has to pay rent to the owner. In the case of interest, the debtor actually spends theamount borrowed from the creditor and has to return the same amount with someaddition to it by way of interest.
In trade, professions and crafts, a person benefits after undergoing labour, hardship, or by his skill or art. In interest transactions he only lends out his surplus amount and becomes, without any personal labour or hardship, a prominent partner in the earningsof his debtor .
It should be clear from the above discussion that Riba is different from bay’. The Quran inunambiguous terms puts bay’ against the concept of Riba. Allowing the former while prohibiting the latter.
PROHIBITION OF RIBA IN THE HOLY QURAN
In several verses of the Holy Qur’an, Allah(swt) has mentioned the consequences of riba. The Qur’an did not declare the prohibition of riba in the early stage of revelation, rather we find that the complete prohibition of interest came sequentially.In the Qur’an Allah(swt) says:“
That which ye lay out for increase through the property of (other) people, will haveno increase with Allah: But that which ye lay out for charity, seeking the countenanceof Allah (will increase): it is these who will get a recompense multiplied
That they took riba (usury), through they were forbidden and that they devoured men’s substance wrongfully – We have prepared for those among men who reject faitha grievous punishment
O ye who believe! Devour not usury doubled and multiplied; but fear Allah, that yemay (really) prosper
“Those who devour usury will not stand except as stands one whom the evil one byhis touch hath driven to madness. That is because they say: ‘Trade is like usury.’ But Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to
2 Abu al A’la al Maududi “The meaning of the Quran”, volume 1, p.p 201-205.