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Old Friday, December 10, 2021
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Default Riba (Interest)

Riba is an Arabic word that is commonly translated as “interest” or “usury”, or unjust, exploitative gains made in*trade or bussiness*under Islamic law. Riba was explicitly prohibited in Quran and Sunnah. When loan is given and in return some more amount is taken along with loan amount is called Riba (interest).

Any bussiness which offers an interest is illegitimate for the Muslims, it is like either depositing money at the banks and get monthly fixed profit as an interest or Cryptocurrency bussiness etc.

Any bussiness in which people don’t have to do either mental or physical hardwork and get profit is known to be having unjust growth is illegitimate bussiness whereas such business which requires your either mental or physical hardwork is known to be having just growth is legitimate bussniess in Islam. Likewise any bussiness in which consumption involves is legitimate.

Stock exchange is one of those businesses which are illicit in Islam because any bussiness in which there is uncertainty that either you get richer or poorer overnight without any hard work is illicit.

Working in a bank which offers an interest is illicit in Islam until you are living in a place where you can’t find any other work apart from working in a bank.

Written by Shahjehan Soomro
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