Please direct all your doubts to a scholar. You can also join Ustadh Abu Mussab's class, learn from his class and then ask your doubts. Or you can ask Ustadh Abdul Aziz Al Haqqan on Twitter.
Alhamdulillah since i abandoned riba i dont hv financial stress.. There is hikmah in every command of allah we only need to b firm on deen... N those who r in debt make this dua.. Allahumma kfini bi halalika an haramika wa aghnini bifadhlika amman siwak... I swear by allah if u hv pure intention to clear ur debts dn allah vl open the ways for u
Respectfully bro do you hold your money in a bank. Because that bank uses your money that you gave them to give out riba loans. That’s the price they are charging you for keeping your money safe. They make money from your money from loans. So you’re witnessing and signing a riba contract when you sign up for that bank account you use.
وعليكم السلام ورحمة الله وبركاته This isn't Ustadh Tim Humble's account. This channel is dedicated only to sharing some of the reminders by Ustadh Tim and others hafizahumullah. Aameen. May Allah reward Ustadh Tim and give him the highest rank in Jannah.
The riba practiced in Arabia was actually what we would call "late payment fee" or "debt contract extension fee" today. And you have people asking if late payment fees be riba... And then you have some so-called Muslim countries and even muftis justifying it...
Thanks for the video, does this mean parking our money in the banks is haram ? since we are in a way providing capital for the banks to give out loans etc?
So would the first type of ribs includes exchanging my old phone to phone shops inorder to get a new phone for less price(phone or anyother electronic)
@@eagancore576 ... But where exactly does the riba factor comes here tho? Or is it just a general statement of gold for gold silver for silver And it doesnt apply to other items? Sorry for asking a lot
Isn't it a problem when a seller has to calculate the rate by which a taqsit price is higher than the immediate cash price, and he uses the prevailing market interest rate as the basis of his calculations? At which point what's the essential difference? Is it just the intention that counts?
islamqa.info/en/answers/72210/is-currency-trading-halal#:~:text=Trading%20in%20currencies%20is%20halal,is%20a%20type%20of%20riba. Currency Exchange of difference currencies is not Riba. It's Halal
I notice when we pay our taxes, certain amount of our tax is held to pay off the debt created by our government. Is there something we can do to avoid this?
وعليكم السلام ورحمة الله وبركاته Strive hard, have Tawakkul, Know that it is Allah who gives Rizq, know that he gives when he wants, give Sadaqah, Make Dua, abandon sins. May Allah make it easy for you.
I’m fallen into this, I have credit cards debt and financial problems, i have bought things with buy now pay later plans , i feel like ever since my heart has been sealed and it’s difficult to concentrate on my deen, i only pray and don’t do much. Will Allah forgive me and what do i do from here so that i can get my iman back. What do i do with the credit card debts do i have to pay back the interest riba on the cards?
Allah will always forgive you if you truly repent. Make dua that Allah eases for you to pay your debts and try to pay them off. Allah is forgiving and He will help you.
@@UmarAbuSafiya respectfully ! I never argued with his definition! I am asking for path to avoid Riba in today’s world . Did anyone work on providing an alternate to today’s financial system.
@khajabaderuddin3774 One of the ways is as soon as you get salary, take money out of bank ,just leave what you need to pay bills, obviously do not take loans from banks, mortgages or credit cards and ask Allāh forgiveness for forced Riba like car insurance if you drive car. Basically, do not hoard money ,live acording your means, look on those who are lower than you regarding worldly life and spend extra you have on Sadaqa, 700% minimum increase no inflation can affect it.
Brother Umar has given a valid answer to your question. No loans, No credit cards, No Insurance unless you're forced to take one, No working in banks. Keep money in the bank only to suffice your needs, And if interest is accumulated in the bank, take it out the same day and give it to someone without expecting any rewards for it. And make Dua to save you from any sort of Riba. May Allah make it easy for all of us.
