Riba in Islamic Perspective
Author: Umar
Riba means the excessive fixing interest of loan which is imposed to the
lender. Identically, people define usury as the interest from the bank which
has the similar meaning to the interest. What makes it similar is because
either rent or usury will generate the amount of interest which both are
categorized unlawful (haram).
In
practical, the interest of the bank is the profit which is proposed to the bank
due to their set of services in providing money to the debtors in the term of a
productive enterprise. Then the question comes up, what is the difference
between the usury and the interest? To answer this question, the definition of
interest should be embodied. Lexically, interest is the translation of the word
interest meaning the percentage of money lent from a bank. Thus, it can be
concluded that both usury and interest need extra reimbursement when the
debtors return the money to the bank.
As in the
Qur'an letter Al Baqarah verses 275 - 276, Allah SWT states that: "Those
who eat (take) usury cannot stand but like the establishment of people who
conceded devils because of the pressure of madness. Their situation is that is
because they say, actually buying and selling is the same as usury, but Allah
has justified the sale and purchase and forbid usury. Those who have reached to
him the prohibition of his Lord, then continue to stop (from taking usury),
then for him what he has taken first (before coming to ban); And its affairs
(up to) to God. The one who returns (taking usury), then that person is the
inhabitants of hell; They will abide therein (275). Allah destroys usury and
fosters alms. And Allah dislikes every man who abides in unbelief, and always
sins (276). "
In the
verse, Allah affirms that He forbids usury to be a profit-seeking instrument in
socioeconomic activity. However, Allah nourishes alms and justifies buying and
selling as one way to gain wealth in a good way. Based on the above
description, the Islamic view is very clear that the concept of usury is haram.
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