84. IS SMALL PERCENTAGE OF INTEREST PERMITTED?
Certain people contend substantiating the Quranic verse 3: 130, that there is approval for minimum interest and there cannot be exorbitant interest and usury.
Their contention is raised on the basis of their insufficient knowledge of Quran.
In the Quranic verse 2: 278 Allah says “…give up what remained (due to you) from usury if ye are (in truth) believers…"
We can realize that both usury and minimum interests are banned as it has been generally said ' give up the interest due to you' instead of saying 'give up the usury only which is due to you and accept the minimum interest. '
In the Quranic verse it has been said: “And if you repent then you have your principal (without interest)”. It has not been said 'principal and minimum interest, instead this Quranic verse says that only principal should be received back without receiving any interest however meager it might be.
If it was so, why does Quranic verse 3: 130 say: “O believer, do not consume usury, doubled and multiplied….”
It is the nature of interest usually. It is the difference between trade and interest.
Even if money was lent for meager interest that would continue to increase in the passage of time.
We can find that- interest had increase than the principal several times over the principal in the accounts of a lender if it was calculated after two years.
That is why it has been said 'multiplying interest' would not mean exorbitant interest and usury.
84. IS SMALL PERCENTAGE OF INTEREST PERMITTED?
Typography
- Smaller Small Medium Big Bigger
- Default Meera Catamaran Pavana
- Reading Mode