Is Trade Not Riba dot Com a legal company? ?
Yes. Trade Not Riba Limited is a registered at the New Zealand Companies office, under the New Zealand companies act.
Is Waqf only for Muslims?
No. Waqf is for both the Muslim ummah (community) and the widder community (Non-Muslims).
Can Islamic Social Entrepreneurship (ISE) be implemented by non-Muslims?
Although Islamic Social Entrepreneurship is faith based and is founded from the teachings of the Quran, hadīth(prophetic tradition) and sunnah (the way of life as prescribed by Prophet Muhammad (SAW)), it can be applied or adapted by non-Muslims. Our team at Trade Not Riba dot Com can help you with any community empowerment projects that is designed to create the social impact in the areas which ISE advocates.
Can the waqf – ISE model be adapted by non-Muslims?
Yes. The waqf-ISE model is designed for the betterment of the common-good which includes both Muslims and non Muslims.
Why is ribā /usury/ interest harām (not permissible)?
Arabic words cannot be translated exactly into English. However, the term ribā can loosely mean usury or interest. Often ribā is used to describe interest earned or paid when taking a loan. Muslims and many people of other Abrahamic faiths agree that ribā is haram (not permissible). Ribā has been highly condemned in the Quran with the harshest warnings to people.
However, there are differences of opinions on what ribā is. This has been mainly orchestrated by Islamic Banking industry which is a multi trillion dollar business and is based on fatwahs (rulings on a point of Islamic law given by a recognized authority) that not all loans and bank interest is ribā . Islamic banks even argue that the process of lending is what makes Islamic banks halāl (permissible) even if the interest charged or given out is calculated on the same basis and mechanism as conventional banks. Many Islamic scholars even argue that not all ribā is considered as interest, some even deny that ribā is a major sin, many even certify ribā based products as sharī’ah (Islamic law) compliant.
Let’s make no mistake, the Quran is very clear on ribā and does not give much room for innovation or varied interpretation. Here are some of the words of Allah (SWT)/God on the importance of avoiding ribā:
- Surah Al-Baqarah is strong in condemning ribā:
- “Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, “Trade is [just] like interest.” But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah . But whoever returns to [dealing in interest or usury] – those are the companions of the Fire; they will abide eternally therein.” Qur’an (2:275)
- “Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever.” Qur’an (2:276)
- “Indeed, those who believe and do righteous deeds and establish prayer and give zakah will have their reward with their Lord, and there will be no fear concerning them, nor will they grieve.” Qur’an (2:277)
- “O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers.” Qur’an (2:278)
- “And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you : repent, you may have your principal – [thus] you do no wrong, nor are you wronged.” Qur’an (2:279)
- “And if someone is in hardship, then [let there be] postponement until [a time of] ease. But if you give[from your right as] charity, then it is better for you, if you only knew.” Qur’an (2:280)
- Surah Ali ‘Imran: “O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful.” Qur’an (3:130)
- Surah An Nisa: “And [for] their taking of usury while they had been forbidden from it, and their consuming of the people’s wealth unjustly. And we have prepared for the disbelievers among them a painful punishment.” Qur’an (4:161)
- Surah Ar-Rum: “And whatever you give for interest to increase within the wealth of people will not increase with Allah . But what you give in zakah, desiring the countenance of Allah – those are the multipliers.” Qur’an (30:39)
Why is trade halal (permissible)?
In Surah Al-Baqarah, it states that: “Trade is [just] like interest.” But Allah has permitted trade and has forbidden interest.” Qur’an (2:275).
In the above ayah (verse), it is clear that our creator has made ribā / usury/ interest haram (non permissible). Instead trade has been made halāl (permissible).