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2:278 “ O’ you who believe! Abandon whatever has been left over from ‘Riba’, if you are the (true) believers.”
2:279 “ And if you don’t do it, there is an ultimatum of war (for you) from Allah and His Messenger; but if you repent (and keep yourselves away from interest), you will have the principal amount. You should neither inflict any injustice nor you will be treated unjustly.”
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A) The definition and meaning of ‘RIBA’:
Let us understand the definition and meaning of ‘Riba’ (interest) from the following Sayings of the Holy Prophet(peace be upon him):
1. “ If wheat for (in lieu of) wheat, barley for barley, dates for dates are not sold hand to hand, then such a sale (deed) is ‘interest’. (Bukhari:2062)
(See also Bukhari:2065)
2. “ There is interest in lending…There is no interest, if you sell hand to hand.” (Bukhari & Muslim - Mishkat:2701)
3. “ Sell gold for gold on same to same basis…and don’t sell what is available against what is not available.” (Bukhari:2068)
4. “ Do not sell which you do not have.” (Tirmizi, Abu Daud, Nisai - Mishkat:2743)
5. Ibn Abbas narrated that the Holy Prophet forbade selling food commodities without getting their possession. Ibn Abbas added that, in his opinion, this Commandment is applicable to all (other) things. (Bukhari:2028)
Note: The Sayings against S. No. 3, 4 and 5 above indicate that the speculation in business is also not permissible.
6. “ Don’t sell gold in lieu of gold, silver in lieu of silver, wheat in lieu of wheat, barley in lieu of barley and salt in lieu of salt , but on equal to equal, similar to similar and hand to hand basis. Nevertheless, you can sell gold in lieu of silver, silver in lieu of gold, wheat in lieu of barley, barley in lieu of wheat, dates in lieu of salt, and salt in lieu of dates in whatever way you like, but (must sell) on hand to hand basis.” (Shafii - Mishkat:2696) (See also Bukhari:2071)