How to view Fiat currency which loses its value due to inflation? For example if I am able to purchase something with100 Riyals today then I will need 105 Riyals after one year considering 5% inflation. If I lend someone 100 Riyal and ask them to pay me at the rate of inflation let's say 5% then will 5 Riyal be considered as Riba? The above example should be viewed considering another hadith where prophet Muhammad (SAW) said whenever you return back your loan it should be returned in a better way. This hadith is an example when prophet Muhammad (SAW) returned a young camel for the old borrowed one. Much needs to be discussed on whether the ruling of Riba is on Fiat currency or on currencies which have its own intrinsic value like the currencies made of gold and silver which do not lose its value with inflation. A person who works 8 hours and earns 100 Riyals and keeps it for 10 years then with inflation of 7% every year it's value will be 50 Riyals after 10 years. In view of Islamic laws how will the hard work of 8 hours be preserved after 10 years? Will this not be injustice in Islam if his 100 Riyal is worth 50 Riyal in 10 years? Who has robbed 50 Riyal of his saving? Can Islamic scholars arrive at a conclusion that if inflation is 5% and bank interest is 6% then to preserve value of money 6% - 5% =1% will be considered as interest while 5% will be the % required to maintain time value of money?
It's all Riba,regardless is it gold or fiat money and there is consensus amongst Ulema of Sunnah on it. If you do not want inflation to eat up 5£ of 100£ you give someone as loan as you put it, just lend him gold instead and problem solved, give him 10g or whatever of gold and after one year take back 10 g of gold and sell it whatever fiat currency price is then. By the way someone who is 8 hours hard working will not have anything to keep for 10 years. Everything he earns will be spent on bills and food anyway. The best investment for spear money is to spend it as Sadaqa,minimum 700% increase and no inflation will ever touch it.
"Who has robbed 50 Riyal of his saving?" The government and banks have robbed his savings by inflating the money supply (printing money). No one should be holding their money in fiat for 10 years. Use a hard money like gold or Bitcoin.
Can we treat Fiat currency as a commodity which depreciates with time due to inflation instead of treating as a sharia compliant currency? The nature of currency as per Sharia is totally different than the nature of Fiat currency that we have today
It's all Riba,regardless is it gold or fiat money and there is consensus amongst Ulema of Sunnah on it. If you do not want inflation to eat up 5£ of 100£ you give someone as loan as you put it, just lend him gold instead and problem solved, give him 10g or whatever of gold and after one year take back 10 g of gold and sell it whatever fiat currency price is then. By the way someone who is 8 hours hard working will not have anything to keep for 10 years. Everything he earns will be spent on bills and food anyway. The best investment for spear money is to spend it as Sadaqa,minimum 700% increase and no inflation will ever touch it.
@@UmarAbuSafiyaif I gave you a a £1000 loan in gold in 2011 and you paid me back in 2016 you would be giving me £500 back since the price went to around half.
@@UmarAbuSafiyaif I gave you a 1000 pound loan in gold in 1980, and you paid me back anytime between 1982 and 2000 (18 years) that will be £250 worth of gold. Then if we account for inflation, that golds value in 1980 terms will be worth about £150 in spending power. So I lost £850 for giving you a loan.
@@UmarAbuSafiyaif a gave you a £1000 loan anytime between 2011-2013. It would take all the way up to July 2020 (7 years) for that same amount of gold to be worth the same amount it was when I lent it to you. And that’s only in nominal terms. In real terms Even if you gave me that same amount of gold back TODAY in 2024 it would have less purchasing power (worth less) than it was worth when I lent it to you 13 years ago. Your solution doesn’t work, respectfully.
This is just a snippet from Complete Tafseer of the Quran taught by Ustadh Tim Humble this Ramadan. That is the reason why it doesnt go to lot of details. For more details,you can go to these videos, In Sha Allah. Barakallah Feek ua-cam.com/video/6ZRXE9Z8H4w/v-deo.htmlsi=VLzQEthulrc92ece ua-cam.com/play/PLo8-JRSO3j92zGdtP7gWmka9kPx2aKaz8.html ua-cam.com/video/h9rVxOFok_8/v-deo.htmlsi=IHD_j9vT_qooZJnI
Islamic banks are riba they still practise fractional reserve banking which is the multiplication of money that is deposited and then shared to others even though that money is not actual. They help and take part in riba banking.
