Interest - Practical Problems

[zahidnoor]

Asalam O Alaikum,

i just read the disscusion and completely in agreement that interest is Haram and it is not in the benefit of the whole community.

We all Know that Riba (Interest) is haram, still we as an accountant have to face it in our routine professional tasks,

1. What we can do to avoid it at personal level and at the level of the organisation we are working with?

2. Are the Islamic solutions offered by the different financial institutions acceptable in the light of the teaching of islam (i.e. we always remain suspicious about the substance over form thing)?

3. The badness of interest is same for the person charging the interest and the person who has to pay the interest on the loan he has taken to take care his neccesities of life?

[tariq mehr]

hey bravo,
don't indulge yourself in such things yaar. though riba is haram in islam,but we don't have any alternative, have we? some FIs claim that they offer ismlamic mode of financing, but in reality they are the same one way or the other.
don't forget PLS accounts . same claim had been made by general Zia, but you all know.....

[zahidnoor]

Asalam O Alaikum,

thanx for your response. i always remain worried about the Riba, (although as an accountant i have to face it in my routine)this is the only thing which i hate about this profession of accountancy. i want to research in the field of finance in the light of the teachings of Islam.

I am not in agreeement with you on that we dont have any other way around. i am firm beliver that Islam is a universal religion and it is a religion for all the times, and anything prohibited by the Islam must be practicably aviodable (may be the diffiulty level associated with the observance of teaching differs in various times, but still there must be some ways of practise).

I will wel come any reference to the reference material on the topic.

[Azeem Shah Khan]

<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by zahidnoor</i>
<br />Asalam O Alaikum,

thanx for your response. i always remain worried about the Riba, (although as an accountant i have to face it in my routine)this is the only thing which i hate about this profession of accountancy. i want to research in the field of finance in the light of the teachings of Islam.

I am not in agreeement with you on that we dont have any other way around. i am firm beliver that Islam is a universal religion and it is a religion for all the times, and anything prohibited by the Islam must be practicably aviodable (may be the diffiulty level associated with the observance of teaching differs in various times, but still there must be some ways of practise).

I will wel come any reference to the reference material on the topic.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Walaikum assalaam Zahid

I would strongly advise you to read Maulana Maudoodi's book "SOOD".

You asked

1. What we can do to avoid it at personal level and at the level of the organisation we are working with?

2. Are the Islamic solutions offered by the different financial institutions acceptable in the light of the teaching of islam (i.e. we always remain suspicious about the substance over form thing)?

3. The badness of interest is same for the person charging the interest and the person who has to pay the interest on the loan he has taken to take care his neccesities of life?

"Try" to avoid things which directly involve the elements of sood. The good thing about human mind-mechanism is that it simply tells you if something is right or wrong or in between. "Try" to stay away as much as you can and rest your case with Allah.

I am deiberately not answering your questions in details as you can read most of the material in the other thread Interest and Islam.

Kind regards

Azeem

"You don't get to choose how you're going to die. Or when. You can only decide how you're going to live. Now."

[Nauman]

On a personal level you can stay away from lease agreements and not use credit cards and definately not take any loans. Also since having a bank account is an absolute must in today's world just order your bank not to credit any interest in your account and check your bank statement frequently to see wether it is being credited or not. That is all I think of right now, though Prophet Mohommad P.B.U.H did say that a day will come when not even a single person would be able to avoid interest and I think we are living in that day.