WHY IS RIBA HARAM?
The first and foremost reason riba is haram is because Allah declared it so. It is based on Allah’s infinite wisdom that He deems an action to be obligatory or prohibited, prescribing matters in man’s best interests, in this life and in the Hereafter, as He is the All-Wise, All-Knowing. The scholars of Islam have suggested the following reasons as to why riba is haram:
Riba conflicts with the spirit of brotherhood and sympathy, and is based on greed, selfishness and hard heartedness.
Riba is one of the major contributors towards inflation.
Riba causes trauma and depression due to mounting debts.
Riba is a sure gain without any possibility of loss, hence all the risk is taken by the borrower, rather than sharing the risk and the profits with both parties.
Riba creates a monopoly in society, where the rich are rewarded for being wealthy, while those who are not are forced to pay extra!
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