>From: Jabou Joh <[log in to unmask]> >Reply-To: The Gambia and related-issues mailing list <[log in to unmask]> >To: [log in to unmask] >Subject: Re: I thought You might be interested!/Riba >Date: Sat, 22 Feb 2003 13:36:29 EST > >Habib, > >Riba is definitely prohibited, that is, charging interest on top of money >that is loaned because it brings difficulty for the borrower and makes it >impossible for them to repay the loan because the interest keeps accruing. >What is permisible is ot lend someone money say for a project, and then take >some of the profit that is gained from the investment, and someone can >correct me if I have gotten this wrong. The folks at teh Islamic bank in >Banjul explained this one ot me when I asked how they made money if they >invest in someones; venture, and they said they agree to take a percentage of >the profits for a set period of time, or a set percentage. >If one borrows money say to buy a house and the lender takes the house >because the borrower cannot pay, I am deducing that they have ot sell the >house and take what is owned them and return the rest of the money to the >borrower of his heirs. >The problem is Ribas, interest, it shoukd not be charged in the first place, >and it si also haram to pay it willingly. >There are infact now mortgage companies here in the U.S that are run by >muslims, and they say they lease the home back to the buyer? I have never >been able to understand that concept although one brother tried to explain it >to me. > >I have a question, what about interest one accrues on deposited funds in a >bank account? Is this also haram since the bank works with your money on >deposit by lending it out and collecting riba on it, and it si this interest >that you earn a share in. >If this si haram, what is a muslim who has large sums of maony that can >collect potentially large interest on deposit do with their money? > >Jabou Joh > >In a message dated 2/22/03 10:17:34 AM Central Standard Time, >[log in to unmask] writes: > > > > > > how about Ribah ? loaning a dollar for a dollar and acquiring a lot of > > homes from the folks that can not pay back. > > > > Should those homes be returned back to the childern of the original owners > > who lost it to riba > > > > > > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ >To Search in the Gambia-L archives, go to: http://maelstrom.stjohns.edu/CGI/wa.exe?S1=gambia-l >To contact the List Management, please send an e-mail to: >[log in to unmask] > >To unsubscribe/subscribe or view archives of postings, go to the Gambia-L Web interface >at: http://maelstrom.stjohns.edu/archives/gambia-l.html > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~