E41: 5 reasons why interest is haram (Tafseer s.17)

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By Mohsin Patel & Ibrahim Khan, Mohsin Patel, and Ibrahim Khan. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

We're taking a look at verses 2:175-179 - the verses forbidding interest. The 5 reasons are:

1. It is exploitative of the poor (as they are generally those who require debt)

2. Interest gives rise to an exploitative economic system even if a specific instance of a loan may not appear to be exploitative.

3. Money has no intrinsic value and so cannot be rented.

4. To try to rent "the value imbued within currency by others in society" is not (a) clear/certain; and (b) appears to be renting out something a lender has no right to be renting out.

5. lending money leads to a devaluation of the very thing being loaned (due to inflation).

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