What is the Ruling in Partaking in Financial Markets, Which is Built on Usury?
Answered by Mawlana Ilyas Patel
Question
I hope you’re all well. I had forbidden myself from partaking in the financial market partly because it is built on riba’ and willfully seeking benefit off of something haram is haram while seeking benefit unintentionally is not.
However, I need to be qualified in fiqh to say this is correct. Could you please explain whether my understanding is correct or not?
May Allah reward you all and extend His favor upon you and us.
Answer
In the Name of Allah, the Most Merciful and Compassionate
I pray you are in good faith and health. Thank you for your question and concern about seeking and living riba- influence-free.
There will come a time when we will be affected by usury, and we are in this time.
Time When Everyone will be Affected by Usury
Abu Huraira (Allah be pleased with him) reported that the Messenger of Allah (Allah bless him and give him peace) said, “A time will surely come upon people in which none will remain but that he consumes usury. If he does not consume it, he will be afflicted by its dust.” [Abu Dawud]
However, there are ways to minimize this and alternative investment roadmaps for Muslims who want to watch their savings grow while abiding by Islamic law and restrict their financial activity to that consistent with Shariah law. See the links below.
I would like you to go through the valuable answers and links below. You will receive guidance and direction in sha Allah.
Related Answers
- What Is Riba in Islam, and Why Is It Forbidden? (investopedia.com)
- Wahed- Halal investing made simple
- Halal Investing for Beginners: How to Start, Grow and Scale Your Halal Investment Portfolio: Amazon.co.uk: Khan, Ibrahim, Patel, Mohsin.
Wassalam,
[Mawlana] Ilyas Patel
Checked and Approved by Shaykh Faraz Rabbani
Mawlana Ilyas Patel is a traditionally-trained scholar who has studied in the UK, India, Pakistan, Syria, Jordan, and Turkey. He started his early education in the UK. He went on to complete the hifz of the Quran in India, then enrolled in an Islamic seminary in the UK, where he studied the secular and ‘Aalimiyya sciences. He then traveled to Karachi, Pakistan. He has been an Imam in Rep of Ireland for several years. He has taught hifz of the Quran, Tajwid, Fiqh, and many other Islamic sciences to children and adults onsite and online extensively in the UK and Ireland. He taught at a local Islamic seminary for 12 years in the UK, where he was a librarian and a teacher of Islamic sciences. He currently resides in the UK with his wife. His interest is a love of books and gardening.
