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Q.

Probably there is no religion in the world which has not prohibited Interest on Lending/ usury. The distinctive trait of Islam is that not only it has forbidden this kind of gain, but it has also remedied the causes leading to the existence of this evil institution in human society: Why nobody discuss this matter, when many are forced to commit suicide because of heavy Interest burden on Loans ???

Tags: money, education, loans
Asked by Mohammed asim nehal, 27 Jan '10 01:31 pm
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Answers (9)

1.

It is a UNIVERSAL FACT.. that interest money is not a sacred money.. that is WHY MONEY LENDERS were never GOT SOCIAL RESPECT.. They are always treated as Crooked.. But LOAN IS A NECESSARY EVIL like Prostitution.. TILL DATE NOTHING CUD CHALKED OUT FOR WHICH LOANS OR MORTAGE CAN BE WAIVED..

StreeDhan.. i.e. ornaments of Women and Land Mortage has been treated as the Lowest form of Life.. it is a SIGN OF ACUTE POVERTY OR DARIDRATA .. OR MISMANAGEMENT OF HOME AFFAIRS..

Mohammed.. You are Economist.. Why don't you do a research and work on this.. Now the Government Encourage people to take LOANS AND GET INTO MORTGAGE.. What is this??
Answered by Sharmila Bose, 27 Jan '10 02:01 pm

 
  
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2.

If you calculate actually you will find it amazing that infact taking interest from people who have taken loans has saved many lives than who have died because of not paying of loans. Just look at the facts.
there are millions and millions of people who take loan. There are millions of farmers who take loans for seeds and farming. There are millions of people who personal loans and they want to pay when they earn well or their situation changes. Out of these millions there are some hundreds who are unable to pay their loans because os some of unforeseen conditions and out of this 100's very few commit suicide as their conditions are unable to become stable. But if the persons and banks which have given billions of rupees if they don't get any profits how are they going to pay the salaries for their workers. How are they going to pay for the paper work, travelling and maintaining books etc etc. Since a person who takes loan has to pay interest and in time he really respects the agreem ...more
Answered by satishraj medapatla, 10 Sep '10 07:54 pm

 
  
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3.

Interest is the cost of using somebody else money for personal benefit. It is no different from rent one pays for using somebody 's property. If accepting rent is ok then logically speaking accepting interest should also be Ok. If a religion prohibits a person from accepting or paying interest it is doing injustice to the lender. In the past in the formative stage of Islam, in Arabia, the money lenders were basically Jews. The best way to attack the Jews were to hit their economy by refusing to pay interest on loans taken from them. That is why Islam prohibits its followers from charging interest (to ensure its followers take loan only from their co followers and not from Jews) and it also prohibits its followers from paying interest (to ensure it followers cripple the Jewish economy by not paying interest on loans taken from Jews) A person who takes loan, the least he should do is pay interest for the loan taken. If he is not prepared to pay the interest then the very concept of loa ...more
Answered by Shyam, 28 Jan '10 10:12 am

 
  
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4.

Yes,, true :D
Answered by conviction, 27 Jan '10 04:28 pm

 
  
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5.

Its good that even economy is dictated / commanded by religion but there are evolutionary religions that has no prohibition to adapt anything that benefit human being but the problem is a predetermined dividend has hardly any deference from interest. What is going on in UK and in India on the name of Islamic Banking is a sophisticated form of vote banking..
Answered by Subhas Mitra, 27 Jan '10 04:08 pm

 
  
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6.

Many religion do say money cannot be earned by that. But we tend to go for easy route , money and fame but landing to trouble
Answered by saranathan Narasimhan, 27 Jan '10 03:27 pm

 
  
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7.

The economic system of Islam is not drawn in the light of arithmetical calculations and capacities of production alone. Rather, it is drawn and conceived in the light of a comprehensive system of morals and principles. The person who is working for another person or for a firm or an institution is ordained by God to do his work with efficiency and honesty. The Prophet said that if any of you undertakes to do any work, God loves to see him do it well and with efficiency. Once the work is done, the worker is entitled to a fair wage for his services. Failure by the employer to pay the just wage, or attempts to cut it down and waver on it is a punishable act, according to the Law of God.

Business transactions enjoy a great deal of attention from Islam. Honest trade is permitted and blessed by God. This may be carried out through individuals, companies, agencies and the like. But all business deals should be concluded with frankness and honesty. Cheating, hiding defects of ...more
Answered by salmanfarsi, 27 Jan '10 02:24 pm

 
  
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8.

One thing that I am interested in knowing is how do the people who work for islamic banks get their salary? I sure would like to know, as with no interest if such banks can survive, is that rule only for depositers or even to those who borrow from such banks?
Answered by Wolverine Logan, 27 Jan '10 02:13 pm

 
  
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9.

Charging interest on loans is perfectly legal and correct.The economy and profitability of the banks depends upon this.Any sensible person will not see any harm in asking for or paying interst on a loan.
Answered by HEMANT MEHTA, 27 Jan '10 02:00 pm

 
  
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