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Riba' And Credit Card
Assalamualaikum!
Riba’ is simply asking for money over returning a previous loan money.
Now that money may be asked to be given whenever the loan is returned. Or it can be asked to be given if returning after particular time period. The later happens in credit card system.
But Ghamidi Saheb has limited the definition of riba’ only if it is taken without any relaxation period and named it as merely penality.
Why?
And also, is there any example or narration that shows that prophet (SAW) allowed taking penality over a loan not returned in the agreed time limit?
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2 Replies
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Riba' And Credit Card
updated 1 year ago
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Replies
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Ghamidi Saheb did not include the limit period in the definition of Riba.
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This is a matter of Ijtihadt, so a precedent from the holy prophet is not available. It is not unethical to impose a fine to make someone pay his dues.
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