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Why Usury is Haram

Why Usury is Haram

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Published by Khaleel Ullah

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Categories:Types, Business/Law
Published by: Khaleel Ullah on Oct 05, 2010
Copyright:Attribution Non-commercial

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10/05/2010

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BAHRIA UNIVERSITY ISLAMABAD
Why is Usury Haram?
Submitted ByKhalil Ullah Mohammad01-120082-0269/28/2010Submitted ToMrs Huma Ayub
 
Why Riba (Usury) Is Haram
Those who devour usury will not stand except as stand one whom the Evil one by his touch hathdriven to madness. That is because they say: “Trade is like usury,” but God hath permitted tradeand forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for God (to judge); but those who repeat (the offence) arecompanions of the Fire: They will abide therein (for ever).”
- Quran Verse 2:275 (Chapter Al-Baqara)
The term, “riba” technically refers to the premium that must be paid by the borrower to thelender along with the principal amount as a condition for the loan or for an extension in itsmaturity. Since the Qur’an and hatith is the undisputed source of guidance in Islam for allMuslims, there is unanimous agreement on the fact that Islam has forbidden the practice of riba.In several verses of the Holy Qur’an, Allah (swt) has mentioned the consequences of riba.
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 faith a grievous punishment 
.” (4:161
)
Further it is stated,
O ye who believe! Devour not usury doubled and multiplied; but fear Allah, that ye may (really) prosper 
.” (3:140)The Prophet (saw) have cursed the receiver and the payer of interest and the one who records it(the contract) and the two witnesses to the transaction and said, “
They are all alike (in guilt)”.

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