Riba' that the Qur'an mentions is the Riba' people are familiar with like lending and charging more than the principle, similar to what banks do. But the Riba' that most are not familiar with is the Riba' that the Hadeeth mention. This is the Riba' of trading and the rules pertaining to the six Ribawi articles: gold, silver, wheat, barley, dates and salt. What you need to know: 1. Jins (family) & Naw' (type). 2. Al-Fadhl (increase) on one side and An-Nasee'ah (delay) in the transaction. 3. Qiyas (analogy) and 'illah (cause). Gold and silver are of the same Jins (family) but not of the same Naw' (type). Wheat, barley, date and salt are of the same Jins (family) but not of the same Naw' (type). Rules: If you have 2kg gold nuggets or old jewelery, you cannot say: here take this and give me 1kg of refined gold from the vault. Doing that is called Riba' al-Fadhl (usury of excess) on one side. It has to be same for same, like for like. What you do to get the refined gold, is you sell the 2kg nuggets for silver or currency, and then you buy whatever refined gold it gives you with the silver or with the currency you have without any An-Nasee'ah (delay). Meaning, it has to be hand for hand on the spot if they are of the same family (jins). Having silver is good, because the As-hab Al-Kahf were able to purchase food with it 300 years later. The inflation of paper currency would not have worked. If you want to buy lots of silver with few gold, then Al-Fadhl (increase) is allowed as they are of different types. Likewise dollar vs euro = Al-Fadhl is allowed but An-Nasee'ah (delay) is not allowed. Same type = Al-Fadhl and An-Nasee'ah = Haram (forbidden). Same family but of different Naw' (type) = Al-Fadhl (increase) is Halal (lawful) but not An-Nasee'ah (delay). If they are of different Jins (family), like buying dates, or wheat, or salt, or barley with gold, silver or currency, then both Al-Fadhl and An-Nasee'ah (delay) is allowed. You can buy food, merchandise etc with credit provided that it is interest free credit. If they are of the same family but of different type, like dollar vs pound then Al-Fadhl is allowed but not An-Nasee'ah (delay). Meaning it has to be hand for hand on the spot. You can't buy gold, silver or currency on credit with cash. It becomes An-Nasee'ah. So if you want to buy a gold or a silver ring, you cannot use a credit card, it has to be cash without delay, meaning hand for hand otherwise = Riba' An-Nasee'ah. So understand Jins (same family) and Naw' (same type). And then the rules of when Al-Fadhl and An-Nasee'ah are not allowed vs allowed. The madhaahib differ on the 'illah (reason as to why) rice, bananas or iron or apples have or have not the same rules. Some say that it is only these six articles. Others use Qiyas (analogy) and 'illah (reason, cause) to say that: the reason for these six articles is because they are metals, or medium of exchange and foods that are weighed or stored for a long time, and therefore the same rules apply to anything that has a similar 'illah (cause). And thus currency having the same cause ('illah) as gold and silver of being a medium of exchange gets the same rule as gold and silver. While some schools include iron, or copper as well. Others include rice but not bananas or apples as they are not stored for a long time. Others say only those that are weighed etc. Then what about bitcoin, does it get the same 'illah (cause) as gold and silver? And Allah ﷻ knows best.
What is 'Illah (cause)? In Usul al-Fiqh you learn that there are four sources in Islam that the four Madhaahib (schools) agree upon. Qur'an, Sunnah, Qiyas (analogy) and 'ijma (consensus). There are other sources like Sadd Ad-Dara'i, or 'Amal Ahlul Madinah, or Ihtihsaan etc but they do not agree on these. Qiyas has four rules. 1. Asl (old case) 2. Far' (new case) 3. 'Illah (cause) 4. And Hukm (ruling). So a new drug appears in the land that is not mentioned in the Qur'an and Sunnah. The Mujtahid takes this new case (Asl) and makes a Qiyas (analogy) of it with an old case (Far') that has a similar cause ('Illah) with the new case. The 'illah (cause) is Khamr (intoxication) and since khamr has the Hukm (ruling) of Haram, then the new case (Far') gets a similar ruling of Haram. I mention this for you to understand 'illah (cause). Because what constitutes a Ribawi article differs among the madhahib due to their difference on the 'illah (cause) as to why these six articles were mentioned by Rasulullah ﷺ and whether it extends to anything that has a similar 'illah to them or not? So what are the 'illah, is it because they are metals, medium of exchange, or food stored for a long time, or weighed etc. Does iron, bananas, rice become a ribawi item?
