LEGITIMATE CASH IN ON SALE AND TRADING ACTIONS:
SHARIAH LAW POINT OF VIEW
Prof. Doctor Zainal Azam Abdul Rahman
THIS DAILY NEWS IS A PARTIAL FULFILLMENT OF THE SUBJECT YOU WILL NEED 1002 OF PART one particular OF CHARTERED ISLAMIC FINANCING PROFESSIONAL (CIFP)
In Al-Quran, Jahve SWT clearly said in Surah Al-Baqarah v. 275: " Individuals who devour usury will not stand except as stands one whom the evil a single b-v his touch offers driven to madness. That is the fault they say: 'Trade is like usury, but Allah has acceptable trade and forbidden usuryвЂќ. The verse above proven a clear distinction between transact and riba. It necessary Muslims to annul almost all outstanding riba, instructing these to take the particular principal amount, and forego even this in case of the borrowers' hardship. The text in the verse likewise defines the prohibited siena, i. electronic. as any increase added to the key. This means that any kind of extraneous addition, however little the amount, is considered riba, and the lender will get only the primary. The verse text prohibits completely and without any uncertainties all costs and causes of riba. Therefore, any accrued amount included in the principal can be unlawful long lasting reasons were for the incurrence of the debt. In mean time, Allah SWT permits control. Why Allah SWT enables trade? It is because trade and usury will be absolutely diverse. Generally, in trade, one particular earns income as a result of initiative, enterprise, performance and work. But the riba is certainly not earned through hard work or any type of value creating process. It is not the incentive of entrepreneurship but is in fact unearned profits. Moreover, earnings in operate is rising and falling whereby there may be risk of loss also, in case of riba the financial institution gets his fixed sum irrespective of the truth whether the borrower earns virtually any profit or perhaps sustains reduction. God provides forbidden riba but offers permitted transact. There is a likeness between the economic scheme of Islam and capitalism...
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