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Category: Quran and Economy

The Quranic Teachings on Charity (Sadaqaat)

The Quranic Teachings on Charity (Sadaqaat)

  The Arabic term sadaqa (plural: sadaqaat) has been used in the Quran both for charities given to the poor by individuals (Al-Quran 2/271) and for the contributions/funds collected by the Islamic Authority/State (through a centralized mechanism) to be spent for the purposes defined in the Quran (Al-Quran 9/103 and 9/60). The term ‘Sadaqaat’ has been used in contrast with the term ‘Riba’ (i.e. usurious gains or interest on loans). يَمْحَقُ اللَّهُ الرِّبَا وَيُرْبِي الصَّدَقَاتِ وَاللَّهُ لَا يُحِبُّ كُلَّ كَفَّارٍ…

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Riba in the Quran

Riba in the Quran

The Arabic word Riba (root: ر۔ ب ۔ و) has the following primary meanings: -Increase, augmentation or growth (e.g. in money, wealth or property) -{رَبَا المَالُ: The property increased} -An excess or addition (however slight, over and above the principal sum that is lent) [Ref. Hans Wehr; Lane’s Arabic-English Lexicon; Steingass; AA Nadwi] If one lends anything to anyone as a favour, one should keep in mind the following principle given in the Quran: وَلَا تَمْنُن تَسْتَكْثِرُ And do not…

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Giving Respite and Relief to the Debtor

Giving Respite and Relief to the Debtor

    وَإِن كَانَ ذُو عُسْرَةٍ فَنَظِرَةٌ إِلَىٰ مَيْسَرَةٍ وَأَن تَصَدَّقُوا خَيْرٌ لَّكُمْ إِن كُنتُمْ تَعْلَمُونَ   If the debtor is in (financial) difficulty, let there be postponement of the payment till ease (of his monetary condition). But if you remit/write-off the debt by way of charity, it would be better for you, if you understand (its benefits for your spiritual development/self-actualization). Al-Quran 2:280

Spending for the Welfare of Humanity (Infaaq)

Spending for the Welfare of Humanity (Infaaq)

Human beings have generally turned out to be miserly قُل لَّوْ أَنتُمْ تَمْلِكُونَ خَزَائِنَ رَحْمَةِ رَبِّي إِذًا لَّأَمْسَكْتُمْ خَشْيَةَ الْإِنفَاقِ وَكَانَ الْإِنسَانُ قَتُورًا Say, “If you were in control of the treasures of my Sustainer’s Beneficence, you would certainly hold them back for fear of spending/exhaustion (of these treasures); As human being has turned out to be miserly”. [Al-Quran 17/100] Allah has commanded the Believers to spend their resources in His way وَأَنفِقُوا فِي سَبِيلِ اللَّهِ وَلَا تُلْقُوا بِأَيْدِيكُمْ إِلَى…

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