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Finance in Islam = AlTamweel AlIslami

Q: What should the wealthy lender do in case the debtor who is in financial difficulty can not pay his loan on time?
A: And if he (debtor) was in difficulty so postponement until a time of ease and if you write (it) off as a voluntary charity it is better for you if only you knew.
Translation of: Ayah 280, Surat AlBaqarah.
Note: In a summary of a Holy Saying (= "Hadeesth Qudsi" directly from Allah through the Angel Gabriel but not part of the Qur'an) said by the Prophet Muhammad: A man before you - when the Angel came to take his soul it was said to him: Did you make any good. He said I do not know. It was said to him: Think (again). He said: I do not know anything except that I was selling to people in Life and I used to reward them (= Ujazeehim) by giving the rich person more time (to pay) (= Unthir AlMousir) and by overlooking the impoverished (= Atajawaz An AlMu'sir) so Allah admitted him to Paradise. Source: AlAhadeesth AlQudsiyyah, page 201.
Words: Thou Usrah = Was in difficulty, Fanathirah = So postponement - So delay, Maysarah = Time of ease, Tasadaqou = Write off as a voluntary charity, Khair = Better.

Q: What greedy financial practices widened the gap between the rich and the poor as displayed in the financial protests nowadays for example in Wall Street (USA) and Bay Street (Canada) protests (October 2011)?

A: Those who devour (take) usury* do not function (in life) except like the one who functions when Satan has made him gone crazy - that is because they said that indeed trade is like usury and Allah made trade allowed (= halal) and He forbade (= harrama) usury so whoever receives a moral lesson from His God and he stops (usury) then to him belongs his past (gains) and his matter will be referred** to Allah and whoever repeats (taking usury) then those are the companions of Hell in it they are remaining for eternity.
Translation of: Ayah 275, Surat AlBaqarah.
* According to Merriam Webster's Deluxe Dictionary, usury = the lending of money with interest charge for its use especially the lending of money at exorbitant interest rates.
Note: Simply putting it trade in Islam is based on selling something with profit that covers your expenses and gives you a little more on the money spent.
** Forgiven or not forgiven.
Words: Ya'koloun = Devour - Take, Yaqoumoun = Function, Yatakhabatuhu AlShaytan Min AlMess = Satan has made him gone crazy, Innama = Indeed, Albay' = Trade - Selling and buying, AlRiba = Usury, Ahalla = Made allowed, Harrama = Forbade, Mawidhah = Moral lesson - Advice, Entaha = Stops, Salaf = Past, Amruhu Ila Allah =His matter is referred to Allah, Aad = Repeats- Returns.

Q: Why in Islamic finance the testimony of two women is equal to the testimony of one man?
A: O believers when you borrow money from each other to a stated term then do put it down in writing and let between you a scribe write it down justly and let not a scribe refuse to write as Allah taught him so let him write and let the debtor dictate and let him (scribe) protect himself by fearing Allah his God and not to reduce anything of it - but if the debtor is fool or feeble or he cannot dictate himself so let his guardian dictate justly and have to witness two witnesses of your men but if there are not two men then a man and two women from the witnesses whom you accept so that if any of the two (women) forgets then one of them reminds the other and let not the witnesses refuse when they are summoned and do not be fed up with writing it be it small or large to its date of maturity - that is more equitable according to Allah and more appropriate for the testimony and more suitable for you not to have suspicions - except when it is present-time transactions that you carry out between you then there is no wrongdoing on your part if you do not put it down in writing - and have witnesses when you trade with each other and no harm should be done to a scribe or to a witness - yet if you do (harm) then it is straying away (from Allah's Path) on your part and protect yourselves by fearing Allah and Allah teaches you and Allah of everything is All-Knowing.
Translation of: Ayah 282, Surat AlBaqarah.
Words: Tadayantum BiDayn = Borrow money from each other, Ajal Musamma = Stated Term, Katib = Scribe, Yabkhas = Reduce, Alayhi AlHaqq = The debtor, Safeeh = Fool - Mentally retarded, Dha'eef = Feeble, Yumil = Dictate, Shaheedayn = Two witnesses, Tadhilla = Forgets, Tuthakkir = Reminds, Aqsat = More equitable - More just, Aqwam = More appropriate, Adna = More suitable, Tartabou =To have suspicions, Hadhirah = Present-time, Tudeerounaha = You carry out, Junah = Wrong doing - Blame, Fusouq = Straying away.

Q: Why giving bribery to government officials is a part of stealing government assets?
A: And do not consume your wealth among yourselves wrongfully* and present them** to the government officials in authority*** in order to consume a part of people's wealth (public wealth) sinfully (without due right) while you know (it).
Translation of: Ayah 188, Surat AlBaqarah (no 2 in the Qur'an).
* In drinking alcohol, gambling, usury, bribery, cheating..etc. Source: Ex-Mufti AlSheikh Hassanain Muhammad Makhlouf in "Safwat AlBayan liMa'ani AlQur'an", in Arabic, page 44.
** Give a portion or a percentage of your wealth.
*** In a summary of a saying of the Prophet Muhammad when a 'government' worker came to the Prophet Muhammad saying: This is for you (all Muslims) and this has been gifted to me the Prophet said: You should have sat in your parents' house (without this job) to see if you were going to be gifted or not? Then the Prophet stood and preached about whoever takes unlawfully (= yaghul) something from public funds will carry it (in public) on the Day of Judgement on his neck be it a camel, a cow, or even a lamb. Then the Prophet said 'I've informed you = faqad ballaght". Source: AlLou'lou' walMarjan feema etafaqqa alayhi AlSheikhan AlBukhari wa Muslim, in Arabic, page 397.
Note: What penalty dictated by Allah in life can be a deterrent for Muslim government officials against stealing government funds and a fearful reminder to return illicit public funds that they amassed during their government work?
Words: La Ta'klou = Do not consume - Do not devour, Amwalakum = Your wealth, BilBatil = Wrongfully, Tudlou = You give them, AlHukkam = To Government officials in authority - Rulers, Fareeqan = A portion, BilIsthm = Sinfully, Ta'lamoun = You know (it) - You are aware of it.

