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tweety

UNITED KINGDOM
Topic initiated on Tuesday, November 07, 2006  -  5:18 PM Reply with quote
RIBA?!


can someone please explain to me (scientifically...like with proof) how not taking riba and obiding by the laws of trade as proposed by the shariah is actualy BENIFICIAL and will bring business more GOOD than harm
thankyou
W.salaam
oosman

USA
Posted - Tuesday, November 07, 2006  -  5:50 PM Reply with quote
There are some pros and cons of Riba, and it can bring about benefit or harm depending on how it is used. However the fact that it is haram should be enough for us.

What do you understand by Riba, what do you think it is?

What do you think is the difference between these two situations:

1) You go to bank and borrow money to buy a car, then you make monthly payments to pay off what you owe, plus you pay monthly interest. The interest is the fee of borrowing the money.

2) You go to the bank and bank buys the car. You use the car and pay the bank monthly amount so you gradually pay off what the bank paid to the car dealership. Plus you also pay a monthly amount which is a fee for using the car that belongs to the bank.

In case 1, you get the money and buy the car yourself. You pay for using the bank's money until you can pay off what you owe the bank.

In case 2, you dont get any money, but you get the car and pay for using it until you can buy it off gradually.

What is the difference, are both the same, is one riba and the other ok? What do you think?
Rakhtal

PAKISTAN
Posted - Wednesday, November 08, 2006  -  1:47 PM Reply with quote
Oosman, please bring the Quranic verses to support your statements clearly!!
oosman

USA
Posted - Wednesday, November 08, 2006  -  5:07 PM Reply with quote
I have not put a statement, I have asked a question. I am searching for answers.
perv1

UNITED KINGDOM
Posted - Wednesday, November 08, 2006  -  8:34 PM Reply with quote
Salaam

quote:

What do you think is the difference between these two situations:

1) You go to bank and borrow money to buy a car, then you make monthly payments to pay off what you owe, plus you pay monthly interest. The interest is the fee of borrowing the money.

2) You go to the bank and bank buys the car. You use the car and pay the bank monthly amount so you gradually pay off what the bank paid to the car dealership. Plus you also pay a monthly amount which is a fee for using the car that belongs to the bank.



My understanding (after speaking to many arab speaking) is that word Riba does not specifically mean interest but refers generally to any thing which is unjust. Therefore whether todays interset practiced by the banks etc constitutes as being unjust or not is debatable. However the so called Islamic banking is simply a con trick and if you look at the end result any individual borrowing money via the so called islamic system ends up paying back far more than under the orthodox banking system. Hence you could argue that so called Islamic banking system operators are practicing Riba.


regards

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