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Interest
I have seen your videos and my understanding is that car or house mortgage through conventional banking modes is not haram. What about personal loans then?
Also, there’s a hadith that there will be a time when interest will wide spread among my ummah and who wish to avoid it also will be touched by its dust, something like that.
How do you explain that hadith then? Surely, every word of PBUH is true.
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3 Replies
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Interest
updated 1 day, 8 hours ago
2 Members
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Replies
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Interest on personal loan is Riba or sood. However the one who takes loan is not blameworthy for paying interest. It is only the creditor who is blameworthy.
The meaning of the hadith is correct. The banking system heavily rely upon interest and everyone directly or indirectly is affected or participated in it.
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Thanks for your reply.
Firstly, are you saying that we can take riba/sood in any shape and the onus is on the provider? That seems to align with the hadith as well, isn’t it? That riba will wide spread. Shouldn’t we prevent it? And one to prevent is definitely to not indulge in it, isn’t it? Since it’s a demand and supply chain problem, i don’t think the borrower is completely clean.
One can argue that a person can travel by bus, motorcycles etc and live in a rental place and live within his means what God has provided him rather than calling mortgage and car loans a necessity. Otherwise there will be no end to what we can consider a necessity and everything will be declared halal. Another thing Prophet PBUH warned us about that near end times, haram will become halal.
But going back to original question: In order to implement the learning of hadith I mentioned in original q, shouldn’t we avoid interest? Even it’s dust? Isn’t the meaning of Prophet PBUH here is that bad will spread and people will get affected? So shouldn’t we be refraining from taking interest?
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Please refer to the following video
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