Paying Interest for a Loan
Question:
I have a loan from a bank and giving 6% interest. I make my belief that it is not sood that according to Javed Ghamidi sb, bank and commission agent are involved in sood, not users. what is the actual scenario. Pls reply
Answer:
What is Haram in principle is receiving riba. This is what has been declared forbidden in the Qur’an (2:275 – 278). Paying riba is not Haram per se. The person who pays riba is the victim of a system that the Qur’an disallows, and not the offender.
Further, in my view it is not any kind of interest that equals riba. It is only usury that equals riba. In the highly regulated banks at our time I do not consider a bank interest to be riba, therefore to me it is not haram.
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Farhad Shafti
February 2013
Revised: July 2016
I have a loan from a bank and giving 6% interest. I make my belief that it is not sood that according to Javed Ghamidi sb, bank and commission agent are involved in sood, not users. what is the actual scenario. Pls reply
Answer:
What is Haram in principle is receiving riba. This is what has been declared forbidden in the Qur’an (2:275 – 278). Paying riba is not Haram per se. The person who pays riba is the victim of a system that the Qur’an disallows, and not the offender.
Further, in my view it is not any kind of interest that equals riba. It is only usury that equals riba. In the highly regulated banks at our time I do not consider a bank interest to be riba, therefore to me it is not haram.
-------------------------
Farhad Shafti
February 2013
Revised: July 2016
