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Friday, 24 February 2012

Hadith: Riba (Usury)

Narrated 'Aisha: When the verses of Surah "Al-Baqarah"' about the Riba (usury) were revealed, the Prophet went to the mosque and recited them in front of the people and then banned the trade of alcohol.  (Sahih Bukhari: Book 8, Hadith 449)

Allah has forbidden you to take usury (interest); therefore all interest obligation shall henceforth be waived. Your capital, however, is yours to keep. (Prophet Muhammad's final sermon)

Narrated Abdullah ibn Mas'ud: The Apostle of Allah (peace be upon him) cursed the one who accepted usury, the one who paid it, the witness to it, and the one who recorded it.  (Sunan Abudawud: Book 22, Hadith 3327)

It is reported on the authority of Abu Huraira that the Messenger of Allah (may peace be upon him) observed: Avoid the seven noxious things. It was said (by the hearers): What are they, Messenger of Allah? He (the Holy Prophet) replied: Associating anything with Allah, magic, killing of one whom God has declared inviolate without a just cause, consuming the property of an orphan, and consuming of usury, turning back when the army advances, and slandering chaste women who are believers, but unwary.  (Sahih Muslim: Book 001, Hadith 0161)

Abu Sa'id al-Khudri (Allah be pleased with him) reported Allah's Messenger (may peace be upon him) as saying: Gold is to be paid for by gold, silver by silver, wheat by wheat, barley by barley, dates by dates, salt by salt, like by like, payment being made hand to hand. He who made an addition to it, or asked for an addition, in fact dealt in usury. The receiver and the giver are equally guilty.  (Sahih MUslim: Book 010, Hadith 3854)

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