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I want to know why interest rate is haram because many of my friends want to know and i would like to tell them about the story that YOU told me :) May Allah (SWT) Reward you for this

asked 153 HakimHamadi's gravatar image

I wanted to give you the reasons why it is bad rather than condemning it without reason. So here you go (user: happily happy):

There are two issues with regard to Riba..

  1. Individual problem pertaining to Riba. Here a person becomes too greedy of money, he pays money to person in extreme need and force the person to pay back more money who is already in finanacial problem. because of this; brotherhood, sympathy, etc disappear for society.

  2. Socio-economic effect. If riba becomes norm of the society, it create lots of social and economic upheavel in the society which works only for rich against poor. Let me give an example.. a. I need to travel from home to office on daily basis, and interest based banking system is not at all functioning in the society, what shall I do now? I will use public transport to go to office, sometime after few years I gather some money to buy a car (used or new) and travel by using that car. b. I need to travel from home to office on daily basis, and interest based banking system is functioning in the society, I take a loan from bank and buy the car and keep paying for another 3-5 years from my salary.. Just imagine economic effect of condition b. Because most of people can afford to buy a car by using credit facility, cars will be expensive. Because, many people buy cars by using credit facility, I am be tempted to buy car even though I do not need it. Because, many people buy cars by using credit facility, companies would make more expensive and luxurious cars and tempt people to buy expensive cars. Expensive cars will be common in the society despite the lower level of income. Usage of public transport would reduce and evnetually quality of public support also would decrease. Gradually society would convert into group of people always tend to exhbits the wealth, compete in luxury and too low in contentment. Banks would lure people spend the money which they do not own. multinationals would lure the people to buy products which they can't afford. Everything above works only in favour of rich capitalists against poor.

Eventually the whole society is converted to a greedy, hedonist, exhibitionist society. They would become more like economic animamls instead of realising their spiritual duty. Every day they would be thinking only about paying their installments and work hard, try to earn more money, forget about religious and family obligations.

What I have spoken above can be observed in daily life of people all over world.

Now, Just imagine that interest based banks are not their..and recalculate each and every economic and social factors. You will see that eveything would be much better.

answered 8588 abdul_wasay's gravatar image
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Asked: Apr 14 at 19:29

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Last updated: Apr 15 at 09:33

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