RIBA: MEANING & TYPES, REASONS FOR RESTRICTION OF RIBA, RENT & COMMISSION.

Dictionary Meaning: In Arabic Riba means increase, excess, expansion, additional etc.

Technical Meaning: It means Interest/usury/sud etc.

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wbgœwjwLZ KzdjB Reasons for restriction of Riba:

my‡`i AMwYZ ˆbwZK, mvgvwRK, A_©ˆbwZK, ivR‰bwZK I AvšÍR©vwZK Kyd‡ji g‡a¨ wb‡gœ K‡qKwU Kzd‡ji K_v Av‡jvPbv Kiv nj:

1.    my` K…cbZv I †jv‡fi m„wó K‡i: my`‡Lvi KLbI A‡b¨i Afve I mgm¨v‡K gvbweK `„wó‡Kvb †_‡K, mnvbyf~wZi `„wó‡Z †`‡L bv eis A‡b¨i Afve‡K cuywR K‡i ‡jv‡fi ekeZ©x n‡q AwaK K…cbZvi cwiPq †`q|

2.   ‡¶v‡fi Rb¥ †`q: FY MÖnxZv eva¨ n‡q FY †bq Ges eva¨ n‡q D”P nv‡i my` †`q Ges wb‡Ri KóvwR©Z A_© my`‡Lv‡ii nv‡Z Zz‡j w`‡q AwZ K‡ó Rxeb hvcb K‡i, d‡j my`‡Lv‡ii cwZ Zvi GKUv Pvcv †¶vf m„wó nq hv mgv‡Ri Rb¨ LyeB ¶wZKi|

3.   ‰bwZK Ae¶q: ‡h e¨emv‡q my` †ekx, my`‡Lvi †mLv‡bB cuywR LvUvq, d‡j gv`K`ªe¨, Ryqv, Ak­xj Qvqv Qwe, bvix e¨emvi gZ RNb¨ ˆbwZKZv we‡ivax KvR mgv‡R we¯Zvi jvf K‡i Ges mgv‡Ri ‰bwZK Ae¶q NUvq|

4.   my` GKwU Ryjyg: my‡` A_© wb‡q e¨emvq ¶wZMÖ¯’ n‡j, FY MÖnxZv mgqgZ FY cwi‡kva Ki‡Z cv‡ibv, d‡j FY`vZvi my‡`i cvIbv AviI †e‡o hvq hv FYMÖnxZvi Rb¨ Ryjyg Qvov Avi wKQyB bq|

5.   cuywR MVb K‡g hvq: my‡`i Kvi‡b `ªe¨g~j¨ e„w× cvq, d‡j †fv³v‡`i µ‡hi cwigvY K‡g hvq Ges †gvU weµq K‡g hvIqvi Kvi‡b Drcv`‡Ki jv‡fi cwigvb K‡g wM‡q cuywRMV‡b †bwZKvPK cÖfve †d‡j|

6.   wewb‡qvM K‡g hvqt my‡`i Kvi‡Y Drcv`b LiP †e‡o hvq Ges `ªe¨ g~j¨I e„w× cvIqvi Kvi‡Y, `ª‡e¨i Pvwn`vI K‡g hvq, d‡j Drcv`bKvixMY wewb‡qv‡M wbi“rmvnx nb|

7.   SzuwKeûj I Kj¨vYKi Lv‡Z wewb‡qvM K‡g hvqt my‡`i Kvi‡Y Drcv`b LiP †e‡o hvq wKš‘ †Kvb SzuwKc~Y© A_P Kj¨vYKi Lv‡Z hw` H LiP †gUv‡bvi gZ h‡_ó my‡hvM bv _v‡K, Z‡e wewb‡qvMKvixMY H Lv‡Z wewb‡qvM Ki‡e bv, d‡j mgv‡Ri Rb¨ Kj¨vYKi nIqv m‡Z¡I H Lv‡Z wewb‡qvM K‡g hvq|

8.   mÂqKvix‡`i Ajm K‡i †`qt mÂqKvixMb webv SzuwK‡Z wbwðZ nv‡i my` cvIqvi Kvi‡Y, wewb‡qv‡Mi SzuwK enb Ki‡Z Pvq bv Ges Ajm e‡m my‡`i e¨emvq UvKv LvUvq|

