Saturday, 30 November 2013

Quran verses on Riba (usury / interest)

Quran and Sunnah are two major sources of Shariah which form the basis of Islamic finance. Below are some verses from the Holy Quran related to the prohibition of Riba (usury/interest):

(1) Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: "Trading is only like Riba (usury)," whereas Allah has permitted trading and forbidden Riba (usury). So whosoever receives an admonition from his Lord and stops eating Riba (usury) shall not be punished for the past; his case is for Allah (to judge); but whoever returns to Riba (usury), such are the dwellers of the Fire - they will abide therein.
(Quran, Al-Baqarah, Chapter 2, Verse 275)

(2) Allah will destroy Riba (usury) and will give increase for Sadaqat (deeds of charity, alms, etc.) And Allah likes not the disbelievers, sinners.
(Quran, Al-Baqarah, Chapter 2, Verse 276)

(3) O you who believe! Be afraid of Allah and give up what remains (due to you) from Riba (usury) (from now onward), if you are (really) believers.
(Quran, Al-Baqarah, Chapter 2, Verse 278)

(4) O you who believe! Eat not Riba (usury) doubled and multiplied, but fear Allah that you may be successful.
(Quran, Ali-Imran, Chapter 3, Verse 130)

(5) And their taking of Riba (usury) though they were forbidden from taking it and their devouring of mens substance wrongfully (bribery, etc.). And We have prepared for the disbelievers among them a painful torment.
(Quran, An-Nisa, Chapter 4, Verse 161)

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