So that this wealth should not become confined only to the rich amongst you.(59:7)
During the tenure of 1984 to 1994, $ 719 Billion dollars were sanctioned as interest based loans while $ 749 Billion were returned during the same tenure still leaving behind a liability of $ 1258 Billion. 225 people possess 47% of the wealth of the world at the same time 1 Billion and 30 Million people earn $ 1 daily while 32% of the population of this world earns $ 4 daily. These facts show that the present financial system has the above mentioned illness known as the 'concentration of wealth'.
Prohibation of Interest (Riba) in Hadith——(瑞芭)的穆罕默德言行录Prohibation的兴趣
The second source of Islam is the sayings of the Holy Prophet MuhammadSallalaho Alaihi Wassallam. Ahadith of ProphetSallalaho Alaihi Wassallam which are on the prohibition of Riba (Interest) are as follows:
In the following Saying the excess on either sides is regarded as riba.
Gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, must be equal on both sides and hand to hand. Whoever pays more or demands more (on either side) indulges in Riba.1.( Sahih Muslim, Karachi, V.2, P.25)
As per the following saying commercial interest's existence is exhibited.
Ibn Juraij says: "in the pre-Islamic period, the tribe of Banu Amr bin auf used to take interest from the tribe of Banu-al-Mughira, and the Banu-al-Mughira used to pay this interest. When islam came,the later owned considerable amount of money to the former". And further on:"the Banu-al-mughira used to pay interest to Banu-thaqif."
All the people involved in the transaction of riba are found to be guilty and at fault as per quoted saying below.
From Jabir: the Prophet,Sallalaho Alaihi Wassallam, may cursed the receiver and the payer of interest, the one who records it and the two witnesses to the transaction and said:"they are all alike [in guilt]" (Muslim,Kitab-al-Musaqat, Bab la'ni akili al-Riba wa mu'kilihi;also in Tirmidhi and Musnad Ahmed)
The implication or the inference of sins that a person attains on indulging himself in interest based transactions is emphasized in the following quotes.
From'Abdullah ibn Hanzalah:the Prophet,Sallalaho Alaihi Wassallam,said : "a dirham of Riba which a man receives knowingly is worst than committing adultery thirty-six times"(Mishkat al-Masabih, Kitab al-Buyu',Bab al -Riba,on the authority of Ahmed and Daraqutni)
From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam said: "Riba has seventy segments, the least serious being equivalent to a man committing adultery with his own mother."(Ibn Majah)
Interest based transaction reap no profits here or hereafter. The misery that one is bound to go through after death just for indulging himself in interest based proceeds in visible in the following quote.
From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam, said: " On the night of Ascension I came upon people whose stomachs were like houses with snakes visible from the out side. I asked Gabriel who they were. He replied that they were people who had received interest" ( Ibn Majah, Kitab al-Tijarat, Bab al Taghlizi fi al-Riba; also in Musnad Ahmad)
Prohibation of Interest (Riba) in Bible
It is not that only in Islam, interest is prohibited even in Christianity, the prohibition of interest is eminent. We have even seen above that even Jews were prohibited from interest based activity according to the Quran's verse. Following are the quotes from the Bible proving the prohibition of Riba.
"Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury. "[Deuteronomy 23:19]
"Lord, who shall abide in thy tabernacle? Who shall dwell in thy holy hill? He that walketh uprightly, and worketh righteousness and speaketh the truth in his hearth. He that putteth not out of his money to usury, not taketh reward against the innocent."[Psalms 15:1, 2, 5]
"He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor". [Proverbs 28:8]
"Then I consulted with myself, and I rebuked the noble, and rules and said unto them, ye exact usury, every one of his brother. And I set a great assembly against them."[Nehemiah 5:7]
After identifying that interest has been prohibited in the past as well as in the contemporary era by the Creator of mankind as He tends to proscribe this act, it would be important to understand the types of Riba which are as follows:
Riba Al Jahiliya/ Riba An Nasiyah
"That type of debt where specified reimbursements period and an amount in surplus of capital is fixed." (Usmani, 2002)
Riba Al Fadl / Riba Al Hadees
Riba Al Fadl means that the amount or goods paid back in excess other than the Qard (Loan) or which is taken in exchange of explicit homegenous products and are utilized in their hand to hand purchase and sale as explained in the Hadees. (Sahih Muslim, Karachi, V.2, P.25). (Usmani, 2002)
Gharar——不确定性
The second of the ailments identified by the Islamic Juriprudence is known as Gharar. Gharar, is usually understood to denote ambiguity in the contractual conditions and/or the uncertainty in the survival of an essential good in an agreement and this creates concerns for Islamic scholars in the light of Islamic Jurisprudence. Shari'ah does include the ideology of 'Public benefit', denoting that, if something is tremendously in the public favor, it may be executed - and so hedging or alleviation of preventable business threats, do come into this class but further elaboration is as follows by Islamic Scholars: Gharar is where the participants that is the buyer and seller, don't know what one bought and what the other sold. Professor Mustafa Al-Zarqa the researcher of Shariah has written Gharar can be defined as the sale of possible goods whose characteristics or individuality can not be established, due to the dicey character which makes this form of business related to gambling". Hadith forbidding this prototype of trading in Gharar (jeopardy) are available in books of Hadith. Some examples of Gharar transactions are (e.g. trading " any fish swimming in the sea or a bird from a collection of species flying in the sky" "an unborn calf in cow's womb", are some of the saleable goods which cannot be probed and examined as their true traits are unknown. Islamic Jurisprudence researchers have given many complete definitions of Gharar. They have also evolved with the idea of Yasir (minor risk); a financial deal with an insignificant risk is believed to be Halal (permissible) while transactions' involving significant risk (Bayu-ul-Gharar) is deemed to be Haram.