All fiat currency are produced by way of something called repos or repurchase agreement. It is similar to 'Eenah with Rahn (collateral). Imam Ahmad رحمه الله refutes this in Sunan At-Tirmidhi 1233. Therefore all paper currency are created by way of Riba'. Even Saudi Arabia's central bank has a repo (repurchase) rate at 6% interest that commercial banks pay to get currency from the central bank. Thus the Hadith of Rasulullah ﷺ has been fulfilled: It was narrated that Abu Hurairah رضي الله عنهما said: "The Messenger of Allah ﷺ said: "There will come a time when there will be no one left who does not consume Riba, and whoever does not consume it will nevertheless be affected by residue." [Sunan an-Nasa'i » The Book of Financial Transactions - كتاب البيوع » Hadith 4455] Al-Wahn has weakened the Ummah. In order to help Gaza, 'Eenah, Riba has to go, and a new financial system based on Sadaqah (charity) needs to be created. But I've never heard anyone calling for that or trying to test models for it. And Allah ﷻ knows best.
For those that are looking for an alternative for student loans can check out this 2 minute video desxribing how Sheikh Uthman completed his Bachelors and Masters without taking Riba Loans. May Allah Protect Us From Riba. ua-cam.com/video/Jubma8aJPcA/v-deo.html
Oh god forgive us. There are applications now that tell you pay later. They say it’s under Islamic laws and is not riba, but if you don’t pay on time there is a charge. Does that mean it’s Riba? It’s called tabby.
Are you an A'alim or a scholar? None. you can't just interpret things on ur own. If you don't like it you don't have to forcefully make it halal allahul mustaan
@@Muslimah4856 it is not my opinion but opinion of other ulama besides ahlul hadees but of course those who agree with their understanding are not scholars in their eyes
After working 10 years for a nonprofit company I got all my student loan debt completely forgiven- I would hardly call that riba which the Quran spoke against
Did you pay anything during the 10 years? Even if you haven't missed a payment, you still must've signed a contract that stipulates you paying more in case you miss or delay a payment as penalty. And that's what riba' is in this case.
You are only able to say this with the permission and mercy from Allah and Allah alone, what about the people who Allah in His divine wisdom did not do this for? A small win against does not counteract a mammoth amount of harm, islam doesn't work like this.
Please direct all your doubts to a scholar. You can also join Ustadh Abu Mussab's class, learn from his class and then ask your doubts. Or you can ask Ustadh Abdul Aziz Al Haqqan on Twitter.
Alhamdulillah since i abandoned riba i dont hv financial stress.. There is hikmah in every command of allah we only need to b firm on deen... N those who r in debt make this dua..
Allahumma kfini bi halalika an haramika wa aghnini bifadhlika amman siwak... I swear by allah if u hv pure intention to clear ur debts dn allah vl open the ways for u
Great reminder for everyone. JazakAllah khair
Respectfully bro do you hold your money in a bank. Because that bank uses your money that you gave them to give out riba loans. That’s the price they are charging you for keeping your money safe. They make money from your money from loans. So you’re witnessing and signing a riba contract when you sign up for that bank account you use.
@@IEH_ How can you avoid that when you need a bank account to get your salary every month?? I use a debit card. Is it still haram??
JazakAllahu kheyr.
Call it "usury". Ma shaa Allah tabarakAllah well explained.
May Allah protect all of us.
جزاكم الله خيرا وبارك الله فيكم
Asslamalikum brother Tim. May Allah reward you for all of your hard work I can’t thank you enough .
وعليكم السلام ورحمة الله وبركاته
This isn't Ustadh Tim Humble's account. This channel is dedicated only to sharing some of the reminders by Ustadh Tim and others hafizahumullah.
Aameen. May Allah reward Ustadh Tim and give him the highest rank in Jannah.
I struggle with this temptation everyday please make dua for me.
In sha Allah
Me too my brother. May Allah keep us steadfast. Salah is key
make du'a for yourself to Allah.. be personal in your du'a
don't ask someone else to pray for you for your life problem.. that's what christians do
@@judasthepious1499 I do make dua for myself about this and other stuff alhumdulillah
@@judasthepious1499 Is it bad to do that
Ma shaa Allah tabarakAllah well explained
Jazak'Allahu-khair
وأنت فجزاك الله خيراً
Thank you for sharing, always refreshing to hear the clear truth. im stuck in the west and its being normalized.
Allahu Akbar ! ❤ SubhanAllah ! ❤ El Hamdoulillah ! ❤ La ilaha illa Allah ! ❤ How Patient and Kind Allah has been with me ! ❤
What is the difference between Riba and Interest, explain the properties of Riba and how it was practiced historically
1.Can we buy shares with extra money?
2.Do we have to pay zakat on shares?
how about saving in BITCOIN holding urself, instead of saving FIAT Cash in bank from salary earning.?
