Thursday, December 14

Usury is Riba Quran Explains

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Usury is Riba Quran Explains

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S J Tubrazy

Those who are of the view that it is the interest doubled and redoubled only, which is prohibited (Verse 130 of Surah Al-i-Imran) fail to take into consideration the other verses on the subject. It is one of the accepted principles of interpretation of the Holy Qur’an that firstly the Holy Qur’an should be interpreted by the Holy Our’an itself. Therefore, for the correct interpretation of a verse in the Holy Qur’an, the other verse of the Holy Qur’an, on the subject, must be looked into and taken together to find out the real intention of the Holy Qur’an and, then, the Sunnah of the Holy’ Prophet viz. his word, act and maintaining silence on one’s words spoken or act done in his presence by the Holy Prophet (takreer), be called in aid for its interpretation. Therefore, some of the writers on interest who have expressed their view that it is only the `usury’ (compound or excessive interest) which is prohibited or, in other words, it is the excessive rate of interest, which is prohibited and not a small percentage, to say the least, arc entirely mistaken. We may here quote a passage from a notable work of late Dr. Fazl-ur-Rahman Ansari “The Qur’anic Foundations and Structure (it Muslim Society”, Begum Aisha Bawany Wakf, Karachi Vol. 11, p. 327, which reads that:

Because Riba is generally translated as usury, and because in modern parlance ‘ some people have fallen into the error that what the Holy Qur’an has really forbidden is an excessive rate of interest. In truth, it is only a misinterpretation of the term Riba and a perversion of the Qur’anic teaching. That the Holy Book does not distinguish between `exorbitant’ and reasonable’ rates of interest is clear from the Qur’anic Verse 2:278-80.

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