The literal meaning of interest or Al-RIBA as it is used in the Arabic language means to excess or increase. In the Islamic terminology interest means effortless profit or that profit which comes free from compensation or that extra earning obtained that is free of exchange. Hazrat Shah Waliullah Dehlvi a great scholar and leader has given a very concise and precise definition of interest. He says,
"Riba` is a loan with the condition that the borrower will return to the lender more than and better than the quantity borrowed."
Interest In Pre-Islamic Times
Hafiz Ibn Hajr writes in his commentary of Sahih Bukhari (Fathul Bari):
"Imam Malik reports on the authority of Zaid Ibn Aslam that in the period of ignorance (pre-Islamic times) interest was changed according to the following scheme. One person had a right in the property of another person. It may have been a general right because of the amount lent or the price of something purchased or in any other form. A time was set when the claim would be settled. When the appointed time arrived the creditor would ask the debtor if he wanted to settle the claim or pay interest with an extension to the time. If the claim was settled then there was no increase in the payment. Otherwise the debtor would increase the amount payable and the creditor would extend the period further. (Vol. IV P.264)
Islam’s View Of Trade
Interest is not a subject without trade and commerce. Islam recognises trade and commerce not only as a lawful profession but also as a moral duty. Islam has laid down a complete set of rules for trade. The reason for these rules is to specify what halal earning is. There are many traditions of Prophet Muhammadh (peace and blessings of God be upon him) concerning halal provision that can also be found in the books containing the traditions of the prophet (pbuh). Actually, Islam has encouraged men to earn their own provision and to provide it to their families. The condition is that the earning has to be according to the conditions set by the Shari’ah (Islamic Law). Any sort of transaction that does not correspond to the rules of trade will not be allowed. These rules can be found under the heading of trade in the books of jurisprudence. Interest is amongst those conditions which all dealings must be free from.
How Is Interest Illegal
The definition of interest has already been mentioned as well as that it is prohibited. If we explore the Qur’an we will come across several places where Allah has mentioned interest.
These translations are from Abdullah Yusuf Ali (May God reward him in abundance)
In Surah Al-baqarah (Chapter 2) Verse no.275, God says:
“Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: "Trade is like usury," but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever).”
And in the next verse 276 he states:
“Allah will deprive usury of all blessing, but will give increase for deeds of charity: For He loveth not creatures ungrateful and wicked.”
Two verses later in verse 278 he says:
“O ye who believe! Fear Allah, and give up what remains of your demand for usury, if ye are indeed believers.”
And in verse 279he says:
“If ye do it not, Take notice of war from Allah and His Messenger. But if ye turn back, ye shall have your capital sums: Deal not unjustly, and ye shall not be dealt with unjustly.”
Also in Surah Aal-Imran, (Chapter 3) Verse no.130 Allah says,
“O ye who believe! Devour not usury, doubled and multiplied; but fear Allah. that ye may (really) prosper.”
And in Surah Al-Nisaa (Chapter 4) Allah states in Verse no.161,
“That they took usury, though they were forbidden; and that they devoured men's substance wrongfully;- we have prepared for those among them who reject faith a grievous punishment.”
And in Surah Al-Room,(Chapter 30) Verse no.39 Allah mentions
“That which ye lay out for increase through the property of (other) people, will have no increase with Allah. but that which ye lay out for charity, seeking the Countenance of Allah, (will increase): it is these who will get a recompense multiplied.”
These ahaadith have been taken from Mishkat-ul-Masabih under the section of interest and the English translation has been taken from its English version written by Al Hajj Moulana Fazl Karim (218-227 vol. II)
Hazrat Jabir (May Allah bless his soul) reported that the Messenger of Allah (pbuh) cursed the devourer of usury, its payer, its scribe and its two witnesses. He also said that they were equal (in sin). (Narrated by Muslim)
Hazrat Abu Hurairah (May Allah bless his soul) reported that the Holy Prophet (pbuh)said: A time will certainly come over the people when none will remain who will not devour usury. If he does not devour it, its vapour will overtake him. (Narrated by Ahmed, Abu Dawood, Nisai,and Ibn Majah.)
