Simple Definition of SOOD (Interest) ??? RIBA & ISLAMIC Banking ??? By Engineer Muhammad Ali Mirza

COMPLETE VIDEO :
026-Public Q & A Session & Meeting of SUNDAY with Engineer Muhammad Ali Mirza Bhai (16-Jan-2022)

REALTED TOPICS :
ISLAMIC Banking, QISTON ka Kaam, BANK ki Job, INSURANCE & Digital CURRENCY peh ISLAMIC Rullings ???

Mortgage, SOOD & Islamic Banking in ISLAM ??? PM's Youth Loan ??? (By Engineer Muhammad Ali Mirza)

HALAL Business kay 4-Rules ??? Forex Trading ??? Shares of Companies ??? Islamic Banking Vs SOOD ???

IN THE NAME OF ALLAH THE BENEFICENT THE MERCIFUL :
There are few Islamic scholars and researcher in the Muslim world who are really working for the propagation of real Islam and the unity of Muslim Ummah. Among these few and rare names, one is Engineer Muhammad Ali Mirza who is spreading the Islam and offerings the solutions of Islamic sects based on his research from Quran and Sunnah.

Engineer Muhammad Ali Mirza chose to discuss all the controversial issues among the Muslims and with the true references of Quran and Sahih Hadith he concluded the problems which were hidden by the Islamic Scholars.

Engineer Muhammad Ali Mirza advises his listeners not to quarrel with the strict followers of different sects but just to give Dawat of the True Islam (which is in Quran and Sahih Hadith)

ADDRESS :
Qur'an-o-Sunnat Research Academy JHELUM City, 2nd Floor in Mahfooz Plaza, Opposite Pak Army Recruitment Office.

CONTACAT :
[phone] (9AM- 5PM)

WE ALSO ON :

#Sood #IslamicBanking #EngineerMuhammadAliMirza

[TheViqaruddin]

I am a bank Manager in India. I think Riba is an individual lending to an individual or may be to many individuals. The present type of banking is different. People think banking is just lending but it is a complex system which was not present in those days. . Muslim Ulemas think about Yahood and Nasara but all the products we use are invented by them. All the Muslim countries take loan from IMF and World Bank. In banking small entrepreneurs, road side vendors, Farmers are also financed by the banks and many write-off or waivers of loans takes place. The ulemas have to undergo modern commerce before speaking on Banking and interest.

[ShahidKhan-kxxi]

جزاک اللہ خیر
آپ نے نہایت آسان طریقے سے سود جیسے کبیرہ گناہ کی تشریح کی
اللّٰہ ان درباری و بدعتیں مولویوں کو غرق کرے آپ سب بولے آمین

[feelingislamengeneermuhamm]

جزاكم الله خيرا واحسن الجزاء.
May Allah reward you well and the best reward.
আল্লাহ আপনাকে উত্তম প্রতিদান দিন এবং সর্বোত্তম প্রতিদান দিন।

[mumtazahmad]

THE controversy about the permissibility or prohibition of bank interest started in the colonial times, in the 19-century onwards, when banking institutions came to the Islamic world.
The controversy first raged in Egypt. It is said that the Grand Mufti of Egypt, Muhammad Abduh, had permitted interest on postal savings though the fatwa issued by him is not available now. Today, many still ask if bank interest is prohibited in Islam. Most of the jurists maintain that it is not permissible, and Muslims should not accept interest on their bank deposits.
In the latter part of the 20-century many Muslim intellectuals came out with the concept of Islamic banking based on mudaraba and profit-sharing. A number of Islamic banks were started in Muslim and non-Muslim countries with a large Muslim population. Still the question continues to be asked if banking interest is permissible, and there is no unanimity of opinion on this question.
Yet, there are many Islamic scholars who feel that banking interest is not prohibited by Islam. Many modern commentators of the Quran also translate riba as usury and not as simple banking interest. From Pakistan Prof Fazlur Rehman, who had migrated to the US and taught at Chicago University for a number of years, wrote a very well-argued paper on the permissibility or otherwise of banking interest. He came to the conclusion that banking interest is not prohibited. Even those who do not agree with this view must read his article. It is very scholarly and based on original sources.
What is riba then? The Quran strongly condemns the institution of riba. It says, “Those who swallow usury (riba) cannot arise except as one whom the devil prostrates by (his) touch. That is because, they say, trading is only like usury. And Allah has allowed trading and forbidden usury. To whomsoever then the admonition has come from his Lord, and he desists, he shall have what has already passed. And his affair is in the hands of Allah. And whoever returns (to it) — those are the companions of Fire there they will abide.” (2275)
The Quran also goes on to say, “But if you do (it) not, (i.e. continue to take riba), then be apprised of war from Allah and His Messenger; and if you repent, then you shall have your capital. Wrong not and you shall not be wronged.” (2279)
Thus we see that if one continues to take riba, the Quran not only warns against it but even permits war against the usurer. Is bank interest so severe in consequences as to be warned of a war by God? Banking interest is taken and given by hundreds of thousands of Muslims all over the world, including in Islamic countries. Should Islamic states declare war against banks? No country ever does it. Let alone war, they are not given any punishment.
Then what is riba? Its root meaning in Arabic is 'growth' and here obviously it is unjust growth. One should not fatten oneself at the cost of others, which leads to gross injustice in society. Our justice system overlooks the stock exchange operations, which is based on pure speculation. One either becomes a millionaire overnight or is ruined completely if share prices crash. Islam permits only just growth which one earns in a permissible way through one's hard work, physically, intellectually, or both.
Speculation is strictly prohibited. For example, it is not permissible to buy a standing crop in the field as one does not know how much it would be maturing and how much will be destroyed. To buy cheap a standing crop amounts to speculation and exploitation of the peasant. Yet, many middlemen thrive on such speculations. Our justice system hardly ever condemns such practices. Many people become rich overnight by speculation using such practices. On the contrary, our jurists allow the share trade without any restrictions.
There were no banks during the time Islam appeared on the scene. People used to borrow money from private moneylenders and return double or more than the actual amount. Thus we see riba was the doubling of double (3129), which ruined the poor borrowers who often borrowed either for personal needs or small trade. This is certainly condemnable and all governments should take action against such practices.
Banking interest is far from ruinous and its rate is fixed by market operations to increase or decrease liquidity in case of inflation or deflation. A bank cannot be conceived as an exploiting institution. On the other hand, it is a regulatory institution facilitating financial operations between borrowers and lenders.
Some jurists argue that interest is not permissible as there is no element of risk in it and its rate is fixed. There is no such argument in the Quran itself. If this argument is valid then even investing in a building and giving premises on rent will also not be permissible as rent is fixed and there is no risk involved. The Quran denounces riba as an exploitative practice leading to unjust growth, not because there is no element of risk in it.
In view of the above arguments it can be argued that banking interest cannot be treated as riba and should be held permissible.
The writer is an Islamic scholar who heads the Centre for Study of Society and Secularism, Mumbai.

