paying Interest for a home, car, or a business be considered haram? Islamic bank use the term profit and loss but charge identically rate to current interest rates. How could there be a loss on Real estate when appraisal and inspections take place. does p/l mean if your house decreases in value you don't pay a payment? I don't think Dr. Zakir makes sense here. Not every interest bearing transaction results in one side getting rich and the other remaining poor. I've read the Quran verses he mentioned i don't see paying riba as haram.

Islamic banking is not Shariah compliant even if the bank and ulema say so. Please do your research. Read expensively. Reference Umar Vadillo.

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

anything more than what you borrowed is Riba. that is it.

Interest ----- why is it prohibited ---- do not understand why it should be inhibited---- in particularly interest from bank.

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.

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.

Isn’t buying and selling stock the same as gambling?

Salam alaikum can someone please link the video he mentioned that details on the effect of interest and usuary on the economy

Where I can get all of your debates online on Major topics such as riba?

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.

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.

I holy believe that the law of usury needs to be upheld. But for the love of God, where are the women in this audience. You cannot uphold the law of God without women. God is NOT a man! You're still all misogynistic. There cannot be man without woman. GOD made it so. Stop acting like it is possible and give us our rightful place. As God intended it!

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

If I lent 8 grams of gold (borrower can sell it for cash) for 5 yrs and ask the borrower to return me 8 grams of gold after 5 years (borrower should purchase the gold from market after 5 yrs )....there is no Riba here.....am I right

1:35 What's money 💰??? This should be the real question

So technically if for example the bank invests into your business and gets the percentage of a profit it wouldn't be considered ribba? This way a bank could technically collect more money until you are able to pay back the investment! And if the company does not make any money or loses in value the bank can try to sell their shares to other silent investors. They could also share their stock when it generates a lot of money to their banks customers putting them at risk. But where does the money from the bank come from? From the people that have put their money in the bank! So do we actually need banks for anything but keeping money? And if that is so, how can the bank earn any money to operate such an endavour? Or should a bank be state funded? Which again is by us? Maybe that is why digital currencies might actually be of help, if their operational costs are safe and somewhat minimum! Or you make it "illegal" for people to have more than a certain amount of money in their accounts for longer then maybe 3-6 months, so they are forced to invest! And this could lead to people investing in all sorts of businesses which could also work as long as it is not more than 50% of that business

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.

Thanks for the clarification

Haram is haram why there are questions about it for looking a solution based on islam.

Masha Allah Very useful video may be happy, healthy and successful always

Alhamdulillah Alhamdulillah 🕋🕌☪️💚💚☪️ Allahuakhbar Allahuakhbar from Malaysia 🇲🇾🇲🇾🇲🇾🇲🇾🔻🔻🔻🔻😃😃😃👍👍👍

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.

جزاك الله خيرا

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….

You have clearly no idea how the market works, educate your selves before announcing nonsense.

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.

Interesting how interest rates are destroying families in the west

*Riba is Usury (doubling redoubling); not bank Interest on loan taken for business. Several top Egyptian Scholars have said same what I have said*

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?

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.

Verses prohibits riba .......... Ch 3 v110 Ch 2 v 275 Ch 2 v 276 Ch 2 v 278 ,279 Ch 30 v 39

If bank becomes bankrupt, in Bangladesh I will loose my money kept in bank. Under this circumstances is bank interest haram

Allah is not Stupid and forgives not all Sins.

So, do muslims deposit money at the bank? If so, do they accept the interest on it?

Ihad a banking job back home grade 3 officer started idid not accept it Allah brought meinAmerica for good purpose

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 .

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.

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?

Most of the arab banks don't take interest locally.BUT they invest their xcess liquidity in mostly US banks thus earning billions.

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.

Was there paper currency during prophet's sallahu alaihi wassalam times? ??

Alhamdulilah about riba good answer given to him zazak allah khair brother

What was the medium of exchange during prophet's time. .....gold silver dates wheat

Assalamu Alaikum I live outside the country, a year ago I took a loan of 5 thousand riyals from a person in 2020 (for expenses in Bangladesh), then the rate of riyals was 23 taka in Bangladesh. (5000X23=11500 one lakh fifteen thousand taka) Now I will pay the taka 2021-December. At present the real rate is 30 Taka (5000X30 = 1,50,000 one lakh and fifty thousand Taka) Now I will calculate it in Bangladeshi Taka or I will calculate it in Qatar Riyal. If anyone knows, please let me know. thank you

I cannot agree with you that interest makes the rich to be richer and the poor to be even poorer There are many who leverage with banks and able to expand their business

Even jews have an issue with interest (riba) also jews are required to give charity (zakat) Islam is very similar to Judaism.

Wrong interpretation. Almighty Allah prohibited only the taking of usury in every verse of the Quran. Because Allah says that the giver is the oppressed one who returns double and triple sometimes. So Allah declares war on the consumer of ‘ribah’ not on the giver.

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

Ya Allah Sab k Dill Deen e Islaam Se muNawr Kar de. Ya Allah Humein mAaff Farma Ameen

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?

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.

Live and let live(others) good practice.

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

Can we. Get cars from bank

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.

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.

So is it permiseble to work in conventional bank who also have islamic window??

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

All the stock mark companies have interest based loan. You can check there balance sheet