9.   ‡eKviZ¡ e„w× cvqt my‡`i Kvi‡Y Drcv`b LiP †e‡o hvq, d‡j wewb‡qvM K‡g hvq| Aciw`‡K `ªe¨ g~j¨I e„w× cvIqvi Kvi‡Y mvwe©K Pvwn`vI K‡g hvq| cwiYwZ‡Z Drcv`‡Ki jvf K‡g hvq Ges wewb‡qvM n«vm cvq| Gi d‡j kªwg‡Ki Pvwn`v K‡g wM‡q ‡eKviZ¡ m„wó K‡i|

10. gy`ªvùxwZ evovqt my‡`i cÖfv‡e `ªe¨ g~j¨ e„w× cvq, Aciw`‡K Abyrcv`bkxj Lv‡Z jvf †ekx n‡j my`x A_© H Lv‡Z wewb‡qvM e„w× K‡i Ges Drcv`bkxj Lv‡Z wewb‡qvM K‡g hvq| d‡j evRv‡i c‡Y¨i mieivn K‡g wM‡q `ªe¨ g~j¨ cybivq e„w× †c‡q gy`ªvùxwZi Rb¥ †`q|

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A¡mÓ¡qa¡u¡m¡ p¤c­L q¡l¡j Hhw j¤e¡g¡­L q¡m¡m L­l­Rez a¡q~ p¤­cl pw‘¡ H ®~h¢nøÉ A¡­m¡Qe¡l fl j¤e¡g¡l pw‘¡ J ®~h¢nøÉ Hhw p¤c J j¤e¡g¡l j­dÉ ®j¡~¢mL f¡bÑLÉ pÇf­LÑ A¡­m¡Qe¡ Ll¡ Sl¤l£z

f¤y¢Sh¡c£ Abe£¢a­a ®j¡Y~ A¡u q­a ®j¡Y~ X~vf¡ce MlQ Ab¡Ñv S¢jl M¡Se¡, nÊ­jl jS¤l£ J f¤y¢Sl p¤c h¡c ®cJu¡l fl hÉhØÛ¡fe¡l q¡­a ®k X~cŪJ b¡­L, a¡­L hm¡ q­u­R j¤e¡g¡z X~àªJ ®hn£ b¡L­m j¤e¡g¡ ®hn£ qu,  X~àªJ Lj b¡L­m j¤e¡g¡ Lj qu; A¡l X~àªJ k¢c e¡ b¡­L a¡q­m j¤e¡g¡ qu e¡ h¡ ®m¡Lp¡e quz p¤al¡w j¤e¡g¡l f§hÑ-¢ed¡Ñ¢la ®L¡e q¡l e¡q~z

AeÉLb¡u, j¤e¡g¡ q­QR ¢h¢e­u¡¢Sa f¤y¢Sl h¢dÑa Awn, A¡l ®m¡Lp¡e q­QR f¤y¢Sl ruf¡f¹ h¡ ®M¡u¡ k¡Ju¡ Awnz Ab¡Ñv ®L¡e X~­cÉ¡J²¡ ®L¡e hÉhp¡u HL m¡M Y~¡L¡l f¤y¢S ¢h¢e­u¡N L­l HL hRl fl k¡ha£u MlQ h¡­c k¢c 1,20,000/- Y~¡L¡ f¡u, a¡q­m f¤y¢Sl h¢dÑa Awn Ab¡Ñv ¢hn q¡S¡l Y¡L¡ q­h a¡l j¤e¡g¡z Afl¢c­L HL hRl fl ph MlQ h¡­c k¢c ®p ®c­M ®k a¡l q¡­a j¡H eîq~ q¡S¡l Y~¡L¡ A¡­R, a¡q­m f¤y¢Sl qÊ¡pfÊ¡f¹ h¡ ®M¡u¡ k¡Ju¡ cn q¡S¡l Y¡L¡ q­h a¡l ®m¡Lp¡ez

