Riba (Usury/ Interest)

Riba (الربا) is commonly practiced nowadays. Collecting loans with interests have become the order of the day. There are various schemes in the name of helping workers. Most of such schemes have been designed to deviate us from the teachings of Islam. If for instance, our employers are willing to help us acquire houses, cars, e.t.c, why can’t they give us interest free loans? This way we will know they are truly helping us. But collecting loans with interest is definitely going against Allah’s command, Allah says:

“O you who believe! Eat not Riba (usury) doubled and multiplied, but fear Allah that you may be successful.” Ch3 V130

In Suratul Baqarah, Allah says: “Those who eat Riba (usury) will not stand (on the day of Resurrection) except like the standing of a person beaten by shaitan (Satan) leading him to insanity. That is because they say; “Trading is like Riba” where as Allah has permitted trading and forbidden Riba. So whosoever receives an admonition from his Lord and stops eating Riba shall not be punished for the past; his case is for Allah (to judge); but whoever returns [to Riba (usury)], such are the dwellers of the fire -they will abide there in forever.

And Allah will destroy Riba (usury) and will give increase for Sadaqat (deeds of charity, alms, e.t.c). And Allah likes not the disbelievers, sinners.” Ch2 V275-276

In another verse, Allah cautions us against Riba yet again;

“O you who believe! Be afraid of Allah and give up what remains (due to you) from Riba (from now onward). If you are really believers. 

And if you do not do it, then take a notice of war from Allah and His Messenger (S.A.W) but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums).” Ch2 V278–279

From the above verses, we realize that Riba is indeed a grave sin. As aforementioned, any employer that wishes to give out loans to his employees should give out interest free loans. This way, we will know that our employers respect our faith and beliefs. If however, there are no interest free loans we should try as much as possible to desist from collecting loans. We can save up our money ourselves or with the help of other God–fearing brothers/sisters. Allah is the one who enriches His servants through various means whether known to us or otherwise. We hope our brother s and sisters will have faith in Allah as says:

“Allah increases the provision for whom He wills, and straitens (it for whom he wills), and they rejoice in the life of this world, whereas the life of this world as compared with the hereafter is but a brief passing enjoyment.” Ch13 V26