Have you ever given money to someone and kept the interest? Quran teacher think they shouldn’t have to do that according to Islamic law. Why? Because it means Riba or usury, which has been around for a long time and is against Islam.
Usury is one of the things that Muslims are told to stay away from by Islamic law. Taking interest is a form of usury in Islam, and Muslims should avoid it because it goes against Islamic law.
Muslim people have thought for a long time that some Islamic laws say it is wrong to charge interest on loans. This is a form of Islamic finance. It can be easy to use when the case goes from person to person.
It can be different, even though the bank or other for-profit organization that lends money to a debtor is usually the same. The interest fee may be charged, which means the debtors can’t get out of it even though it’s already been paid off.
If you’re still wondering if it’s okay under Islamic law to charge interest on the money you lend, here are some reasons why you shouldn’t.
Let’s look at them below.
Illegal for a Good Reason
The Qardh is usury forbidden by Islamic law if you lend money to make money for yourself. It is a type of interest that is usually added to debts taken out for some good reason.
According to the Quran, it is against the law to charge interest on a loan with a benefit goal that is the same as Qardh usury. Some Muslims should tell people not to charge interest when they lend money.
Permissible For Different Types
Some people in rural areas do different useful things to get interested in their debts. It could happen to some people who are that poor.
For example, you might lend them money for someone else, and they might pay you back with clothes, cookies, or anything else of equal value to the money they borrowed
By making a deal before, this could happen. People will wonder if you will charge them interest on the money you give them. But if the money is worth the same as other things that are worth the same, it is okay to take an interest.
Ban on Interest as a Reason
In Al Baqarah verse 275 of the Quran, Allah says that we can sell and buy things, but we can’t charge interest. That means any interest on debts is haram or forbidden.
Taking an interest in a loan is against the law in Islam if it involves usury. Also, if the interest rate goes up and isn’t fair for the lender, this is against Islamic law, so every Muslim should avoid it.
Illegal for the Multiply System
Under Islamic law, it is against the rules to charge interest on a loan through a multiplying system. Muslims think charging more interest on a loan is unfair and makes the person who borrowed the money suffer more.
Giving someone money will help them, but charging them a lot of interest would make it hard for them to pay you back. This is why every Muslim should not do this because Islam says it is wrong to hurt others.
It’s illegal for forced type
It is against the law to force someone to agree that you can charge them interest on the money you lend them. In Islamic law, it is against the rules to charge interest on loans by forcing people to agree with you.
People will have trouble if you force them to agree to you taking an interest in the money you lend them. Not only do they have to pay you more, but you may also have difficulty getting along with them.
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