MISCONCEPTIONS ABOUT RIBA 1.The verses on Riba were revealed in the final days of the Prophet Mohammed (SAW)’slife and he therefore did not have time to explain them properly. 2.Interest only becomes Riba when the poor are exploited. 3.Interest is only Riba when the amount loaned is ‘doubled and re-doubled’– أ 4.Interest is only Riba when loans are given for consumption needs, not productive needs. 5.We can justify Riba on the basis of it being a necessity of the current time and economic climate. Umar is reported to have said: ا لر نأ تدِدو ٌث ا إ ِ : ا ا باأ باأو او . ا اور .Three issues are such where I wish the Prophet had explained them to us in further detail. [Two of these relate to inheritance, viz.] the grandfather and kalaalah [deceased who has no ascendants or descendants], and certain chapters of Riba.[Ibn Majah]
Posted on: Tue, 28 Oct 2014 14:05:54 +0000
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