(Muniza Wasi, KARACHI)
Riba or Interest is strictly prohibited in Islam. Before we discuss the reasons why it is prohibited in Islam; and what are the cons and pros of its prohibition; we should first of all consider and understand that it is Allah’s will and as his creations we should and must obey the order. Islam is the religion of peace, humanity and its teachings are in every sense for the welfare of mankind and every living creature. It teaches us to look for others welfare as well. No one is allowed to suppress others or get such gains that are against the society welfare. When we talk of Riba or interest it means such a transaction in which if a person borrows some money, then he signs a contract that he’ll return it in a certain period of time, and pay the installments at some regular intervals say a month with a fixed interest rate but if he fails to pay the amount on time, either the interest rate increases or he is charged with late fees payment due to which he is off to a new increased debt. Interest or Riba is a killer for the society as it promotes the exploitation of people. Those gains are allowed in which the person exerts himself and on his own expenses not by exploiting other people. A person who lends his money to the borrower for some time period does not exerts himself into any work, neither he takes any responsibility in his work, suppose if the borrower fails in his task or the business in which he invested the borrowed money, resulting in a loss; should it be human or accountable to ask him for the excessive amount of money and call it a liability? That’s why Islam has prohibited Riba in any form; whether it is in money transactions, or involves goods or property etc. Riba produces a stagnant society where the money flows from the rich to the hands of rich to make them wealthier; whereas in Islam the concept of zakat plays an important role in the flow of money from the rich to the poor. Islam states that those who are involved in Riba in any form whether they lend, borrow, advertise, prepare such agreements or work in any organization which deals in Riba; any thing which involves them with Riba or interest in their lives; are condemned and they are in a fight against Allah almighty. So just think what could be the penalty; those will be thrown into hell for doing so. Lets all pass the message of Islam and leave these good to hear schemes involving Riba or interest whether they are easy loans or not, for the sake of Allah.