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4. Interest (Riba/Sood) – 23 Questions Series
Following videos are from Ghamidi sahab’s Response to 23 Questions series. In these videos he explains every aspect of his understanding in regards to riba.
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4. Interest (Riba/Sood) – 23 Questions Series
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Response to 23 Questions – Part 20 – Interest/Usury (Riba/Sood) – Javed Ahmed Ghamidi
Interest (Riba/Sood) Episode 1
Q. What is the origin and meaning of the term ‘interest’ (riba/sood)? Why has Islam declared it forbidden? What is Ghamidi sahab’s view on ‘interest’? From 0:12 to 13:07
Q. Ghamidi sahab says that the matter of ‘interest’ is related only to the consumable (perishable) items. Why does he draw distinction between consumable and non-consumable items? What’s the difference between taking interest on loan, charging rent for things of use and sale of commodities? From 13:07 to 22:31
Q. Where has the Quran drawn distinction between consumable and non-consumable commodities? In cases of ambiguities, how does the Quran address them? From 22:31 to 30:05
Q. Is there any the difference between other scholars and Ghamidi sahab on the issue of charging of ‘interest’? From 30:06 to 32:11
Q. The fundamental objection is that Ghamidi sahab believes that paying of ‘interest’ is permissible whereas it is claimed that the Prophet (pbuh) has declared torment for those who charge ‘interest, those who pay ‘interest’ and those who bear witness to such transactions. What then is the basis of Ghamidi sahab’s opinion? What does the Quran say about this issue and why is it important to understand narrations in the light of the Quran? From 32:12 to 55:25
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Response to 23 Questions – Part 21 – Interest/Usury (Riba/Sood) – Javed Ahmed Ghamidi
Interest (Riba/Sood) Episode 2
Q. It is narrated that the Prophet (pbuh) said that those who charge ‘interest’, those who pay ‘interest’ and those who bear witness to such a transaction are all equal and all of them have been cursed upon. Doesn’t this Hadith refute Ghamidi sahab’s opinion regarding those who pay ‘interest’? How does this entire business of ‘interest’ take place? What is the meaning of the word “Mu’kil” used in the Hadith? Was the Prophet (pbuh) referring to those who pay ‘interest’ or to the colleagues and collaborators of the money-lenders who charge and collect ‘interest’? From 0:12 to 31:19
Q. If someone is not doing money-lending as an organized business, rather doing it on individual basis, and there is no accountant, witness, agent or facilitator. Who will be the “mu’kil” in this case? From 31:20 to 34:15
Q. Suppose someone has a need and he gets loan from somewhere which gives him relief despite the fact that he has to pay ‘interest’ afterwards. When inquired by someone else who also has a need, if he simply refers that individual to the money-lender who charges ‘interest’, will he be considered a facilitator of the money-lender? From 34:16 to 35:56
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Response to 23 Questions – Part 22 – Interest/Usury (Riba/Sood) – Javed Ahmed Ghamidi
Interest (Riba/Sood) Episode 3
Q. It is said that the institution of the bank is representative of the Western economic system. What is Ghamidi sahab’s viewpoint regarding this? From 0:12 to 10:28
Q. What really is the institution of bank from a classical perspective? How has this institution radically evolved over time and what are the changes that have come about in the forms of money-lending in terms of three major functions of the banks – Financing, Mortgage and Credit Cards? What is the background of Ghamidi sahab’s approach in his article ‘The Question of Interest’? From 10:29 to 34:40
Q. What should be the attitude of religious scholars towards the ever changing socio-political and economic systems? Should these changes be rejected outrightly or should they be carefully studied in order to determine their relation with religion? From 34:41 to 41:21
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Response to 23 Questions – Part 23 – Interest/Usury (Riba/Sood) – Javed Ahmed Ghamidi
Interest (Riba/Sood) Episode 4
Q. In his book ‘Maqamat’ (Selected Essays of Javed Ahmed Ghamidi), what are the suggestions that Ghamidi sahab has prescribed for the field of banking? What is the problem in adopting the principles of Fiqh about ‘partnership’ and ‘stake-holding’ in the current system? 1st Suggestion – Hire Purchase arrangement – What is the nature of mortgage? From 0:12 to 10:23
Q. 2nd Suggestion – Principal-Secured Financing and Nominal Profits on the basis of estimations From 10:23 to 20:00
Q. 3rd Suggestion – Transactions with Bank’s Credit as a mode of sale and purchase – Why is monetary fine or penalty not the same as ‘interest’? From 20:00 to 24:46
Q. Ghamidi sahab has written in his essay that if money has been lent for non-business purposes, then the banks, as a consequence of the inflation, should not charge anything extra other than the actual amount lent. What is the meaning of this suggestion? What should be the attitude towards such Ijtehadi applications? From 24:46 to 29:34
Q. Why should the methodologies and applications in the matters of banking be understood and analyzed instead of directly jumping to the outcomes and criticizing the intent of someone? Case study of the application of Halal and Haram on ‘Marukut Tasmiah’ by Imam Shafi’i From 29:35 to 35:19
Q. In case of mortgage, Ghamidi sahab says that the extra amount which the bank is charging is actually the rent of usage. Critics object that it cannot be categorized as rent because the usage means to take something on rent and then return it after usage. Nothing in it becomes your property. Similarly, in cases of rents, the owner takes responsibilities of the maintenance of the house. In mortgage, this doesn’t happen. Then, how can the amount paid to the bank be categorized as rent? Shouldn’t the bank take responsibility for maintenance? From 35:19 to 40:23
Q. Is there any direct command in the Shariah that when you do a partnership business then the partnership should be based on both the profits as well as losses? From 40:23 to 43:29
Q. In the condition where a business is closed, the principal amount can be demanded by the bank while the profit will not be. However, if the person’s business has sunk, and he cannot even pay the principal amount, on what principle of fairness can the bank demand back the principal amount? From 43:29 to 45:13
Q. Considering the principles of fairness, why is it compulsory for an individual to return the inflationary amount since inflation is not his fault and occurs due to the larger economic processes in the society and the world? From 45:13 to 48:04
Q. Why has Ghamidi sahab advised pious individuals to avoid National Saving schemes and simultaneously said that orphans or widows may go for it? From 48:04 to 50:22
Q. In the present state of the banks, where these reforms have not been adopted in totality and the banks deal in loans and financing while charging ‘interest’, if a person is employed in the bank, would his income be considered as Haram? 50:23 to 52:06
Q. In the case of Credit Cards, isn’t the bank exploiting the individuals by tempting them to buy things? From 52:07 to 55:13
Q. Are the rewards which are offered in terms of credits and savings for shopping up to particular amount permissible? From 55:13 to 56:05
Q. In issues like cryptocurrency and other modern monetary innovations, what principles should be kept in mind while evaluating applications and determining their relation with the religious guidance. Who has the final authority in these matters? From 56:06 to 1:02:22
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