Q: Disbelieving can occur in any command of Allah. How is disbelieving in "usury = AlRiba"?
A: Allah wipes out* usury and He makes grow voluntary charities** ((= AlSadaqat) and Allah does not like everyone who is a disbeliever (ungrateful to Allah), a sinner.
Translation of: Ayah 276, Surat AlBaqarah. (2:276)
* With Allah the blessings of interest-based wealth is wiped out and no reward for it even if it is given for helping others.

** Charities accepted by Allah - their blessings (rewards) are increased with Allah. (in Surat AlHadeed)
Note: The translation of the preceding Line 275 in Surat AlBaqarah.
Words: Yamhaq = Wipe out - Yurbi = Makes grow, AlSadaqat = Voluntary charities, Kullu = Everyone who is, Kaffar = Disbeliever, Ashteem = Sinner.

Q: How should usury in general and especially with double triple interest rates be avoided in societies?
A: O those who believed do not devour* usury** increased many times and protect yourselves by fearing Allah*** so that you may become successful (attain salvation).
Translation of: Ayah 130, Surat AlImran. (3:130)
* Like eating hungrily or quickly.
** Definition of usury. (* under the translation of Ayah 275 in Surat AlBaqarah)
*** A Side Note: Reference to "Destruction of historical artifacts"
Out of fearing Allah (= AlTaqwa) a true believing Muslim questions himself hundred times before taking a non common action: What if what I am doing is wrong and does not please Allah? The statues were worshipped long time ago. But they were before their current destruction a part of a civilization. The Qur'an wants us to look into the past and think what happened to their idol worshippers.
What could have ISIL done instead? Answer: Taught people when you have to see them remember Allah and remember what happened to their worshippers.
Prophet Yunus was from Nineveh (the ancient city). (note under Surat "AlAnbiya'")
The Qur'an directs us to look into ancient history. (Refer to Surat "AlNahl")
Ancient History: Body of punished Pharaoh. (Refer to Surat "Yunus")
Video: Ancient history - Towns of "Prophet Saleh" in Saudi Arabia.
Ancient history: The Qur'an directs attention to "Sodom and its surrounding area". (in Surat AlFurqan)
Ancient history: Prophet Muhammad and "Wadi AlHir" in Saudi Arabia.
And Allah knows Best.
Note: In a summary of a saying of the Prophet Muhammad: There will be a time in which usury - even if it is only its dust (little)- will affect each living person then.
And in a known narration of the companion Umar Bin AlKhattab that the Prophet Muhammad died without explaining usury in full to us. So what you feel and doubt in it usury transaction then avoid it. Source will be added later insha Allah.
Words: Adhaafan Mudhaafah = Increased many times - Doubled and multiplied.

Q: If dealing with usury (= Riba) what is Allah's Command about it?
Remember Prophet Muhammad mentioned there will be a time when no one will be COMPLETELY protected from usury (refer to the note above).
Note: Please read first the translation of Ayah 276 in Surat AlBaqarah.
A: O those who believed protect yourselves (by fearing Allah) and leave alone what remains of usury if you are believers.
Translation of: Ayah 278, Surat AlBaqarah. (2:278)
Words: Itaqou = Protect yourselves by fearing Allah, Tharou = Leave alone - Give up.

Q: What is the warning for the believer who refuses to stop dealing with usury?
A: So if you (plural) do not (stop it) then take notice of a war from Allah and His Messenger (Prophet Muhammad) and if you repented then for you is your capital* - you will not do injustice neither injustice will be done to you.
Translation of: Ayah 279, Surat AlBaqarah. (2:279)
* Capital in finance: Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing. Source: "Google" definition.
Words: Lem Tafalou = If you do not - If you do not do (it)- Fa'thanou = Then take notice, BiHarb = Of a war, Tubtum = You repented, Ro'ouso Amwalkium = Your capital, La Tadhlimoun = You will not do injustice.

Q: How are people encouraged to give charity as way of helping others instead of usury (loan with interest)?
A: And whatever usury (loan with interest) you (plural) give so that it (your wealth) grows through people's wealth then it will not grow with Allah and whatever compulsory charity (= Zakat*) you give seeking Allah's Sake then those are who will be given double (by Allah).
Translation of: Ayah 39, Surat AlRoum. (30:39)
* "Zakat" = Compulsory charity in Islam.
Note: What does Allah do to the wealth of a person gained through dealings with usury? (Refer to Surat AlBaqarah, Ayah 276)
Words: Riba = Usury, Yarbou = Grows - Increases, Ind Allah = With Allah - According to Allah, Wajh Allah = Allah's Sake - Allah's Satisfaction, AlMudha'ifoun = Who will be given double.


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