Is the Riba which is Prohibited in the Quran the same as the Interest of Modern Bank? - Zakir Naik

Is the Riba which is Prohibited in the Quran the same as the Interest of Modern Bank? - Dr Zakir Naik

COGQA-3

Questioner: Good evening sirs. My name is M.S. Shridharan. I am a bank officer. And I will earning my salary from my bank from the banks main income i.e. interest. I have some Muslim friends who have reservations even taking a food or tea from my home assuming that my source of income is from the main interest income of the bank. Please clarify if the interest as mentioned in the Holy Qur’an is the same that the modern bank is practicing, receiving or paying? Once again my question is incomplete I’m sorry. And I have my own professional difficulty of such… I mean… mobilizing the assets from my Muslim friends are lending loans to them also because they involve receipt or payment of interest. Please clarify the procedures.

Dr. Zakir: Brother being a Non-Muslim. He works in a bank he asked a question that why do Muslims resist; don’t come to his house because he’s earning money from interest. What does it say about interest? And he finds a difficulty in mobilizing funds from the Muslims. Brother the Arabic word motioned is Riba. Riba means interest as well as usury. Some people they think that Riba does not mean interest. But it includes interest as well as usury. Interest according to the dictionary means money earned on money lent. And usury means exorbitant interest. Both usury and interest, both are prohibited.

And the Qur’an mentions the word Riba in no less than 8 different places.

In Surah Ale Imran ch. No. 3 verse no. 130,
h Ch. No. 2 verse no. 275 thrice,
in Surah Baqarah Ch. No. 2 verse no. 276
as well as in Surah Baqarah Ch. No. 2 verse no. 278 and 279.

I’ll just translate the last verse. Surah Baqarah verse no. 278 and 279 says that

“If you give up not your demands of Riba, of interest then take notice of a war from Allah and his Rasool.”

So anyone who deals with interest, gives interest or takes interest, he is waging a war with All Mighty God, Allah and with the Messenger Prophet Muhammad (sallallahu alaihe wa sallah). It is one of the major sins in Islam, one of the major sins. And one Hadith says that one of the lower level of interest is equivalent to doing Zina, adultery with your mother. Now what is the logic behind it? You can hear my talk on ‘Interest free economy promulgated by the Qur’an’. It’s a big talk. For logically for me to prove to you why interest is Haraam. It will take a few hours which will not be possible now. But in short the reason interest is prohibited because it makes a rich person more rich and a poor person more poor and further more, interest encourages many evils. Like if you know in the 80’s most of the banks funded gambling dens, they funded alcohol bars etc.

In Islam we believing in profit and loss sharing. See today, you being a banker, you know the company which has the least debt is a better company. This interest was started by King George the V (5th), the banking system. He is the main culprit. Previously it wasn’t there and now to make the rich people more rich. If a poor person wants a loan from a bank it is difficult. You want to see what is his assets, how much is he earning. So it’s more difficult for a poor man to get loan.

And further more if you analyze the top companies, the top companies they are debt free companies. Therefore today we find stock listing. You know Anil Ambani, he floated the Reliance power. How many? 1.1 lakh corers. He got hundred times more than what he wanted...

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[maiman]

The brother who asked question about riba is very humble. May Allah guide him and bless him

[AishaRosalie]

Mashallah! Thank you for helping me find Islam and all the work you do for the ummah :))

[mustufakhalifa]

I am currently studying Islamic Finance and what he said about the banks having Islamic window is correct. My curriculum covers it. InshAllah I find abundance in the the field of Islamic Finance and bring enlightenment to the Indian population

[xyzabc]

Holy Quran 2.269-- He Gives WISDOM to whom He wills, and whoever has been given WISDOM has certainly been given MUCH GOOD. And none will remember except those of Understanding.

[hishamosman]

Dr Zakir is a scholar that the Muslim ummah needs in present time. What Muslims lacked at large is correct Islamic education.

[AishaRosalie]

Another question I've been looking to find the answer for!! Alhamdulillah

[danishrahim]

Alhamdulillah, I needed this. The topic of Riba is a touchy subject so thank you Dr Zakir Naik. May Allah (Subhanahu wa ta'ala) reward you and your family the highest places in Jannatul Firdaus, Ameen.

[quaisarzaman]

Mashaalllah beautiful knowledge have been blessed by Allah SWT

[ibrahimmohammed]

May Allah have mercy on as and forgive me my sins and help to pay my dept

[xyzabc]

Holy Quran 17.7--
"If you do GOOD, you do GOOD for YOURSELVES; and if you do EVIL, [you do it] to YOURSELVES."

[shariyarshajid]

Todays India is very communal.May the people of India live happily together.

[hudamr.]

Assalamu'alaykum...
Please consider to see the definition of money.
I believe we have different definition of money being used in the time of Rasulullah PBUH and the one we are using nowadays.
Today's money is only paper which no longer backed by underlying assets (Gold) and thus the purchasing power is declining (inflation).
I am afraid we are talking different definition of money, the common object of riba.
If the definition is clearly different, then I think we need to deep study before conclude whether or not interest is riba.
Syukron

[mohammadsulaimanrasooly]

Masha Allah Very useful video may be happy, healthy and successful always

[muhammaduddin]

Dealing with Riba or known as Interest on credit cards or life insurance or mortgages is like selling your Soul to the Devil (Ibliss).

[MovieExplainedinHindi_MEH]

Ya Allah Sab k Dill Deen e Islaam Se muNawr Kar de. Ya Allah Humein mAaff Farma
Ameen

[petergreen]

❤May Allah reward you brother Naik ameen. May Allah forgive and accept us ameen.

[peacetvbangla]

Alhamdulilah about riba good answer given to him zazak allah khair brother

[xyzabc]

Holy Quran 89.15--And as for man, when his Lord tries him and [thus] is generous to him and favors him, he says, "My Lord has honored me."


Holy Quran 89.16--But when He tries him and restricts his provision, he says, "My Lord has humiliated me."



Holy Quran 89.17--No! But you do not honor the ORPHAN


Holy Quran 89.18--And you DONOT Encourage one another to FEED the POOR.


Holy Quran 89.19--And you consume inheritance, devouring [it] altogether,


Holy Quran 89.20--And you LOVE WEALTH with Immense LOVE

[xyzabc]

Holy Quran 2.281---And Fear a Day When you will be Returned to Allah . Then Every SOUL Will be COMPENSATED for What it EARNED, and They will NOT be Treated UNJUSTLY.

[alexjones]

Dr Zakir Naik should know, ALL so called "islamic" banks charge higher "profit" than conventional banks. It is just a change of words, process is the same.
In my opinion, Riba's correct translation is usury, i.e. exploiting someone's weakness/helplessness to make higher profits and "exorbitant" bank interest falls in this category, but if bank charges 1-2% that allow the bank to run it's operations, control inflation, and provide services to millions of people, it does NOT fall in category of 'Riba'. On the other hand, what many people did during corona, i.e. stockpilling medicines and selling them at 1000% profit, is 100% Riba.