Islam and Interest
The practice of Riba (interest) was prevalent at the dawn of Islam and when the prohibition was proclaimed, it did not require any further clarification. A minor incident that occurred in 605 AD, just year before the revelation of Islam, is worth mentioning. The sacred House of God, Kabbah, was damaged due to a fire and contributions from the public were requested for repairing the damage. However, it was emphasized that only pure, clean, and honestly earned money should be donated and as a result prostitutes and usurious moneylenders were specifically debarred from contributing anything. This incident is an indication that even the pagans of Arabia did not consider money earned through lending to be from a clean and ethical source.
Several verses of the Quran mention and prohibit Riba (interest). In one of the earliest verse (30:39), earning through Riba is compared to the blessings and pleasure of Allah (SWT) through lending as an act of charity. This verse was followed by another verse (4:161), which severely condemned dealing in Riba with the reminder that it was prohibited by earlier scriptures of the Jews and Christians and well. In the next set of verses (3:130-2), Muslims were told that avoiding Riba was for their own welfare. Finally, the last revelation about Riba came through verses (2:275-81) giving severe warning about Riba and recommending to forgive Riba due on loans but providing protection to principal amounts.
Prohibition of Interest in Quran
“The usury (interest) that is practiced to increase some people’s wealth, does not gain anything at God. But if you give to charity, seeking God’s pleasure, these are the ones who receive their reward many fold.” (Ar-Rum 30:39)
“And for practicing usury (interest), which was forbidden, and for consuming the people’s money illicitly, We have prepared for the disbelievers among them painful retribution.” (Al-Nisa 4:161)
“O you who believe, you shall not take usury (interest), compounded over and over. Observe God that you may succeed.” (Al-Imran 3:130)
“Those who charge usury (interest) are in the same position as those controlled by the devil’s influence. This is because they claim that usury is the same as commerce. However, God permits commerce, and prohibits usury (interest). Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgement rests with God. As for those who persist in usury, they incur Hell, wherein they abide forever.” (Al-Baqarah 2:275)
“God condemns usury (interest), and bless charities. God dislikes every disbeliever, guilty. O you who believe, you shall observe God and refrain from all kinds of usury (interest), if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew.” (Al-Baqarah 2:276-280)
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