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Is It Really Riba – Time Value Of Money
Riba is stated haram in islam but I wonder that the current state of interest payment actually is riba? Being a finance student I know that the paper currency is just a bill on which any state bank states to provide the currency upon asking, but they never do because the whole system is based on a lie. Now what islam calls a riba is based on a metal currency which appriciates over time because its a natural resource and its rare. My question is if some body lends money to some body if its in paper currency the lender surely will make a loss if borrower pays him after 10 years in the same paper currency. But not in the case if the metal currency is used. And if we can relate the paper currency with thr metal currency than we can easily derive the increase in the value which equals to the metal curency to save the lender from any loss … If we will not do this we will kill the culture of lending and helping because we will always think that we will loose in future and and one should not take riba over lending where in actual Is it riba ?
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5 Replies
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Is It Really Riba – Time Value Of Money
updated 3 years, 10 months ago
3 Members
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5
Replies
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1. When lending in paper currency, link it to the price of gold or some other commodity so you get the same value back from the borrow as what you are lending. This way there is no risk of riba.
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Yes thats my point. But its actualy not happening. scholars calls it riba which ever is paid over a currency
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You are right there is a great confusion in understanding the concept of Riba and its application in the modern world among the scholars community. However i understand from his recent videos on Riba that sir Ghamidi consider it a fair deal if lenders link their loans to a commodity (or a basket of commodities) to protect their principal amount from inflation.
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Please refer to the video below from 41:18 to 44:08
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Please also refer to the video below from 19:38 to 20:19
Sponsor Ask Ghamidi
