how to request a loan without riba

[princesst1]

@simplymeandhe

Money has no value in itself, which is a concept that came after Islam by a couple of thousand years.

This nothing more than a huge distortion of history.

Money in the Islamic era was gold, and gold had intrinsic value.

Yes gold does have value money does it. Gold was used for money because it has intrinsic value. It was exchange of value. Using a promissory note (fiat money) it a vehicle of exchange not an exchange of value. You're two different things; the concept of money (a vehicle of exchange) and the use gold as money (an exchange of value).

It's in fact that when money printing takes place, institutes like Al Azhar are starting to go easy on riba because the current FIAT currencies we have are not the Islamic form of currency

This a an utter gross characterization of Al Azhar views of whether interest of renting money meets the definition of riba or in the modern financial system in relation to bank deposits alone. its can easily described by asking the question is fiat money an exchange of value or not. If yes then "interest" in general on receiving interest for bank accounts is not haram.

Again you're confused. You took a specific hukm abut a specific issue and tried to apply it to generally.

slamic banks are literally charging the same interest compounds using other names

so what? Price does not define riba.

they keep those expenses as profits for other borrowers of the bank

And a business is not supposed to make a profit?

In Egypt, an Islamic bank will first claim it owns the house, then it sells it to you with a higher price which will be the house price + equivalent interest value the average of any other riba based bank + extra money because Islamic banks are rare. And then sells it to you over some extended period. If you fail to deliver the money, your house ownership will be reverted back to the bank.

Again you do not understand riba is NOT defined by price but concept.

A company selling an item for profit is not haram within shari'ah. A company selling you an item with the contingent if you fail pay it confiscate the item is not against shari'ah.

you agreed to the contract that stated what would happen if you failed to pay. If you fail to pay and your house gets confiscated how is that wrong? You signed the contract and agreed to its conditions.

 

[eternallykeptbyjesus]

@princesst1 Have to jump in here brother. Your views are restricted and lack knowledge and result in your conclusions to be simply one dimensional and not even aligned with basic Shariah. As I have recommended before - educate yourself further before jumping in with such certainty and displaying one dimensional level of knowledge. And no - I do not want to reach out and correct all your erroneous statements because you have repeatedly shown yourself to refuse to listen to those with more knowledge than you.

 

[simplymeandhe]

@eternallykeptbyjesus Is this to me or him?

 

[eternallykeptbyjesus]

@simplymeandhe At Bro Hamza

 

[princesst1]

@eternallykeptbyjesus

Your views are restricted and lack knowledge and result in your conclusions to be simply one dimensional and not even aligned with basic Shariah.

Proof? A statement is not proof. A statement can either an objective fact or a subjected opinion.

why are you running? If you have a more through understanding of Islamic finance please educate us all with your knowledge. Do not run and be scared to share your knowledge. Knowledge like wealth it benefits when it is dispersed.

EDIT:

Reading your past comments it seems you do not understand riba is based on concept not price. If you can not understand this simple objective fact then I hardly think you as educated as you present yourself to be.

 

[simplymeandhe]

@princesst1 How is fiat currency coming after Islam by a thousand years a distortion of history? FIAT currency was only used in China, and it was the main reason why China fell, that's around 3000 BC. Then FIAT literally came back in 1971 with the Nixon shock..

 

[princesst1]

@simplymeandhe

How is fiat currency coming after Islam by a thousand years a distortion of history?

gold does have value money does not. Gold was used for money because it has intrinsic value. It was exchange of value. Using a promissory note (fiat money) it a vehicle of exchange not an exchange of value. You're confusing two different things; the concept of money (a vehicle of exchange) and the use gold as money (an exchange of value).

 

[simplymeandhe]

@princesst1 Yes but my point was fiat never was a thing nor was intended to be مال in the Islamic society of the prophet.. What you said doesn't counter what I said.

 

[princesst1]

@simplymeandhe

Yes but my point was fiat never was a thing nor was intended to be مال in the Islamic society of the prophet..

So what, it is now. And yes my comment did counter what you said. You didn't fully understand the concept of money not the concepts of vehicle of exchange vs exchange of value.

Shari'ah deals with issues in society. We ALL live within the modern financial system. Saying the Prophet didn't have fiat money does change reality we still have deal the modern financial world.

Having the view the The Prophet didn't use fiat money thus we should pretend like doesn't exist or have effects over your life is delusional thinking.

 

[simplymeandhe]

@princesst1 I am sorry man but I don't think you've understood my point at all. If you can read arabic, I can give you some sources about why Al-Azhar now thinks interest of banks is not even Riba, which is something so questionable for myself.

I didn't say Shariah won't deal with FIAT money, I said gold and money in Islam's prophet era is not the same as today's money. Which is true, today's money is FIAT, doesn't hold intrinsic value, is only means of exchange. Islam's money system was pure gold, not even gold-pegged currencies. Which holds intrinsic value and can finish up exchange of goods.. I don't see where what I said really is countered by what you said. I never said we shouldn't deal with FIAT nor have I said we shouldn't deal with the modern financial world.

 

[annache]

@princesst1 A fee for a loan service based on time and amount is interest.