Link to the full talk, please? Or title of the vid
ua-cam.com/video/fpmOKloqMEs/v-deo.html
can someone please explain to me why buying 50gm or new gold for 70gm of old gold is riba? i dont understand.
The riba practiced in Arabia was actually what we would call "late payment fee" or "debt contract extension fee" today. And you have people asking if late payment fees be riba... And then you have some so-called Muslim countries and even muftis justifying it...
Thanks for the video, does this mean parking our money in the banks is haram ? since we are in a way providing capital for the banks to give out loans etc?
islamqa.info/en/answers/49677/where-should-he-deposit-his-money-in-these-times-when-riba-is-so-widespread
@@islam_for_life_
Assalam alaykum wa rahmatullah wa barakatuh akhy
What of Murabaha is it considered Riba ?
So would the first type of ribs includes exchanging my old phone to phone shops inorder to get a new phone for less price(phone or anyother electronic)
No brother.
But if you exchange gold for gold or silver for silver in that way, it is Riba.
@@eagancore576 ...
But where exactly does the riba factor comes here tho?
Or is it just a general statement of gold for gold silver for silver
And it doesnt apply to other items?
Sorry for asking a lot
Isn't it a problem when a seller has to calculate the rate by which a taqsit price is higher than the immediate cash price, and he uses the prevailing market interest rate as the basis of his calculations? At which point what's the essential difference? Is it just the intention that counts?
Muslims now a days taking home loans and thinking it's nt sin 😂
Muslims now a days making fun of their brothers and sisters who are weak in certain matters. Can’t put a smiley behind it like you though
Please I would like an explanation on the difference between bay'u teqseed and ribs.
Would a fixed rate mortgage fall under taqseed??
No. Because you are still paying interest on that mortgage even though the interest is at a fixed rate.
I feel different currency having different exchange value is also Riba
islamqa.info/en/answers/72210/is-currency-trading-halal#:~:text=Trading%20in%20currencies%20is%20halal,is%20a%20type%20of%20riba.
Currency Exchange of difference currencies is not Riba. It's Halal
I notice when we pay our taxes, certain amount of our tax is held to pay off the debt created by our government. Is there something we can do to avoid this?
Salaam Alaikum, how can I raise capital without riba involved? Pls advice! 🤲🏼 I am looking to raise capital for my business. In'sha'ALLAH
Give Sadaka.
وعليكم السلام ورحمة الله وبركاته
Strive hard, have Tawakkul, Know that it is Allah who gives Rizq, know that he gives when he wants, give Sadaqah, Make Dua, abandon sins. May Allah make it easy for you.
@@malikaamghar2295 🤲🏼
@@islam_for_life_ Jaza'khALLAH, I take this advice deep!! ALLAH Barakath your intentions! ⭐
I’m fallen into this, I have credit cards debt and financial problems, i have bought things with buy now pay later plans , i feel like ever since my heart has been sealed and it’s difficult to concentrate on my deen, i only pray and don’t do much. Will Allah forgive me and what do i do from here so that i can get my iman back. What do i do with the credit card debts do i have to pay back the interest riba on the cards?
Allah will always forgive you if you truly repent. Make dua that Allah eases for you to pay your debts and try to pay them off. Allah is forgiving and He will help you.
اللهم اکفنی بحلالک عن حرامک و اغننی بفضلک عمن سواک make this dua with tawakkal n leave every thing which is haram n b regular with five time salah
May Allah make your affairs easy.
Don't despair in the mercy of Allah. Allah forgives all sins. Read Surah Zumar Ayah 54-56
Assalam o Alaikum Brother! Please explain how can Ummah escape Your definition in today’s economy?
What Ustaadh gave was not ,,Your definition " it was definition given by Messenger of Allah.
@@UmarAbuSafiya respectfully ! I never argued with his definition! I am asking for path to avoid Riba in today’s world . Did anyone work on providing an alternate to today’s financial system.
@khajabaderuddin3774
One of the ways is as soon as you get salary, take money out of bank ,just leave what you need to pay bills, obviously do not take loans from banks, mortgages or credit cards and ask Allāh forgiveness for forced Riba like car insurance if you drive car.
Basically, do not hoard money ,live acording your means, look on those who are lower than you regarding worldly life and spend extra you have on Sadaqa, 700% minimum increase no inflation can affect it.
@@UmarAbuSafiya sister again respectfully! This does not sound right!
