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Difference Between Paying Back The Money And Paying For The Commodity
Assalamualaikum
“It should be borne in mind that interest pertains only to those transactions in which a commodity is borrowed for the purpose of “using it up” whereby the borrower would be burdened to recreate it in order to return it to the lender. If any additional amount is demanded over and above it, then this no doubt is injustice as affirmed both by reason and revelation. On the contrary, transactions in which the commodities and items in question are “used” rather than being “used up” relate to lease, and the money demanded by the owner on providing this service, which is termed as rent, can in no way be objected to”Mizan.Chapter: Interest.
So interest is an injustice thing. But for example a person buys a house and like bank pays for it and person pays an amount every month and then an extra amount, which (extra amount) Ghamidi sahab takes as rent not as interest. Right? If right then similarly a persons takes money and then gives back an amount every month and then an extra amount which is according to him ‘interest’.But the case is same,he has to produce money from start and has to give an extra amount either he takes money directly or a house of same worth.He has to produce money from start.
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5 Replies
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Difference Between Paying Back The Money And Paying For The Commodity
updated 2 years, 1 month ago
2 Members
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5
Replies
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The house is there, he can give that house back to the bank, but not money, once consumes it has to be recreated. The two are not same.
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So to reshape the same example,i took 3 million loan from bank and bought a house,on that they asked me interest also,so if i buy myself and give bank extra money, it’s interest, but if bank but and takes extra money it’s rent. Both places,the same thing is happening.
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In the first case, bank does not bother where you use you money, if you like to give bank the house instead of money, the bank won’t accept it, it will demand money. but in the second case, bank gives you house and if you give it the house bank, the bank will accept it.
The difference is that if you take loan, and you lose the money, you have to reproduce it. but in the case of house you need not to reproduce the house.
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Still not clear,like i took money and bought house myself,on that money if i gives extra, that’s interest, if bank bothers i still has the house and i can sell it and give the money back,i have the thing(house) and i don’t need to produce from start,i still can sell house and get the money back,but in this process the extra money which i will give to the bank that is interest( but it’s not interest if bank does same thing for me)?
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If house is destroyed, you can sell house to give money back. if house is purchased from the bank and it is destroyed, the bank for example in the earthquake, the bank will consider the damage and deal accordingly.
Apparent similarity of two cases does not imply that the principle are same or need not to consider. In many cases they are different with different results and consequences.
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