Islam and interest on loans/mortgages ~ is paying interest forbidden?

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I heard that Muslims are forbidden from paying interest on anything, such as mortgages and other loans, credit cards, car payments, etc.

Is that true that Islam forbids interest, and if so, how do Muslims function in modern life esp. in the US and Europe without paying interest?

The person who told me that interest payments were forbidden didn’t have any further info, as to why, etc. so I am curious as to 1) if it’s even true and 2) if it is true, how do the people function without credit cards, car loans, mortgages, etc

I hope the question doesn’t offend anyone ~ I just thought it was best to ask those who’d know 🙂

6 Comments
  1. Reply
    MOMIN
    April 30, 2011 at 1:14 am

    raba and sood are two different things

  2. Reply
    salma
    April 30, 2011 at 1:53 am

    salam
    i lived in the U.S. for more than 19 yrs.ive been successful in staying away from interests and i function my life just fine.its all on how u use ur money

  3. Reply
    WhiteHat
    April 30, 2011 at 2:13 am

    You can pay interest… You just cannot charge interest or take interest that is given to you.

    But, it is easy to avoid, lived in the USA for most of my life.

  4. Reply
    ***LuLu ***
    April 30, 2011 at 2:43 am

    Anything that is associated with interest is forbiden.

    A loan is not forbiden, it becomes forbiden when the bank or whoever you barrowing charges you interest.

    Here is the verse in the quran that talks about this:

    “O you who believe, fear Allah and give up what remains due to you of interest if you are indeed believers. And if you do not, then be warned of war (against you) by Allah and His Messenger, while if you repent you shall have your capital. Do not do wrong and you shall not be wronged.” (Al-Baqarah: 278-279)

  5. Reply
    Just a Student
    April 30, 2011 at 2:52 am

    assalam wa alykum
    pls refer the following link
    http://www.islam-qa.com/en/ref/9700/pay%20interest

  6. Reply
    Oxymoron
    April 30, 2011 at 3:46 am

    Please visit the website http://www.freewebs.com/logicofislam/economy.htm and read the following articles:

    Interest and the Modern Banking System
    Modern Economy: Progress or Destruction
    The Reality of Money and the Banking System

    For more details on Islamic economy please visit http://www.islamic-finance.com/indexnew.htm

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