Brother Umar has given a valid answer to your question. No loans, No credit cards, No Insurance unless you're forced to take one, No working in banks. Keep money in the bank only to suffice your needs, And if interest is accumulated in the bank, take it out the same day and give it to someone without expecting any rewards for it. And make Dua to save you from any sort of Riba. May Allah make it easy for all of us.
If you only receive a small amount of riba and you decide to give it away, is that still haram?
Then credit card is riba even if bank waive the interest if one agree to pay more although interest may be waived if you reach certain amount😮
If those American Muslims can understand this.
How to view Fiat currency which loses its value due to inflation? For example if I am able to purchase something with100 Riyals today then I will need 105 Riyals after one year considering 5% inflation. If I lend someone 100 Riyal and ask them to pay me at the rate of inflation let's say 5% then will 5 Riyal be considered as Riba?
The above example should be viewed considering another hadith where prophet Muhammad (SAW) said whenever you return back your loan it should be returned in a better way. This hadith is an example when prophet Muhammad (SAW) returned a young camel for the old borrowed one.
Much needs to be discussed on whether the ruling of Riba is on Fiat currency or on currencies which have its own intrinsic value like the currencies made of gold and silver which do not lose its value with inflation.
A person who works 8 hours and earns 100 Riyals and keeps it for 10 years then with inflation of 7% every year it's value will be 50 Riyals after 10 years. In view of Islamic laws how will the hard work of 8 hours be preserved after 10 years? Will this not be injustice in Islam if his 100 Riyal is worth 50 Riyal in 10 years? Who has robbed 50 Riyal of his saving?
Can Islamic scholars arrive at a conclusion that if inflation is 5% and bank interest is 6% then to preserve value of money 6% - 5% =1% will be considered as interest while 5% will be the % required to maintain time value of money?
Bro I have the same question, I am a student of economics and this thought also crossed my mind, are you studying finance too?
@@bilal_ali. Yes, I have done my Masters in Finance
That's a good point you made there. With an MSc in finance and the Islamic knowledge that you have, would you take a loan from a bank?
It's all Riba,regardless is it gold or fiat money and there is consensus amongst Ulema of Sunnah on it. If you do not want inflation to eat up 5£ of 100£ you give someone as loan as you put it, just lend him gold instead and problem solved, give him 10g or whatever of gold and after one year take back 10 g of gold and sell it whatever fiat currency price is then.
By the way someone who is 8 hours hard working will not have anything to keep for 10 years. Everything he earns will be spent on bills and food anyway.
The best investment for spear money is to spend it as Sadaqa,minimum 700% increase and no inflation will ever touch it.
"Who has robbed 50 Riyal of his saving?"
The government and banks have robbed his savings by inflating the money supply (printing money). No one should be holding their money in fiat for 10 years. Use a hard money like gold or Bitcoin.
Can we treat Fiat currency as a commodity which depreciates with time due to inflation instead of treating as a sharia compliant currency?
The nature of currency as per Sharia is totally different than the nature of Fiat currency that we have today
Mate what do you want us to use then? Gold and silver?
It's all Riba,regardless is it gold or fiat money and there is consensus amongst Ulema of Sunnah on it. If you do not want inflation to eat up 5£ of 100£ you give someone as loan as you put it, just lend him gold instead and problem solved, give him 10g or whatever of gold and after one year take back 10 g of gold and sell it whatever fiat currency price is then.
By the way someone who is 8 hours hard working will not have anything to keep for 10 years. Everything he earns will be spent on bills and food anyway.
The best investment for spear money is to spend it as Sadaqa,minimum 700% increase and no inflation will ever touch it.
@@UmarAbuSafiyaif I gave you a a £1000 loan in gold in 2011 and you paid me back in 2016 you would be giving me £500 back since the price went to around half.
@@UmarAbuSafiyaif I gave you a 1000 pound loan in gold in 1980, and you paid me back anytime between 1982 and 2000 (18 years) that will be £250 worth of gold. Then if we account for inflation, that golds value in 1980 terms will be worth about £150 in spending power. So I lost £850 for giving you a loan.
@@UmarAbuSafiyaif a gave you a £1000 loan anytime between 2011-2013. It would take all the way up to July 2020 (7 years) for that same amount of gold to be worth the same amount it was when I lent it to you. And that’s only in nominal terms. In real terms Even if you gave me that same amount of gold back TODAY in 2024 it would have less purchasing power (worth less) than it was worth when I lent it to you 13 years ago. Your solution doesn’t work, respectfully.
