Saturday, October 16, 2010

Are you in war with Allah and his Messenger?

Taking and receiving interest(Riba) is Haram in Islam. Allah has mentioned this is the Quran many times including in chapter 2 verses 278-279, where HE says that you are in war with ALLAH and his Messenger if you deal with interest.

However some of still continue to receive interest from our bank account. All you have to do to stop this is to simply write a letter to the bank manager requesting to stop the crediting the interest to your account.


You can simply download the the letter in the link shown below, fill in the highlighted areas and print it. Sign and hand it over to the bank.

"Those who devour usury will not stand except as stands one whom the Satan by his touch has driven to madness. That is because they say, "trade is like usury", but Allah has permitted trade and has forbidden usury.." [Quran 2:275]

"Allah will deprive usury of all blessing, and will give increase for deeds of charity, for he does not love any ungrateful sinner." [Quran 2:276]

"Oh you who believe! Fear Allah and give up what remains of your demand for usury if you are indeed believers." [Quran 2:278]

"If you do not, take notice of war from Allah and his Messenger sallallahu alaihe wasallm but if you repent you shall have your capital sum. Deal not unjustly and you shall not be dealt with unjustly." [Quran 2:279]

"Oh you who believe! Devour not usury doubled and multiplied; but fear Allah that you may prosper." [Quran 3:130]

"That they took usury though they were forbidden and they devoured peoples wealth wrongfully; we have prepared for those amongst them who reject faith a grievous chastisement." [Quran 4:161]

"That which you give in usury for increase through the property of people will have no increase with Allah: but that which you give for charity seeking the countenance of Allah, it is these who will get a recompense multiplied." [Quran 30:39]


Anonymous said...

Any money placed in a Bank Account is used by the Bank for investment purposes. These investments could be perceived as 'joint investments' by the Account Holder and the Bank. Any 'returns on investment' are then shared proportionately between the person and the Bank. The individual's share is referred to as 'interest' earned by the money placed in his account.
Will using the term 'investment earnings' rather than 'interest' make it acceptable by Islam ?

Safraz said...

I think Islamic banks operate under this concept where only the investment earnings is shared by the Bank and the Account holder. The difference from interest is that, if an investment turns out to be a loss then the account holder does not get paid. This is similar to any other business, where you share both profit & loss.

Allah knows best.

Quran said...

nice job