salaam
So is there any differernce between Interest and usury?
A work colleague of mine sent me this article:
http://www.submission.org/islam/usury.html
I said I will consult a scholar and get an answer.
For those who hav estudied this what are your thoughts....
Submission is not a Muslim site.
Islamicly, interest is seen as usury, provided that it is above the rate of inflation - our current monetary system means that money loses value over time, so this can be recompensed for, but anything more than that, no.
"For too long, we have been a passively tolerant society, saying to our citizens 'as long as you obey the law, we will leave you alone'" - David Cameron, UK Prime Minister. 13 May 2015.
Jct: Ezekiel denounced those who take "usury or excessive interest."
Impossible-for-all-to-pay Usury on money or possible to pay interest on cows.
The problem with interest on money is that money does not breed money. Therefore if you are issued Principal (P) and you must pay back (P) + Interest (I) you were never issued the I. Therefore if only Principal is given out to everyone, not everyone can give back the Principal and the Interest.
However if you were to give someone an seed, or something that will spawn more of what was lent, then it is acceptable (and possible) to expect or request interest on what was lent.
Charging interest on money, or something that cannot breed itself, is unrepayable and therefore impossible to repay.
It is unfortunate that Christians have forgotten why their Master was strung up.
Below is a link to a Muslim Banking Site you should find all you need there.
http://www.umfinancial.com/index.php?page=content&pid=53
Waleikom Assalam
That article is just non-sence, riba is any form of interest, the word usury was once intended for any interest charge, not even excessive interest.
Anyway, follow sheik Imran Hossein about the topic, he is an expert in Riba.
http://www.youtube.com/watch?v=uPjj1YjHC2s&feature=mfu_in_order&list=UL
Kofi: "riba is any form of interest, the word usury was once intended for any interest charge, not even excessive interest."
Jct: I have to agree that "Islamic Banks" have not found a way to clean the increase on the loan of their money whether they share in the gamble or not.
They say that if you lend money on a gamble, you should pray for a share in the profit.
Jesus said that if you lend money on a gamble expecting nothing in return, you should pray for his success in HIS gamble so he'll be able to help you later should you need help too in fulfillment of Paul Corr II 8:14: Your abundance should at the present time be a supply for his want to that his abundance may later be a supply for your want." So no need for a share of his winnings, just for his help in the same way should you need it later.
So, of course, the only reason the Islamic Banks are making news is that they are not truly "Islamic" in the way the Islamic Party of UK endorsed the LETS as being an Islamic currency system, some of which were founded by Islamic LETSers.