Replacing old gold with new gold is riba? Then how can you get your value for it?
By selling your old gold for another type of wealth (such as pounds or dollars) and then buying the new gold 👍
@@kamiikhan534That’s literally the same thing but adding an extra step.
Riba is more than just interest, it's USURY! 😅
What is the solution for student loans then? To pay it back as soon as possible?
get employed, work for a bit of time. Once you have money saved, then you have a way to get education the halal way.
@@Moshimulations that’s good but what if someone already took the loan?
@@fizzy3766 pay it off asap
This should be more common instead of people being encouraged to rush into a haraam loan @@Moshimulations
Is a halal mortgage actually halal?
Ask the Ulemaas for an in-depth explanation of it!
What about school loans
All types of loans from banks are riba based loans.
hraam Allah will give you something better. Afriend of mine didnt take and Alllah provided money for him
So credit cards would count as riba?
Yes. Ustadh mentioned specifically about the agreements of credit cards
old gold? what?
Still dont answer what is and whats not riba today. Even islamic banking looks like a riba except they use arabic terms to make it islamic
This is just a snippet from Complete Tafseer of the Quran taught by Ustadh Tim Humble this Ramadan. That is the reason why it doesnt go to lot of details.
For more details,you can go to these videos, In Sha Allah.
Barakallah Feek
ua-cam.com/video/6ZRXE9Z8H4w/v-deo.htmlsi=VLzQEthulrc92ece
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Islamic banks are riba they still practise fractional reserve banking which is the multiplication of money that is deposited and then shared to others even though that money is not actual. They help and take part in riba banking.
Taking or paying rent is it riba ?
No.
Oh no I didn't know about the gold thing. Astagfurullah
Riba' that the Qur'an mentions is the Riba' people are familiar with like lending and charging more than the principle, similar to what banks do.
But the Riba' that most are not familiar with is the Riba' that the Hadeeth mention. This is the Riba' of trading and the rules pertaining to the six Ribawi articles: gold, silver, wheat, barley, dates and salt.
What you need to know:
1. Jins (family) & Naw' (type).
2. Al-Fadhl (increase) on one side and An-Nasee'ah (delay) in the transaction.
3. Qiyas (analogy) and 'illah (cause).
Gold and silver are of the same Jins (family) but not of the same Naw' (type).
Wheat, barley, date and salt are of the same Jins (family) but not of the same Naw' (type).
Rules:
If you have 2kg gold nuggets or old jewelery, you cannot say: here take this and give me 1kg of refined gold from the vault. Doing that is called Riba' al-Fadhl (usury of excess) on one side. It has to be same for same, like for like. What you do to get the refined gold, is you sell the 2kg nuggets for silver or currency, and then you buy whatever refined gold it gives you with the silver or with the currency you have without any An-Nasee'ah (delay). Meaning, it has to be hand for hand on the spot if they are of the same family (jins).
Having silver is good, because the As-hab Al-Kahf were able to purchase food with it 300 years later. The inflation of paper currency would not have worked.
If you want to buy lots of silver with few gold, then Al-Fadhl (increase) is allowed as they are of different types. Likewise dollar vs euro = Al-Fadhl is allowed but An-Nasee'ah (delay) is not allowed.
Same type = Al-Fadhl and An-Nasee'ah = Haram (forbidden).
Same family but of different Naw' (type) = Al-Fadhl (increase) is Halal (lawful) but not An-Nasee'ah (delay).
If they are of different Jins (family), like buying dates, or wheat, or salt, or barley with gold, silver or currency, then both Al-Fadhl and An-Nasee'ah (delay) is allowed.
You can buy food, merchandise etc with credit provided that it is interest free credit.
If they are of the same family but of different type, like dollar vs pound then Al-Fadhl is allowed but not An-Nasee'ah (delay). Meaning it has to be hand for hand on the spot. You can't buy gold, silver or currency on credit with cash. It becomes An-Nasee'ah. So if you want to buy a gold or a silver ring, you cannot use a credit card, it has to be cash without delay, meaning hand for hand otherwise = Riba' An-Nasee'ah.
So understand Jins (same family) and Naw' (same type). And then the rules of when Al-Fadhl and An-Nasee'ah are not allowed vs allowed.
