Have you ever lent money and taken the interest in it? Most Muslims believe that in Islamic law, they shouldn’t have to do that. Why? Because it refers to the Riba or usury that exist since the many years ago, and its prohibited in Islam.
Usury is one of the things in Islamic law that Muslims have to avoid. The fact that taking interest is typical usury in Islam and it has the opposite effect towards the Islamic law of taking interest in lending money makes Muslims should avoid this thing.
Muslim believe for so many years that there are some the Islamic laws of taking interest in lending money as a form of Islamic finance. It can be easy to apply when the case comes from person to person.
It can be different while the bank or the same typical profit organization that lending its money to its debtor. The interest fee may apply in charge that makes the debtors couldn’t capable to avoid it which it’s already been settled.
If you are still wondering whether it is permissible or not in Islamic law of taking interest in lending money, here we have some of the reasons why we should avoid taking interest from them.
Let’s check them out below!
In Islamic law of taking interest in lending money if it’s done for the benefit goal, then the law is referring to the Qardh usury. It is a type of interest that come in debts that are commonly taken for some benefit goal.
As mentioned in the Quran, any type of taking interest in lending money that refers to a benefit goal that is similar to the Qardh usury is unlawful. That is why some Muslims should remind to not taking interest in lending money.
Some people in rural society sometimes do different practical ways of taking interest in debts. It can happen to some who are that affected by poverty.
For example, you lend them money for someone, and they pay you back with some other thing outside the money, such as clothes, cookies, or anything that has an equal value to the money they borrowed.
By some agreement before, this case may happen. People will think about you taking interest in the money you lend them. But in fact of the same value of the money and other things that are equal to the money, taking an interest can be permissible to do.
In the Quran surah, Al Baqarah verse 275 mentioned that Allah is allowing us to do selling and buying but not the usury. That means any usury motive type in debts is haram or prohibited do.
In Islamic law taking interest in lending money is prohibited if it contains usury. Moreover, if the usury come higher and unreasonable for the lender. This practice is haram in Islamic law so every Muslim should avoid it.
In Islamic law taking an interest in lending money can be permissible if it was done by agreement from both the lending and the lender. Muslim believe that if taking interest capable to give some benefits for both the lending and the lender, it is permissible to do.
As long as the agreement is already settled by both parties, then it is settled that taking interest is permissible to do. Muslim believe the Islamic law of taking an interest in lending money for this case can be a win-win solution for them.
In Islam, there is a typical interest when you lend money to someone using the Yad usury type. In Islamic law taking an interest in lending the money using Yad, usury type is permissible to do as long as it is not harmful to both parties.
For example, if you lend them money for someone to buy a car. They pay you back by installment, which makes the amount different in the end. This is permissible to do because both parties agree with the installment system that makes the amount will be different in total later.
In Islamic law taking interest in lending money can be unlawful if it was done by a multiplying system. Muslim believe that multiplying your interest in lending money to someone becomes unreasonable things that make the borrower suffer more.
Indeed lending the money to someone will help them, multiplying the interest means would make the borrower have some difficulties paying you back. That is why this action should be avoided by every Muslim since giving any harm to others is prohibited in Islam.
Any type of forcing someone to agree if you take some interest while you lend them some money is unlawful to do. In Islamic law, taking an interest in lending money by forcing people to agree with what is prohibited to do.
Forcing people to agree with you taking an interest in the money you lend them will make them have some difficulties. Not only do they have to pay you higher but also your relationship with them may be a break in a common time.
Making the debts time longer even if you know that the time has close to the end of the debts time is unlawful to do. In Islamic law taking interest in lending the money using a way to make it longer is prohibited as it is mentioned in the Quran as the type of Nasiah usury.
So, there is some Islamic law of taking interest in lending money. Any type of interest in Islam commonly is unlawful to do and already prohibited in Islamic law.
You better think wisely before taking an action on taking interest in lending money. May Allah give you some of His blessing and mercy.
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