Riba and the Increase of Wealth
The apparent increase from a Haram source of income such as Riba, robbery, theft etc... may appear to increase one's wealth but it carries no benefit in reality. Such wealth will prove to provide no benefit for the possessor and eventually it will collapse altogether.
In the most recent financial meltdown of Riba based economy, people has millions of dollars in their accounts received through interest and other Haram sources, which disappeared overnight.
Allah demolishes the interest and usury and increases the (benefit) of charities.
Those who end up taking a small percentage of interest as a result of their money being kept with a conventional financial institution ultimately pay more in other ways. For example, the bank lends the same money that it receives from its depositors and then earns and percentage of interest over that loan then it shares a small percentage of that interest with its depositors. However, the big borrower who borrowed money for manufacturing or for any other business includes the interest that he pays to the bank as the cost of his product. So, when a manufacturer makes a product, he also considers the amount of interest that he pays on the loan as his cost of production. Therefore, he takes it from the consumer by adding into the cost of manufacturing or product.
At the end of the day, an ordinary person who may have earned some interest on his money but in reality lost more money.
And Allah knows best.
Mufti Ikram ul Haq
Fatwa Center of America
Answered By: Mufti Ikram ul Haq - Fatwa Center of America
Question:
Asalamu alaikum Mufti Sahib How do we explain to non-Muslims the concept that riba causes a decrease in wealth when, at least from the example of modern, riba-based societies, it appears to lead to a great increase in wealth? Jazakallahu khairAnswer:
بسم الله الرحمن الرحيم
In the Name of Allah, Most Gracious, Most Merciful.
In the Name of Allah, Most Gracious, Most Merciful.
الجواب حامداومصليا
In the most recent financial meltdown of Riba based economy, people has millions of dollars in their accounts received through interest and other Haram sources, which disappeared overnight.
Allah demolishes the interest and usury and increases the (benefit) of charities.
Those who end up taking a small percentage of interest as a result of their money being kept with a conventional financial institution ultimately pay more in other ways. For example, the bank lends the same money that it receives from its depositors and then earns and percentage of interest over that loan then it shares a small percentage of that interest with its depositors. However, the big borrower who borrowed money for manufacturing or for any other business includes the interest that he pays to the bank as the cost of his product. So, when a manufacturer makes a product, he also considers the amount of interest that he pays on the loan as his cost of production. Therefore, he takes it from the consumer by adding into the cost of manufacturing or product.
At the end of the day, an ordinary person who may have earned some interest on his money but in reality lost more money.
And Allah knows best.
Fatwa Center of America
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