Prohibition of Riba interest and its philosophy : why Riba is prohibited

Fatawa Question

Assalamu Alaykum. I would appreciate it very much if you could explain the following in the light of Qur'an and Hadiths : 1. We know that interest is harm in Islam but if someone asks when renting a house, car , equipment is allowed why not renting money is permitted. A house can be rented out for several months at a fixed rent per month ; similarly an amount of money should also be rented out for months / years at a monthly fixed rent. This rent can be paid either by fixed amount of money or other wealth like crops / grains etc. per month. 2. Someone says that a product cannot be sold / bought in Islam without seeing the product. In other word selling / buying of documents is not permitted in Islam. Can you please explain ? Thanks and best regards

Fatwa

Click hereto view more

Publication Date

2008-09-07

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Usury

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-729562

• APA
• MLA
• AMA