[mirzaarshadmahmood]

پوری دُنیا میں سعودی عرب سمیت کسی بھی مُلک میں مکمل اسلامی بینکاری کا نظام رائج نہیں ہے۔

[ricky]

unfortunately, this argument against sood is not sustainable in today's world. Even the islamic banks qist is magically close to (or higher) than interest based loan. The interest free lenders also charge extra fees which ultimately are not less burden on the borrower. I'm a fan of Mirza sb for calling out baba gangs but modern problems are not getting addressed.

[mehmood]

اس انتہائی اہم موضوع پر آ پ کا مطالعہ نہ ہونے کے برابر لگ رہا ہے
سپین کے ایک مسلمان سکالر شیخ عمر ابراہیم وڈیلو کو پڑھیں اور سنیں اس کے علاوہ اسلام آ باد کے پروفیسر عمران حسین اسلامک یونیورسٹی سے تعلق رہا ہے ان کا وہ بھی آ پ کے لئے اس موضوع پر بہت مدد گار ثابت ہوسکتے ہیں آ پ کو بہت لوگ سنتے ہیں اس طرح دین کی خدمت بھی ہوجائے گی
اللہ سبحانہ و تعالیٰ آ پ کے مراتب میں بلندی عطا فرمائیں۔
آ مین یا ربّ العالمین

[shauzebsyed]

Kindly please mention the Quranic Ayat or Sahih Hadis, where it indicates that money against money is Sood?

[nazirahmad]

Engr sb AOL, Please revisit the definition of sood , as it is money demanded against qrza. Not as ur hour defined as money against money. When a person gives loan to the other person, there bleak chances of it's return. Stay blessed with your family and friends.

[johnsable]

اگر آپ زاید پیسے سے کوئی چیز یا مکان خریدتے ہے تو اس کی قیمت، میعاد اور نفع نقصان کے آپ ہی زمےدار اور مختار ہوتے ہو 100% سو فیصد نفع کی کوئی ضمانت نہیں ہوتی سوائے ﷲ کے جو اس کے نصیب میں لکھ دے

[KamranKhan-gupn]

Riba refers to any financial transaction between two parties in which one party consistently benefits at the expense of the other. In contemporary banking, whether it's conventional or Islamic, where does risk sharing occur?

[krsepnn]

Please answer at the time of Muhammad saww people took qraz in the form of deenar coins and it's value was according to its weight but at present the value of currency is according to the weight of gold which canperchase there for pkr de value d at the time of return to remove this difference we got some extra money as the price ofgold increasing either it is sood

[farookkshah]

Those who will take money will always say that they have lost . How to solve the problem?

[aminavlogsofficial]

Jazak Allah for such a amaizing material ...

[Shami-jrrd]

A o a....Allah apko sehat o eman wali zindagi ata farmye..Aik sawal ka jwab plz de dain Online business ke bare me btae ga?..

[klspplr]

agar paise liye jiyain aur usko profit b dia jaye karobar main laga k aur agar us ka udar b kuch salo main waps kar dain doun tou kia yeh b shood hai?

[ahsanjawad]

Which bank regulates the islamic banks in Pakistan? State bank of Pakistan right, which is interest based. Simple, there’s no Islamic bank because islamic bank cannot be regulated by or the money mixed with a bank that deals in interest

[syedhamzaali]

mae Meezan Bank mae rha hoo udr log atty thy loan lene or mujy first day sy he kha tha ky koi b loan ki baat kry to yae bank loan nhi deta.

ab sawal yae ha jisko chahiya wo kidr jae or agr kisi ky pass koi assest nhi ha to wo loan kese ly
Plus inflation ko b dhekty huay aj ka 1000 kal ky 1000 tak barabar nhi rehna to kiya kiya jae?

[insaanhehunyaar]

Mera sawal please jwb dedein!

Me Direct Selling Agency me kaam krta hun wahan pr personal loan k liye logun ko pitch kiya jaata hy or uspr interest rate charge hota hy halankay islamic banking hy... toh kya ye wohi suud hy jski quran me waazih aayaat hyn??? Kya me haram kaam krta hun? Mjhe chorhni chahiye kya ye job? @engineer mohammad ali mirza please reply to this!

[Majidshahbwp]

Sir bank main Jub ap deposit kerwatay hain paiysa uska profit ap laiytay hain to bank to us paiysay say business hi kerta hay aur apko us profit main say hissa daiytay hain Jaiysay stock markets main and real state main invest kerta hay paiysa phir to wo soud nahi hoa