Topic: Interest is the common business in today's world? (Read 176 times)

Are you completely saying taking interest from loaning money to a person is a crime, did you check the meaning of Usury. Usury means excessive interest made out of giving loan, not that giving a loan and taking interest is something bad but keeping it moderate should be a good thing, most religion often frowns at it.

You and me may have the privilege to get loan from bank institutions because we may have business/job or any security that we are capable of pay back the mortgage on time or even if its delayed we can be forced to pay with high-interest rates and also which will be effected in the credit scores but one who has good creditd score and multiple revenue sources can use the loan to pool some money which is not in their hand and keep them in circulation to make more money.

Talking about the lower class people their only source is go to the loan shark or else they will be forced to be in their shit life, so even with high interest rate it is risk for both ends but one who utilize the loan money into something positive can payback the debt and get a better life which isn't too easy but there is no better way for them in this economic structure.

You are right, because poor people if they borrow from financial institutions will be rejected raw because they do not have a company that is included in the criteria or financial background to prepare if the installments that must be paid are delayed, the convenience provided by loan sharks so that lower-class people dare to take loans even though the interest is unreasonable and may be tens of times more than asngsurang to banks with the same fiat ceiling amount. Sadly, the state allows it as long as it is not included in the crime (verbal violence and physical violence) to mushroom for years until now. And there are still quite a number of loan sharks who consider this a job and are still practiced as an effective livelihood. Indeed, if it is on time I think there are no other fines and focus on interest alone which is not reasonable, even so there may be many who are helped by the existence of these loan sharks if they are smooth and reapply. I think this is a threat but for some people it may be a source of help in a very easy downturn. And I choose not to approach loan sharks whatever the problem and need.

People get involved in this crime even knowing that giving and taking interest are two crimes. About 70 percent of the people in the country where I live are involved in interest. There are many who have turned this interest into a business. There are many families who have become rich through interest.

Due to interest, however, various quarrels arise in our society which are enough to destroy our society.I think in all the countries of the world this practice of giving and taking interest is in operation but it is less and less.

You can't decide what's a sin and what's not. If something is a sin in your religion, doesn't mean it's a sin in every other religion. It can only be a sin when the laws of the state are in line with what the religion says. If it's contradictory then the law of the state is superior.

Funny how you feel you can pick and choose what is a sin and what is not. Your Quran allows you to marry underage girls, you don't frown at that, you don't condemn that act, but you condemn taking interest. Something that was a consented agreement between two adult parties.

Let's shun violence, child marriages, and child abuse, shun domestic violence (on women especially), and let's promote human rights. Everyone should enjoy their fundamental human rights. Women and children are humans too. When should be allowed to say they don't want to do something their choices should be respected.
These are what you should be advocating, not "usury".

Can't you just sit down and ask yourself some questions?
How can taking interest on a loan be haram, but getting married to a 12-year-old who is even too young to say yes or no to you? Too young to understand anything is okay. Depriving that girl so many things in life. Making the rest of that girl's life so miserable.

Surprising how you painted interest as an illegal or indecent act, it's okay if your religion or country condemns it but it doesn't necessary mean everyone will view interest as an indecent act, firstly have you ever asked anyone who get involve in taking loans regular cause they're the ones in need and they feel the loan can be of help, honestly speaking have seen a critical situation that needs money but since no one offered to help the person had to take a loan to save his life, just imagine no one offered to lend him the money with your mindset do you think the person would be alive.
Interest is not the one causing corruption in today world so I can't have anything against interest, in terms of loans the lenders are the ones facing challenges and it depends on the kind of person you choose to lend your money, some with an evil mindset can decide to run away with your money. Interest can't be ban because the government benefits from loans through paying of tax and banks has benefited also.

The issue of usury or interest is characterized by human, inhumanity to fellow man, naturally creator of the world never expect helping a fellow to who is in need or in problem that require him to borrow to be purnished by adding usury or interest. Many religious condemned it but some allow it , normally this ought to be controlled by the government of a Nation but some government do why some don't, like my nation here many charges are applied on your deposite in bank which is not good at first place. When you talk about loan in bank is even a death sentence  because many things they will demand from you as guarantor and the usury or interest they will add up will discouraged you. It's on this note that have made some private sector not even recognize have jump into money lending due to high usury or interest benefit, because the system here never condemned it from the top.

