Below are several fatwas of the Standing Committee for Scientific Research and Fatwa, Kingdom of Saudi Arabia, regarding usury due to postponement and various contemporary problems of it.
“It is obligatory for a muslim to surrender and always be pleased with the laws of Allah the Holy and Exalted, although he or she has not yet known or do not know the reasons behind the obligation of disallowance of it. However, the reasons of disallowance for some laws might be known, such as the law of usury. In the practice of usury, there are acts of using the hard time of the poor, and multiplication of their debt. Moreover, the practice of usury will spark the fire of enmity and hatred. Practices of usury cause people to be unproductive, because they will be idle and merely rely on the interest of their credit (their saving), thus they’ll be idle to optimize their natural resources; and other negative impacts due to it.
And Allah is the The Giver of guidance, and peace and prayer always be upon Prophet Muhammad, his family, and his companions”.
Reference: “Majmu’ Fatawa al Lajnah ad Da’imah, 13/266, fatwa no. 9450
Author: Dr. Muhammad Arifin Badri, M.A.
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