// Usury
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palipeach81
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« on: Nov 05, 2011 06:46 PM »


Assalam Alkium,
I was reading in the Quran that usury is haram. Usury is defined as the lending of money with an interest charge for its use.
My husband and I have a morgage and credit card that charges interest. In this day and age, is there a way we can avoid this? It says you can go to Hell for this.
moderatesufi
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« Reply #1 on: Nov 05, 2011 10:34 PM »

I hate it when people use "this day an age" to justify harram actions.
You have a mortgage and you have credit cards. the key word here is "you".
The Quran came for every day and age.
If you were poor, the banks would never ever even consider giving you a mortgage. You would have to rent like most other people.
But suddenly due to your wealth increasing, you are able to afford the deposit needed to obtain a mortgage. And Suddenly it becomes a necessity, while previously it was an impossibility?

And the same thing applies to credit cards. You have them. I use debit cards instead.
Think about it?


Well you use this excuse for Ribba.
And it isn't a new excuse. People use it to justify every Harram. Alcohol, Pork, Zina you name it, people use this day and age to try make it Hallal for themselves.

To cut a long story short. How can you not live without these things when their are plenty of others living without them?
Most of them, less well off them yourself?
Why do I say this?
Well, banks don't give credit cards and mortgages to everyone on demand.
pearl
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« Reply #2 on: Nov 05, 2011 11:26 PM »

As salaamu alaikum, sister --

If you have a balance on your credit cards now, you can strive to pay it off as soon as possible and not use the card any more until the balance is paid off.  In the future, don't charge more than you can pay off with the next bill and that way you can avoid paying interest. Restrict yourself to one card. There are some things for which you do need a credit card (like renting cars), but having a credit card doesn't mean you have to allow balances roll over from month to month. If you cannot control yourself with the credit card, then pay it off and close the account.

The mortgage is more difficult. I guess you could try to sell the house? Or look into converting it to an "Islamic" mortgage?  At the very least, work on paying off the current mortgage and don't fall into the trap of getting a second mortgage or taking out another type of interest loan.

If you owe a LOT of money on the credit cards, you might have to make some changes to your lifestyle. Stay positive. You can do it!
pearl
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« Reply #3 on: Nov 05, 2011 11:53 PM »


... But suddenly due to your wealth increasing, you are able to afford the deposit needed to obtain a mortgage. And Suddenly it becomes a necessity, while previously it was an impossibility?

Well, banks don't give credit cards and mortgages to everyone on demand.


moderatesufi, what do you know about the wealth of this sister and her husband? Maybe there was a job loss, illness or other crisis that led them to rely on credit cards.  You don't know, so your accusations are unjustified.

It is also possible this woman and her husband became Muslim AFTER they already had a mortgage and credit card balance.  There are quite a few converts in that situation.
moderatesufi
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« Reply #4 on: Nov 06, 2011 10:56 AM »

As salaamu alaikum, sister --

If you have a balance on your credit cards now, you can strive to pay it off as soon as possible and not use the card any more until the balance is paid off.

I thought about saying that, but didn't because Credit cards are not a necessity, when you can do pretty much the same thing using a debit card.
I find companies prefer me to pay with a debit card instead of a credit card. Some even have lower fees for purchases using debit instead of credit because they themselves are charged less for the transaction.

So I could have said, use a credit card, borrow the money from the card company but pay it back before they start charging you interest. But instead I said, use a debit card like pretty much most of us. pay for stuff with what money you have in your bank, so their is no risk of you being charged interest.


Pearl reread what she wrote again, and you will find your answer there.

Palpeach:
Many people in the building trade work like that. It is possible to do it in a Hallal way. But that would require him making serious changes to the way he does business. I agree with you, that I am not sure he would agree to that.
The way he does business now is, taking the money from a sale after payment of debt and seeing it as the profit you live on.
While the Hallal way would be only buying with what he has, and setting money, and even then not all he has because he would have to keep some aside for doing the place up.
Or working with partners and sharing the profit the profit with them.

The harram way seems more profitable when times are good, but it also has greater risks. Because if he doesn't manage to sell at a greater price he is stuck with a debt that accumulates interest.


He knows more about his business then you. So I can understand why he wouldn't listen to you when you advice him on things you know nothing about. It would be better and more affective if you just tried to get him to fear Allah in general, on all issues.

MUHAMMAD THE GREATEST MAN
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« Reply #5 on: Sep 14, 2013 10:43 PM »

Allah says in Surat Al-Baqarah (The Cow) verse 275: ( Those who charge usury are in the same position as those whom the devil hath prostrated by (his) touch. That is because they say: "Trade is like usury" whereas Allah permits trade, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may

keep his past earnings, and his case is for Allah (to judge); but whoever returns (to usury) - Such are the rightful owners of the Fire. )

It is reported that Gabir transmitted that: " TheProphet Muhammad (peace and blessings of Allah be upon him) cursed those who pay usury, those who receive it, those who write a contract based on it, and those who witness such a contract, and said they are all equal."http://www.knowmuhammad.org/reading-room/-/asset_publisher/2qjX/content/the-wisdom-in-prohibiting-usury-in-islam;jsessionid=0B3F15509841EBFC6665D47DE1FFB98E?redirect=http%3A%2F%2Fwww.knowmuhammad.org%2Freading-room%3Bjsessionid%3D0B3F15509841EBFC6665D47DE1FFB98E%3Fp_p_id%3D101_INSTANCE_2qjX%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26p_p_col_id%3Dcolumn_2%26p_p_col_pos%3D1%26p_p_col_count%3D2
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