In some countries, it is illegal to loan money to people if they are not registered as a finance entity but in most countries individual loan is completely legal and the government may set up certain frameworks for this but we all know, no loanshark is going to follow what the law says and they are capable of facing legal consequences that is why they are lending money to poor in the first place.

It is true sir, because the bank's profit is the only one rotation of those who borrow and save, this interest drives like a wheel, the higher and smoother the liquidity achieved indicates that the management of the financial institution can be considered good, I don't see a form of self-enrichment when viewed from the banking angle today, because a solid team is also needed to suppress colectibilitas, also this team is a great merit as a marketer of their commercial products that are saving.

Indeed, interest services now in banking are quite extensive with digitalization and modern, perhaps replaced with the term fee / charge when using e-chanel services such as internet banking, atm, savings book and other fees. Instead of asking for fines for damage/maintenance to banking attributes, it is actually interest (pay monthly rent using bank tools) that can go to the treasury, bank maintenance, employee payroll and development of bank services to increase transactions.

Illegal interest practices that stand out today in my opinion still exist in a privately owned business and are so cruel with unilateral policies.

Banks make 90% of profits and give 10% to their depositors, but when we ask for a loan then they will ask for double or triple the interest rate that they are paying for the depositors which is unfair but this is the system that has been followed for very long and it is the best way to get money when we don't have than other informal ways.

I don't have deep knowledge about Muslim laws but I know asking or paying interest is prohibited but how many can actually follow it? In the past the system is completely different and we get things by giving another product now things changed and the economical system is completely changed.

If you are a lender, it's best to just stick to the typical interest rates. Even the banks, they're already considered the high interest rates for the money that they lend to people. Whether you are a believer or not, observe those people that are into this business and are charging way up high interest rates. I don't want to say something about it but just look at them and observe and see with your naked eyes on what they've come actually.

While interest rates are common when someone lends money. If you don't need money from lenders then you better stay away from them for you not to be also at fault blaming them that they charge high interest. Sometimes, people are going to them, those people that have no choice but are in need of money for some important matters that they need to address like emergencies and they have no option at all.

It's really surprising many people didn't understand the difference between usury and interest. Currently FED interest rates 5.5%, which mean if you ask a loan from any institutional or person, they shouldn't charge more than 5.5% (if you live in US, so check your own interest rate in your country).

Simple, if you don't want to pay interest, just completely avoid to take a loan regardless what condition or situation that happen to you.

In fact, the bank benefits more because the banks keep more money in it, then they also benefit, and because people benefit from it, it has different functions. What some have is permissible, some are not permissible,bank can do any business from this amount,

The profit or loss from this business is provided as a percentage, but according to Sharia, it has totally wrong because we do not know our money which is kept in the bank will use in which way.

The interest taken in any term are ripp off and most of the time the one who borrows end up paying much more than the principle amount, it's a trap where we have seen most of the underprivileged farmers are heavily indebted and harassed by greedy bankers and we have seen farmers committing suicide due to the harassment and burden in some Asian countries. Even if you keep religious views aside see from the lens of humanity it's not fair. Interest should be minimised or banned as it's trapping people and ruining their life. I know some businesses has been built on loans but we also need to look the other side of it as well.

The banking system in my country is lately coming back together and offering credits with interest rates, according to the market. Privately, there are people here who shamelessly practices usury, charging up to 20% per week for personal loans.
On the other hand, I do not charge interests to loans I have granted to family and friends, because I have personally known the situation they are in, and I would like to believe I am granting loanss to them so they can improve their personal situation in the short- mid term, it is not for me to profit off their disgrace and desperation.

I am not a Muslim, By the way, but I have heard a about how it is important for Muslins to avoid interests and usury in general, because of how Muhammad and the Koran talks about it in a very negative light.
I have also read about the concept of Muslin banking, institutions which offer banking services (loans included) but instead charging in the form of interests, they go for fixed amounts, according to the service provided to the costumer.

Whether one is muslin or not, one must recognize usury is a societal problem.

This practice has often been done from ancient times by overpaying the lender even though it is in the form of a barter tool whose value is not balanced, for people who are very urgent (business capital) this method is considered easy because maybe the surrounding environment does not care and may doubt the return of a personal loan, so maybe that's the gap that makes people able to hold these services and there are also consumers who enjoy these services, as the times develop this practice becomes a lifestyle and a necessity for additional funds.

