Usury (Hadith No. 449)

Salam,
Bismillah.

Volume 1, Book 8, Number 449:

Narrated ‘Aisha:

When the verses of Surat “Al-Baqarah” about the usury (Riba) were revealed, the Prophet went to the mosque and recited them in front of the people and then banned the trade of alcohol.

Reason: Intoxication.

Usury is the practice of charging excessive, unreasonably high, and often illegal interest rates on loans. [Wikipedia]

Those who charge usury are in the same position as those controlled by the devil’s influence. This is because they claim that usury is the same as commerce. However, God permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with God. As for those who persist in usury, they incur Hell, wherein they abide forever (Al-Baqarah 2:275)

God condemns usury, and blesses charities.God dislikes every disbeliever, guilty. Lo! those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of usury, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew. (Al-Baqarah 2:276-280)

Wassalam.

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