Riba - any stipulated addition above and over a loan
Riba is a disease that affects the heart and soul. Has "some" benefits but the risks/harm greatly outweigh the benefits.
Loan - exchange of two identical things.
Not every loan is a form of riba.
Not every riba is a loan.
Loan (with a condition) - *Example: You borrow $100 and must pay back $100 plus something additional. This is riba.
Loan (without condition) - You borrow $100 and pay back the same exact amount, nothing added by the lender. This is halaal and not a form of riba.
Riba Al Jahiliyyah - worst kind of riba.
Reasons:
- Comes at a time of difficulty.
- No money in the hands of the debtor.
*Example: If you are unable to make a payment deadline and require an extension to make your payment. They may give you an extension but will require that you pay an extra fee (or interest) for it. This is riba.
[Notes from Islamic Finance]
-- Riba is a disease that affects the heart and soul. Has "some" benefits but the risks/harm greatly outweigh the benefits.
Loan - exchange of two identical things.
Not every loan is a form of riba.
Not every riba is a loan.
Loan (with a condition) - *Example: You borrow $100 and must pay back $100 plus something additional. This is riba.
Loan (without condition) - You borrow $100 and pay back the same exact amount, nothing added by the lender. This is halaal and not a form of riba.
Riba Al Jahiliyyah - worst kind of riba.
Reasons:
- Comes at a time of difficulty.
- No money in the hands of the debtor.
*Example: If you are unable to make a payment deadline and require an extension to make your payment. They may give you an extension but will require that you pay an extra fee (or interest) for it. This is riba.
[Notes from Islamic Finance]
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