Is the non-usury laws in Islam actually practiced in modern banks in Islamic countries

[REhorror]

Well, we all know the no-usury laws in Islamic teaching.

But is this still practiced in modern Islamic countries? Do your local banks have interest rates?

 

[R2D2]

Usury is practiced in all banks.

 

[nahtanbob]

Usury is practiced in all banks.

Can you distinguish between interest and usury ? Money has a time value.

 

[REhorror]

Usury is practiced in all banks.

How do you guys rationalize this with Islamic teachings?

Can you distinguish between interest and usury ? Money has a time value.

If you borrow a certain money and then pay more than the borrowed amount, that should be usury.

 

[nahtanbob]

How do you guys rationalize this with Islamic teachings?

If you borrow a certain money and then pay more than the borrowed amount, that should be usury.

Money has a time value. Do you agree or not ?

 

[Trango Towers]

How do you guys rationalize this with Islamic teachings?

If you borrow a certain money and then pay more than the borrowed amount, that should be usury.

Now apply inflation to your statement. Is your statement correct?
Example.

I lend you $10 for 1 year today.
Today you can buy 10 apples.

You return $10 in 1 year and I can only buy 9 apples.
Did u return my money?

Also if I will always lose money lending to others why would I lend.

Molvis and Islamic finance shouldn't be mixed

 

[REhorror]

Now apply inflation to your statement. Is your statement correct?
Example.

I lend you $10 for 1 year today.
Today you can buy 10 apples.

You return $10 in 1 year and I can only buy 9 apples.
Did u return my money?

Also if I will always lose money lending to others why would I lend.

Molvis and Islamic finance shouldn't be mixed

Bro, it is that logic that encourages inflation and usury.

Still, just wonder how islam bros rationalize this thing since it obviously goes against Islamic teachings.

 

[Trango Towers]

Bro, it is that logic that encourages inflation and usury.

Still, just wonder how islam bros rationalize this thing since it obviously goes against Islamic teachings.

Brother...can you answer the question. Because 100s of years ago Ibn tahmiyah answered it.. but we are stuck with your mindset.

I should lose money lending it ti you but you will answer me in an emotional manner.
You statement is most unfair

 

[REhorror]

Brother...can you answer the question. Because 100s of years ago Ibn tahmiyah answered it.. but we are stuck with your mindset.

I should lose money lending it ti you but you will answer me in an emotional manner.
You statement is most unfair

Lending should be about charity and trust, not making money.

 

[Trango Towers]

Lending should be about charity and trust, not making money.

STILL U SIDESEP THE QUESTION

Loool so u borrow money to start a business and it should be about charity from my end.

Sorry bro but how old are you?
Do even know Pakistani people?
Your answers are dillusional and irrational.

 

[REhorror]

STILL U SIDESEP THE QUESTION

Loool so u borrow money to start a business and it should be about charity from my end.

Sorry bro but how old are you?
Do even know Pakistani people?
Your answers are dillusional and irrational.

I'm over 30, and while that answer seems naive, it's objective better for society and banking to function that way instead of predatory usury.

I wonder how historically Islamic banks in the Ottoman empire and arabia worked too before westernization.

 

[Trango Towers]

I'm over 30, and while that answer seems naive, it's objective better for society and banking to function that way instead of predatory usury.

I wonder how historically Islamic banks in the Ottoman empire and arabia worked too before westernization.

Well as you won't answer the simple question hiding behind the words naive I guess there is no point.

Islam is fair. Its doesn't want anyone to lose money.

Ribba is excessive charge on the loan of money. In English it's usury. Usury was banned in the christian world. Interest was introduced by Jews initially as a small incremental charge. However now some lenders charge extortionate amounts effectively turning interest into usury. West's laws are relaxed re interest.

Islamic finance is a nasty hidden ribba today.
Example you take a mortgage on a house in the west at market rate. Your payments will go up and down depending on market conditions. Islamic banks use high interest add do the calculation over say 25 years. Add the interest into a lump sum and sell you the house at a huge value saying now you pay us the rent for the house. They are cheating Muslims with words.

If yoj are over 30 and you think lending should be about charity ... good luck in life as life doesn't work like that

 

[fisher1]

How do you guys rationalize this with Islamic teachings?

What do you mean rationalise?

Pakistan doesn’t have Islamic laws, banks obviously deal in interest but that is the least of the problems. Pakistanis do many sins including hurting other human beings all against teachings of Islam.

Religious people don’t use interest. If you use current account then you will get the money you deposit without any benefits ie no interest.

Are you foolish to believe that in a Muslim country everyone will be pious and not sin?

 

[R2D2]

Now apply inflation to your statement. Is your statement correct?
Example.

I lend you $10 for 1 year today.
Today you can buy 10 apples.

You return $10 in 1 year and I can only buy 9 apples.
Did u return my money?

Also if I will always lose money lending to others why would I lend.

Molvis and Islamic finance shouldn't be mixed

Islamic economic system is based on currency of Gold and Silver which has very little inflation.

 

[REhorror]

OK, sorry for posting this in the Pakistani board, I guess this should be more "World Affairs" kinda thing, is there any Islamic bank at all that still practices no-usury, or do Muslims just accept that every banks sin nowadays?