Even many state-owned enterprises still survive in this sector in my country, in other countries regarding differences in religion, culture and regulations, of course, there are various technicalities.

It is very clear that banking is not allowed if it is used for food and the economy is weakening, because it is more appropriate to target additional business capital in the sense that the economy is rotating normally and requires temporary funds that are not more than what is borrowed. In contrast to individuals who lend, not according to the target market (worth borrowing and can pay) everyone is served and when the repayment process there are penalties and impressed extortion.

Borrowing is permissible, but it is not permissible for the mechanism to exceed the remaining return if people follow religious and religious teachings, except from the borrower and done voluntarily, I also sometimes borrow even if it is an emergency and it is better to borrow from individuals and maintain trust. Because if you are used to it and have a good reputation, of course the opportunity to borrow from friends is not too difficult.

In today's business world, Usury is the way that people have survived in their business. It is difficult for a family member to raise a certain capital for you to start up your particular business area so you have to go borrowing to see that you start your business and keep financing it until a certain extent where it is financially stable and you can also lend a helping hand to others either by usury or gift.

What is not really good is the high rate of interest that is charged on it like what the banks do, upto 12%-25% is charged in banks especially those in Nigeria and that is really high for a business to survive with it amidst other economic development indices that are not there like electricity, double taxation etc.

Interest is the only way to make more money with your money, banks make money using interest without using their own money. But it is very common and the banking system is the most easy way to get loan if someone needs capital for their startup, even though the traditional banking system is money sucking machine but its a lot better if you take money from loan shark.

I'm my country banks operates with their customer transactions and loans based on interest rate and there has been no issues as far as I know. Although there was a time when the Muslim faitfulls in Nigeria, were advocating for Islamic banks, because of this collecting of interests on loans, but I don't know if the issue has been addressed because I've not heard of any Islamic banks yet. I believe that it'll be good to have Islamic banks to carter for the loan requirements of faithful Muslims, who will want to do loan transactions in line with their beliefs, also for none Muslims who will want to choose the none interest banking system. I however wonder how Islamic banks will make profit without collecting interests on loans, how do they pay their staff and run the bank?

I am a citizen of Bangladesh from South Asia region. I have seen that various NGO organizations in our country are carrying on the business of usurious interest, most of which are the victims of poor families. I think exploitation of poor families through usury by NGO organizations is a worrying and unethical matter. NGOs are meant to work for the social and economic development of poor communities but they trap the poor people by providing small loans and collecting high interest. This in turn further impoverishes vulnerable households and creates long-term financial difficulties. Greater oversight and regulation of microcredit and lending activities by NGOs is needed to protect the rights and well-being of borrowers. Solving this problem requires a multi-pronged approach, including government intervention, regulatory reform and raising public awareness. I certainly strongly condemn any exploitation of the poor through usury as contrary to the basic principles of social responsibility.

If you are still involved with the bank, you will definitely have fallen into usury.
In my area, banks that do not have a sharia system are prohibited from operating, but sharia banks also have usury, although it is not as bad as non-syariah banks.
In my opinion, crypto is one way for us not to get involved in usury.
But you need to avoid future trading and staking which are clearly gambling and full of usury.

It is interesting that this kind of thing is talked about in religious way

In my country, as far as i know, we do not view interest rates depending on our culture or religion we just use math and basically decide what will be the best for us and that would be the set interest rate

Usury is a common sin in today's world. People are using usury to such an extent that they have forgotten that Allah Ta'ala has prohibited usury. I think around 60-70 percent of people in the world are involved in usury. Allah Ta'ala says in His Qur'an verses 278-279 - 'O you who believe, fear Allah and give up what you owe on interest, if you are believers. If you do not (do not leave the arrears of interest, continue the business of interest) then hear the declaration of war from Allah and His Messenger....'There are different opinions about interest in different countries of the world. However, in Muslim countries interest is considered haram and in Burman this interest is openly traded. Accumulating interest is a trivial task. Usury creates strife among people, usury drives people to death, and earning usury will never satisfy you.
How is interest assessed in your country? How do you rate interest?
From my point of view it is better to do away with interest. Let us all shun usury.