interest and islam

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interest and islam

sumaaan
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#26

04-05-2004, 09:33 PM

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
Here's a thought....
If I lend my friend RS. 1 lac and for ten years, I can't charge him anything extra regardless of whatever inflation takes place during that period. But if instead of money I lend him, say, 1 KG Gold (worth 1 lac just for simplicity), after ten years, he will have to return me 1 KG gold. Now if the price of gold has doubled, will the extra lac be considered interest/Riba (whichever is appropriate) and is it Haram. If not, why can't we use something like this to counter inflation.

<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

Okay so I discussed this question with a very learned islamic person...

Actually when you invest money, technically speaking, you enter into a contract with the entity/business... Hence, its their duty to pay you the relative profits that your investment has earned you...

But when you give someone 1KG of gold, you don't enter into any sort of contract with that person (considering you're not a raw gold supplier businessman)... In simpler terms, that gold is 'Amanat', and that person has to return it to you someday as it is.

Therefore, the distinction between this example is that of 'Amanat' and 'Investment'.

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interest and islam - by mintblue - 01-12-2004, 11:17 PM

RE: interest and islam - by Linkin Park - 03-04-2015, 04:10 PM

[No subject] - by KJK - 02-07-2004, 04:09 AM

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[No subject] - by mintblue - 02-22-2004, 04:19 AM

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RE: interest and islam - by smraza - 03-18-2004, 09:12 PM

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