The madhaahib differ on the 'illah (reason as to why) rice, bananas or iron or apples have or have not the same rules. Some say that it is only these six articles. Others use Qiyas (analogy) and 'illah (reason, cause) to say that: the reason for these six articles is because they are metals, or medium of exchange and foods that are weighed or stored for a long time, and therefore the same rules apply to anything that has a similar 'illah (cause). And thus currency having the same cause ('illah) as gold and silver of being a medium of exchange gets the same rule as gold and silver. While some schools include iron, or copper as well. Others include rice but not bananas or apples as they are not stored for a long time. Others say only those that are weighed etc.
Then what about bitcoin, does it get the same 'illah (cause) as gold and silver?
And Allah ﷻ knows best.
What is 'Illah (cause)?
In Usul al-Fiqh you learn that there are four sources in Islam that the four Madhaahib (schools) agree upon. Qur'an, Sunnah, Qiyas (analogy) and 'ijma (consensus). There are other sources like Sadd Ad-Dara'i, or 'Amal Ahlul Madinah, or Ihtihsaan etc but they do not agree on these.
Qiyas has four rules.
1. Asl (old case)
2. Far' (new case)
3. 'Illah (cause)
4. And Hukm (ruling).
So a new drug appears in the land that is not mentioned in the Qur'an and Sunnah. The Mujtahid takes this new case (Asl) and makes a Qiyas (analogy) of it with an old case (Far') that has a similar cause ('Illah) with the new case. The 'illah (cause) is Khamr (intoxication) and since khamr has the Hukm (ruling) of Haram, then the new case (Far') gets a similar ruling of Haram.
I mention this for you to understand 'illah (cause). Because what constitutes a Ribawi article differs among the madhahib due to their difference on the 'illah (cause) as to why these six articles were mentioned by Rasulullah ﷺ and whether it extends to anything that has a similar 'illah to them or not? So what are the 'illah, is it because they are metals, medium of exchange, or food stored for a long time, or weighed etc. Does iron, bananas, rice become a ribawi item?
All fiat currency are produced by way of something called repos or repurchase agreement. It is similar to 'Eenah with Rahn (collateral). Imam Ahmad رحمه الله refutes this in Sunan At-Tirmidhi 1233. Therefore all paper currency are created by way of Riba'. Even Saudi Arabia's central bank has a repo (repurchase) rate at 6% interest that commercial banks pay to get currency from the central bank. Thus the Hadith of Rasulullah ﷺ has been fulfilled:
It was narrated that Abu Hurairah رضي الله عنهما said:
"The Messenger of Allah ﷺ said: "There will come a time when there will be no one left who does not consume Riba, and whoever does not consume it will nevertheless be affected by residue."
[Sunan an-Nasa'i » The Book of Financial Transactions - كتاب البيوع » Hadith 4455]
Al-Wahn has weakened the Ummah. In order to help Gaza, 'Eenah, Riba has to go, and a new financial system based on Sadaqah (charity) needs to be created. But I've never heard anyone calling for that or trying to test models for it. And Allah ﷻ knows best.
For those that are looking for an alternative for student loans can check out this 2 minute video desxribing how Sheikh Uthman completed his Bachelors and Masters without taking Riba Loans.
May Allah Protect Us From Riba.
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Oh god forgive us. There are applications now that tell you pay later. They say it’s under Islamic laws and is not riba, but if you don’t pay on time there is a charge. Does that mean it’s Riba? It’s called tabby.
That charge sounds like riba
Who will be stupid to pay 70 grams gold for 70 grams of gold….gold for gold is not riba this is wrong understanding of Hadith
Are you an A'alim or a scholar? None. you can't just interpret things on ur own. If you don't like it you don't have to forcefully make it halal allahul mustaan
@@Muslimah4856 it is not my opinion but opinion of other ulama besides ahlul hadees but of course those who agree with their understanding are not scholars in their eyes
You can sale money for profit😂😂😂
After working 10 years for a nonprofit company I got all my student loan debt completely forgiven- I would hardly call that riba which the Quran spoke against
And if you don’t work for 10 years, you have to pay interest?
Did you pay anything during the 10 years? Even if you haven't missed a payment, you still must've signed a contract that stipulates you paying more in case you miss or delay a payment as penalty. And that's what riba' is in this case.
Its 100% Riba ,may Allāh forgive you.
You are only able to say this with the permission and mercy from Allah and Allah alone, what about the people who Allah in His divine wisdom did not do this for? A small win against does not counteract a mammoth amount of harm, islam doesn't work like this.