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
>
>
>
>

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