CAN USURY/RIBA BE ALLOWED IN ANY WAY?

INTRODUCTION

In Allah’s name, the most gracious the especially Merciful.

The term usury or Interest, in arabic RIBA means an addition. Thus, when two parties makes a transaction whose payment has to be made in the near future plus additional value. Al-Munnajid.

This occurs when sellers feels that money received today is higher than received tomorrow thus time value of money. Because one feels like same amount received today can be used to do business and will increase in the near future and so one who transact a business and is due to make payment in the future is suppose to add an amount to compensate for the delay.

THE PROHIBITION OF USURY IN ISLAM

According to Salih Al-Munnajid, usury is totally forbidden in Islam and whoever that deals in it commits a mojor sin. The one who receives, the one one who gives, the witnesses and the one who process usury are all committers of a majot sin.

Allah says in Suratul-Baqara:278-279,"Oo you who believe! Be afraid of Allah and give up what remains due to you riba(from now onwards), if you are(really) believers. And if you do not do it, then take a message of war from Allah and his messengers."

This shows the prohibition of usury and the magnitude of it in the sight of Allah. There are so many conditions in the affairs of man which makes us apply for transactions with usury inclusive. These are;

1. Loss of jobs
2. Unemployment
3. Bankruptcy
4. Intent to expand business
5. Inability to pay a loan
6. Economic Instability and etc

Again, the dealers of riba has been curse by the noble prophet Muhammad Sallah-llahu-alayhim-wasallam, Jaabir reported from Muslim 3/1219 that "the messenger of Allah curess the one who consume riba, the one gives it, the one who write it down and the one who witnesses "They are all the same".

According to Dr. Salih Al-Fawzan, the reasons for prohibiting Riba are;

1. People's wealth are unjustly taken from them.
2. By adding up to a borrowed amount, the borrower and those in need are harmed.
3. Riba prevent people from being kind to people in need.

Some common excuses given for the consumption of Riba;

1. When one find himself in a non-muslim country.
2. A travelor who needs to borrow to arive at his destination.
3. Borrowimg to acquire basic needs. Like food, shelter etc
4. Borrowimg to sustain omes business so that one will not loss his capital and be jobless.

Rulings about whether one is permitted or not to trade in riba using the above excuses.;

According to Salih Al-Munnajid, just being in a non-Islamic country does not give one enough excuse to deal in usury. This is because the Prohibition of dealing in usury was not restricted to only those living in a non-Islamic country. If an act is forbeden in an Islamic state, it is olso forbeden in a non-Islamic state.

Also , Shaykh Salih Al-Munnajid reported from Shaykh Ibn Taymiyyah "The belief that the well-known obligations are obligatory and that the well-known prohibitions are forbidden is one of the most important basic principles of faith, and the one who rejects that is a kaafir according to scholarly consensus." Majmoo’ al-Fataawa, 12/497.

Shawkh Salih Al-Munnajid also explains that when one finds himself in a non-Islamic state, he should still try as much as he can to abide by the laws of the shariya. And always ask Allah for forgiveness for what he is not able to apply.

Again, one should also consider that we cannot deal in usury to expand our businesses or increase profits. And all other benefits which we can leave comfortable without.

Shaykh also explain that in a situation where one cannot in any way apply the righful act, Allah permit him to do otherwise.

Therefore one is permitted to deal in riba transactions to solve their basic needs such as the following ;

1. Engaging in riba to acquire food, and shelter.
2. When one compulsoryly have to receive salary through a riba base Banks.
3. When one needs to save his money in a bank to protect it from being stolen.
4. When one is force to do any transaction that involves usury.

CONCLUSION

• Usury is forbeden in Isalm
• Whatever is forbeden in an Islamic state is also forbeden in a non-Islamic state.
• Usury is only permitted in time of necessity.

REFERENCES

Dr. Salih Al-Fawzaan, A summary of Islamic Jurisprudence, Riba, The wisdom behind Prohibiting Riba, pg 38.

Salih Al-Munnajid, Accepting interest does not make it permissible, https://islamqa.info/en/answers/1507/accepting-interest-does-not-make-it-permissible.

Silih Al-Munnajid, Conditions for performing forbidden act under necessity and engaging in riba transactions, https://islamqa.info/en/answers/126/conditions-for-performing-forbidden-act-under-necessity-and-engaging-in-riba-transactions.

Salih Al-Munnajid, Muharamat(Prohibitions That Are Taken Too Lightly), Consuming Riba(Usury or Interest), pg 32.

Salih Al-Munnajid, Regarding Riba as permissible, https://islamqa.info/en/answers/22339/regarding-riba-as-permissible.