Hazrat Abu Hurairah also reported that the Messenger of Allah (pbuh) said : Usury has got seventy divisions. The easiest division of them is a man marrying his mother.(Narrated by Ibn Majah)
Hazrat Abu Hurairah also reported that the Messenger of Allah (pbuh) said: I came across some people in the night in which I was taken to the heavens.(Mi’raj) Their stomachs were like houses wherein there were serpents, which could be seen from the front of their stomachs. I asked: O Gabriel! Who are these people? He replied these are those who devoured usury. (Narrated by Ahmed and Ibn Majah)
Hazrat Ali (4th Caliph of Islam - May the blessings of Allah be with him) reported that he heard the Messenger of Allah (pbuh) cursing the devourer of usury, its giver, its scribe and one who refuses to give Zakat (Alms tax :Islamic charity)and he used to forbid mourning for them.(Narrated by Nisai)
Hazrat Umar bin Al-Khattab (2nd Caliph of Islam - May the blessings of Allah be with him) reported: the last of what was revealed was the verse of usury. The Messenger of Allah (pbuh) was taken and he had not explained it to us. So, give up usury and doubt. (Narrated by Ibn Majah and Darimi)
Hazrat Abdullah bin Hanzalah (who was washed by the angels) reported that the Messenger of Allah (pbuh) said: A dirham of usury that a man devours and he knows is greater than 36 fornications. (Narrated by Ahmed and Darqutni)
Baihaqi reported from Ibn Abbas (May Allah bless his soul in Shuabul Iman. He added and said: (as for) one whose flesh has grown out of unlawful food, the fire is more suitable for him.
After narrating all these verses from the Qur’an and relating all the Ahaadith it is apparent to us that interest could never be legal and halal. How could anybody even take the time out to think about a matter in which Allah has declared war on the user and his Beloved Prophet sallallahu alaihe wasallm (pbuh) has cursed him? As sensible people we can understand that what our creator has chosen for us is for our own prosperity only.
Interest From A Jurisprudical View
We should deeply thank the Sahaabah – Companions of the Prophet (pbuh) (May the blessings of God be upon all of them) in their efforts to spread the religion as they learnt it from the Prophet (pbuh) Then when the religion started to spread vastly Allah brought about four imams who described the religion in general terms in order to make the common public understand.
They spent their lives trying to put the whole religion in a collective form through the Qur’an and the Ahaadith and the concise decisions of the Sahaabah. In the case of interest, all four imams established a general rule mainly concentrating on this statement made by the Prophet (pbuh)
Hazrat Al-Khudri (May Allah bless his soul) reported that the Prophet (pbuh) said: Gold in exchange for gold, silver in exchange for silver, wheat in exchange for wheat, barley in exchange for barley, dates in exchange for dates, salt in exchange for salt is in the same category and (should be exchanged) hand to hand, so who ever adds or demands increase he has practised usury. The giver and taker are the same.
Out of the four imams, Imam Abu Hanifah (May God be pleased with him) has ruled that if the measurement system (volumetric or in compounds) is the same and the two items are in the same category, then they should be sold in the same amount and direct not in credit otherwise interest will be found.
Imam Shaf’ee (May God be pleased with him) says that if the items are valuable and could be considered food then there is the chance of interest. Imam Malik (May God be pleased with him) says that if the items are valuable and are edible then interest is a subject.
Advice
As you may have realised, giving and taking interest is unlawful. Unfortunately, the basis of many of the transactions (especially in banking and insurance), personal or business involve interest. Thus it is becoming increasingly difficult for the majority of the Muslims, especially those who are comercially orientated to abstain from dealings involving interest. Many of us purchase items on ‘Buy now, Pay later' schemes thinking that this sort of scheme is of great benefit to us. Sadly, what we fail to recognize at the time of purchasing this ‘supposed bargain' is the fact that if we fail to pay the required amount at the due time, we will be liable to pay interest.
Now, suppose a couple of months ago, we were purchased an item on a ‘Pay later' scheme in which there was no question about us keeping upto date with payments, however due to a change in our financial situation, we have failed to pay the required amount, and are paying interest now as a result. We would have joined a group of those unfortunate people who have been cursed by the Prophet(pbuh)
Our advice to anyone who is involved in any form of interest is that the individual should minimise his expenditure in these dealings and if possible abstain completely from these transactions. In any case, every individual should continue to seek Allah’s forgiveness. The philosophy shows that a person who takes interest does not gain anything in reality but through the explanation of the Qur’an verse,
" Allah decreases interest and increases sadqah (charity)"
That in reality the money just goes to waste and the person does not even realize it and a person who gives money in the path of Allah, in whatever form it may be, actually gains although in reality it seems as though he is loosing out.
Every person should take all necessary precautions in their financial and social dealings. If a person neglects in keeping a watchful eye on financial dealings, this negligence will slowly spread to other aspects of religion. This will have a very detrimental effect on religious matters.
The dealings of usury and interest are not only a disadvantage to us in this world but will also be a source of great discomfort and pain for us in the hereafter. The Prophet Sallallahu Alayhi Wassallam (pbuh) has informed us about the punishment that awaits those people who deal with interest:
The summary of the matter is that interest is hazardous and should be abstained from in all manners. If anybody has a case they wish to solve then they should contact a Mufti (a learned scholar) and present their problem as it is.
I conclude by asking you my dear reader, is it really worth destroying the eternal life of the hereafter, just so that we may have a few more comforts in a life which can come to an end any moment?
Adapted from an article written by a Student of Darul-Uloom, Bury, U.K.
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