11-16-2005, 06:43 AM
JazaakAllah Khair Sister Radiyah for this information. May Allah reward you much for it.
This was not really a question asked by me... just something posted on another forum, and I just wanted to get an opinion from a different source. Below are a few more questions asked by a brother on the same topic:
Quote:I understand that every interest is haram. I don't see any difference in interest, usury, riba etc. Calling haram by another name does not remove its haram-ness.
However, how can we take account of
1. economic growth (up or down) as in value of money borrowed or to be more specific inflation rate;
2. Administrative cost etc;
in the money exchanging hand between the lender and the borrower?
Below is the answer I gave to the first question:
Quote:I have been thinking about the same questions recently, and to answer your first question about economic growth, I think that the value of money should be measured in terms of value of gold or silver (to be decided and agreed upon by both parties at the time of making the contract). This is the same thing that's used when calculating the Zakat. The nisab for Zakat has just been given as approx. 75 grams of gold, and the monetary value is calculated based on the rate of gold at the time you have to pay the Zakat.
This is just my understanding, and it would be best to refer to a reliable scholar for a more correct opinion... and ALLAH KNOWS BEST.
Please let me know what you think inshaAllah. JazaakAllah Khair for your time and efforts [img]style_emoticons/default/smile.gif[/img]