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Subject : Unknowingly, I Got Involved in a Usurious Transaction

Fatwa Number : 756

Date : 30-05-2010

Classified : Usury (interest) &Loans

Fatwa Type : Search Fatawaa


Question :

Ten years ago, I bought a business via a usurious bank, but had no knowledge of usury. What should I do?



The Answer :

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

You are required to make repentance to Allah and ask Him to forgive you for this great sin for there is harsher prohibition for Riba/usury mentioned in the Glorious Quran where Allah the almighty says {What means}: "O ye who believe! Observe your duty to Allah, and give up what remaineth (due to you) from usury, if ye are (in truth) believers. And if ye do not, then be warned of war (against you) from Allah and His messenger. And if ye repent, then ye have your principal (without interest). Wrong not, and ye shall not be wronged." {Al-Baqarah, 278-279}. Moreover, Narrated Jabir (RA): Allah's Messenger (PBUH) cursed the one who accepts usury, the one who gives it, the one who records it and the two witnesses to it, saying, "They are all the same." [Reported by Muslim].

Not only Almighty Allah accepts repentance and forgives sins, but also changes evil deeds to good deeds. He says {What means}: " Save him who repenteth and believeth and doth righteous work; as for such, Allah will change their evil deeds to good deeds. Allah is ever Forgiving, Merciful. And whosoever repenteth and doeth good, he verily repenteth toward Allah with true repentance –" {Al-Furqan, 70-71}.

You (Asker) aren`t obliged to get rid of the things that you have bought with that usurious loan because repentance in this case means that all the funds are returned to their owner without any increase or decrease; just as reflected in the verse where Allah the Almighty says {What means}: " 

And if ye do not, then be warned of war (against you) from Allah and His messenger. And if ye repent, then ye have your principal (without interest). Wrong not, and ye shall not be wronged"  {Al-Baqarah, 279}. Since you have already paid the amount of the loan to the bank, you remain liable for the sin of usury. Thus, you are required to make repentance and ask Allah to forgive you. And Allah the Almighty knows best.

  




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