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Re: Truly Interest Free in the United States
By:Liaquat / Dr. Shabbir
Date: Friday, 10 July 2009, 7:26 pm
In Response To: Re: Truly Interest Free in the United States (Shahu Nadir)

Even if we attach money with a commodity as I suggest in #4, someone will manipulate with that commodity. Therefore the commodity needs to be just about anything the borrower and lender can agree on, instead of using a particular commodities.

So if A lends $1,000 to B today and $1,000 buys 333 gallons of a particular brand of milk, then the loan should be returned to purchase 333 gallons of milk.

The item used cannot be the same. Otherwise, people will manipulate with the price of that commodity.

Brainstorming continues. :)

Thanks

- Lee Ali
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Excellent thought!

According to an authentic Hadith, the exalted Messenger forbade selling or buying gold & silver on credit.

Shahu Nadir also made an intelligent contribution to this discussion.

- Shabbir

Messages In This Thread

Truly Interest Free in the United States
Lee Ali -- Wednesday, 8 July 2009, 1:44 am
Re: Truly Interest Free in the United States
Dr. Shabbir -- Wednesday, 8 July 2009, 2:53 am
Re: Truly Interest Free in the United States
Shahu Nadir -- Thursday, 9 July 2009, 2:36 pm
Re: Truly Interest Free in the United States
Liaquat / Dr. Shabbir -- Friday, 10 July 2009, 7:26 pm