Dear brothers in the forum. Assalam-o-Alaikum Let us exchange views on a very sensitive issue. The term Riba is said to mean interest on money lent to others. Lending of money can broadly fall into two categories. One is for philanthropic purposes and the other is for commercial use.
Fixed or loose percentage of interest is not mentioned in Quran. Lending, borrowing, leasing and hiring are the inevitable necessities of business. Fairness in business is the only requirement of Quran. To ensure justice and equity in business the Society may make Rules for commercial loans and other business deals without jeopardizing, however, the sanctity of Riba free plan introduced by Allah the Almighty, for the benefit of his people not belonging to the business community. People were under the illusion that Riba is like profit in trading (2:275) Allah clarified; No, you are mistaken. They are different, I permit trade and prohibit Riba (2:275) keep your past earnings and stop charging the interest from now onward (2:275) and also if the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, (2:280) Please take notice of the debtor being spoken of here. The fact that disapproval of Riba where ever it occurs has been mentioned in the context of Charity which shows that Allah want us to promote charity by introducing a plan of interest free loan for the people who are in need of help on affordable terms. Lending of money to such people shall be free of interest without invoking the philosophies of fixed, minimal or dependent percentages of interest. This according to Quran is obligatory and who ever refrain from it is the companion of Fire. Looking into the subject of spending money in the way of Allah, the word Riba is interwoven in 11 verses of Sura Baqarah (271 to 281), relating to Charity alone. This definitely is not a coincidence that as many as 11 verses on one subject are put together. A careful study of these verses indicate that Allah the Almighty intends to advance charity and allow trading but is not pleased with making money at the constraints of needy ones. This gives me a feeling that prohibition of interest is not a general application. It applies to the cases where help on charitable basis is called for. This introduces in the economic system and package of interest free loan for the poor ones. Will the learned members please comment? May Allah guide us to the right path. Muhammad Latif Chaudhery