H q­m¡ f¤y¢Sh¡­cl AbÑe£¢a­a j¤e¡g¡l pw‘¡z ¢Le¹¤ j¤e¡g¡l X~J² f¤y¢Sh¡c£ pw‘¡l p¡­b q~pm¡j£ AbÑe£¢al pw‘¡l f¡bÑLÉ l­u­Rz q~pm¡­j p¤c ¢e¢oÜz q~pm¡j£ AbÑe£¢a­a a¡q~ p¤c ®me­c­el fÊnÀq~ A¡­p e¡z p¤al¡w q~pm¡j£ AbÑe£¢a­a ®j¡Y~ A¡u q­a ®j¡Y~ X~vf¡ce MlQ ¢q­p­h ®Lhm S¢jl M¡Se¡ J nÊ­jl jS¤l£ h¡c ¢c­m k¡ Ah¢nù b¡­L a¡­Lq~ hm¡ qu j¤e¡g¡z Ab¡Ñv ®L¡e f­ZÉl ¢hH²umì A¡u ®b­L M¡Se¡ J jS¤l£ h¡hc ®j¡Y~ MlQ h¡c ®cu¡l fl k¢c ¢h¢e­u¡¢Sa f¤y¢S hª¢Ü f¡u, a¡q­m f¤y¢Sl ®pq~ h¢dÑa Awn­L hm¡ qu j¤e¡g¡z A¡l k¢c f¤y¢S qÊ¡p f¡u, a¡q­m Hl qÊ¡pf¡f¹ Awn qu ®m¡Lp¡ez

q~pm¡j£ A¡q~­e hm¡ q­u­R ®k j¤e¡g¡ q­QR pÇf­cl Hje fÊhª¢Ü k¡ ®L¡e AbÑ­~e¢aL L¡lh¡­l pÇfc ¢h¢e­u¡N Ll¡l g­m A¢SÑa quz X~­cÉ¡J²¡ fÊb­j ¢h¢e­u¡¢Sa AbÑ­L f­ZÉ l§f¡e¹¢la L­l, Aaxfl X~J² fZÉ ¢h¢H² L­l fZÉ­L A­bÑ m¡i f¡u, ¢Le¹¤ k¢c fÊ¡f¹ AbÑ f§­hÑl a¤me¡u Lj qu, a¡q­m a¡l f¤y¢S L­j k¡u h¡ a¡l ®m¡Lp¡e quz j¤e¡g¡ Hq~ f¤y¢S­L l§f¡e¹¢la L­l T¤y¢L NÊq­el gmz

H A¡­m¡Qe¡ ®b­L HY~¡ f¢lØL¡l ®k f¤y¢S M¡Y~¡­e¡l hÉhÙÛ¡fe¡ pwH²¡e¹ j¡eh£u nÊj ¢e­u¡N J T¤y¢L NÊq­Zl gmpÅl§f j¤e¡g¡ A¢SÑa quz L¡lZ f¤y¢S LM­e¡ pÅuw¢H²ui¡­h hª¢Ü f¡u e¡; f¤y¢S karZ fkÑe¹ X~­cÉ¡J²¡l nÊ­jl p¡­b ¢j¢ma e¡ qu, aarZ 100 Y~¡L¡ 100 Y~¡L¡q~ b¡­L, ¢Le¹¤ 100 Y~¡L¡ kMe ®L¡e cr X~­cÉ¡J²¡ ¢h¢e­u¡N L­l H­L f­ZÉ l§f¡e¹¢la L­l, a¡lfl A¡h¡l ®p fZÉ­L Y~¡L¡u ¢g¢l­u hq¤N¤­eJ h¢dÑa q­a f¡­lz a¡q~ ¢h¢e­u¡N hÉa£a f¤y¢Sl fÊhª¢Ü qu e¡; AeÉLb¡u f¤y¢S ¢e­S pÇf­cl SÇj ¢e­a f¡­l e¡z p¤al¡w j¤e¡g¡ q­QR j¡eh£u nÊ­jl p¡q¡­kÉ f¤y¢S M¡y¢Y~­u T¤y¢L NÊqZ Ll¡l gmz

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Fungible Non-Fungible Goods

Origin of Riba is loan. Now what is a loan and what are its essential characteristics? For the purpose of defining loan, Riba, Rent, etc. the goods and services available in this world are divided into two groups. One group is called Fungible goods or Maale Faani, and the other non-Fungible goods or Maale Gaire Faani.

