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How to Identify Riba (interest): Buying a Car Example
< YouTube link >
In this video, we talk about Riba (interest/usury) and how to spot it in everyday transactions.
Using a common example of buying a car, we illustrate how one transaction can be done as permissible trade, while another can entail Riba from a loan or money-for-money arrangement. This can be hard to spot if you're not familiar with it, but by the end of this video, you'll be able to recognise Riba confidently, insha'Allah.
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Lawful and Unlawful Business Transactions According to Shariah
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In this video, we delve into the Islamic principles that determine the permissibility of commercial transactions. We'll explore the key principles that underpin business and finance matters in Islam.
There are two core principles to establish whether something is impermissible in Islamic financial and commercial matters:
- Explicit Prohibition: We look for evidence that something is explicitly mentioned as prohibited, such as riba (interest), which is clearly forbidden.
- Contrary to Sharia Objectives: If an action goes against the aims and objectives of the sharia and has a detrimental impact on society, it becomes impermissible.
Understanding these principles helps ensure that business and financial activities align with Islamic ethical standards.
Imam Al-Ghazali on Money
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Have you ever thought about how Islamic scholars from the past viewed money, its purpose, and its function in society?
Imam Al-Ghazali offers a profound perspective on the true nature of money, describing it as a divine blessing from Allah. He explains that money is created to serve as a universal mediator in trade, acting as a judge between all commodities.
Al-Ghazali emphasizes that the primary function of money is to facilitate fair exchanges, not to be treated as a commodity itself. When money is used merely for trading and profit-making, it disrupts its intended role, leading to economic imbalances and speculative bubbles.
