Financial laws in islam because Girlyman asked for it.
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09-01-2012, 10:58 AM
Financial laws in islam because Girlyman asked for it.
"On the plus side, I find myself more interested in what JackRabbit has to say. I just wish he would answer my outstanding question as to whether Islam considers any interest rate > 0% usury and how they deal with that in terms of purchasing houses and cars and such? "

In islam interest or "Rebba" is considered sinful, because its considered making money by selling
money, and they dont/rarely (depending on different schools of religion) consider factors like the
state of the economy or inflation.

In some westernised countries such as Egypt interest is not illegal but some muslim groups
are trying to make it so, and there are some banks that offer/take no interest on savings
and loans and that makes them really weak compared to Citi, Barclays, NSGB, Bank of Egypt
and other banks in the financial scene of egypt.

Imams, shiekhs and scholars generally agree that one should not take out loans to purchase
anything and urge people to save up and pay in cash or borrow from relatives or enter a
"gam3eya***" a sort of money pool where members make monthly contributions and a different
member gets a pay out each time period. The scholars also make a general pardon for those
who do take loans because "no one can get by in our times without doing these things" and they
want to propose islam as a flexible system. but they still look down on the loans and interest.
and want to change it.

*** it is important to note that Gam3eya takes also no account for inflation or other economic factors
making it a poor alternative.

a quick definition of the "schools of islam", there are four schools of islam within
the "Sunni Sect", "sunnah" being the example put forth by the prophet.
They agree on most major issues but differ on minor details, for example, they
agree that homosexuality should be punished, but differ on the method or the
degrees of punishments, prior warnings, repeat "offences" and correction to gay
behaviour. Where i come from and i can state that all "moderate" muslims
follow one of the 4 schools, while borrowing some rules from other schools
that fit with their way of thinking.

hope that answered your question, feel free to ask more.

"Yeah, good idea. Make them buy your invisible apple. Insist that they do. Market it properly and don't stop until they pay for it." -Malleus
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