Fungible goods: are those goods benefit from which cannot be derived without fully consuming the goods or it may be defined as  the goods which if used once, loses its very existence or is transformed into other goods. For example, Rice, salt, money, etc. The essential characteristics of Fungible goods are:

             i)      It does not exist or gets transformed or it is used once.

           ii)      It does not have flow of service; cannot give service or benefit more than once and

         iii)      Its service cannot be made separated from the goods itself, therefore, its service cannot be sold keeping the goods separate.

Non-Fungible goods: On the other hand, non-Fungible goods are the goods which can be used repeatedly and benefit can be taken from them as many times as possible throughout their life or existence. For example, table, car, land, etc. This kind of goods has also got three essential characteristics. These are:

             i)      These exist inspite of repeated use;

           ii)      These have got flow of services, therefore, can give service more than once and

        iii)      Their service can be separated from the goods itself, therefore, can be sold keeping the goods as it is.

Loan-Quard/Quarde Hasanah

Loan in Arabic is termed as Quard. Loan or Quard may be defined as follows:

To give any person a Fungible goods for using the same for his benefit on condition that he shall return similar goods in same quantity/amount within a fixed period or when possible for him. An analysis of this definition gives the following essential elements of loan:

             i)      The goods must be Fungible one;

           ii)      It must be given to someone for his use and benefit;

         iii)      There must be a condition to return similar goods in same quantity/amount;

          iv)      There must have a period of maturity which may be fixed or may also be kept open;

            v)      The lender does not bear any risk of the loan he lent;

          vi)      Nothing additional (of the same goods or any other goods, services or benefit) over and above the principal should be imposed, charged or even expected against loan.

Any transaction having fulfilled these conditions, shall be termed a loan or Quard. This actually is what we call Quard-e-Hasansh.

Riba based Loan or Quard-ur-Riba

When any loan/Quard is offered or received on condition that certain additional amount or any other excess or benefit will be charged or be paid (over and above the principal) the loan or quard is turned into a Loan on Riba or Quard-ur-Riba, the excess being the Riba or interest.

Thus, the difference between Quard-e-Hasanah and Quard-ur-riba is that, in Quard-e-Hasanah, there is no excess but in Quard-ur-Riba there is excess which is Riba or interest. This excess is paid by the borrower to the lender for which borrower loses to that extents while the lender becomes gainer to the same extent. It is, thus, taking the excess paying nothing in return. This is great injustice. That is why it is Haram.

Rent

In Arabic it is termed as ‘Ajr’ which means consideration, exchange value, reward, wages, etc. It is the price of service of non-fungible goods.

The term ‘Ijarah’ has been derived from ‘Ajr’. Ijarah is one kind of Bai/Buying and selling. It is a mechanism by which the service of a non-fungible goods is sold in exchange of Rent (Ajr) keeping the goods and its ownership unsold. Thus it is an exchange of counter value, one side being the service and the other side the ‘Rent’. Therefore, it is Halal.

Commission

Definition (In general):

The fee charged by or paid to a broker, agent, or auto sales representative for negotiating a real estate, car sale, or loan transaction.

Definition (In the view point of Banking):

A fee paid to the Bank by a client for transacting a piece of business like negotiating sale or performing a service.

A commission is generally a percentage of the sales price/contract basis/fixed basis.

In view point of Shariah:

A fee charged by a broker or agent for his/her service in facilitating a transaction by rendering services. The payment of commission as remuneration for services rendered or halal products sold is a common way to reward sales people.

Difference between Quard, Riba, Profit and Rent

SL	Quard	Riba	Profit	Rent
1.	One good-Fungible	One good-Fungible	Two goods-Fungible	Two goods/ service-Non-Fungible
2.	No transformation.	No transformation.	Transformation.	Transformation.
3.	No risk of transformation and ownership.	No risk of transformation and ownership.	Risk borne.	Risk borne.
4.	Certain.	Certain.	Uncertain.	Fixed & certain.
5.	Condition to return similar goods in same quantity/amount.	Condition to return that certain additional amount or any other excess or benefit will be charged or be paid.	Condition to return not similar goods.	Condition to return not similar goods/service.
6.	It’s Halal.	It’s Haram.	It’s Halal.	It’s Halal.
7.	Buying and selling not required.	Buying and selling not required.	Buying and selling is must.	It’s one kind of buying and selling. It’s a mechanism by which the service of non-Fungible goods is sold in exchange of Rent.