princesst1
New member
@simplymeandhe
This nothing more than a huge distortion of history.
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).
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.
so what? Price does not define riba.
And a business is not supposed to make a profit?
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.
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.