Types of usury in Islam.In everyday life, we often do economic transactions ranging from saving at a bank, investing, borrowing or just buying and selling. Of the many of these activities, sometimes we are not aware if it could be included in the types of usury in Islam. Well, on this occasion we will discuss the types and types of usury in Islam along with examples in everyday life.
Types of usury in Islam
1. Debt-debt
Usury which takes advantage of more than a debt, for example usury qardh and usury jahiliyah.
2. Laptops for sale
Adding the value of goods purchased by consumers, for example usury fadl and usury nasi’ah.
It’s like a rabbit in Islam
1. Riba Fadhl
Exchange or sale of ribawi goods with different quantity, quality, or dosage levels. Ribawi goods themselves are mentioned in the hadith as gold, silver, wheat, red wheat, salt, and dates. In other hadiths it is mentioned as gold, silver and food ingredients. So in Islam, for these goods exchanges must meet the same quantity and quality.
Examples of the practice of usury Fadl, for example, someone exchanges 10 grams of gold (20 carats) for 11 grams of gold (19 carats). Another example 2 kilos of good quality wheat is exchanged for 3 kilos of poor quality wheat.
2. Riba Qardh
There is a requirement of the advantage of the repayment of the loan made at the beginning of the debt-lending agreement by the lender against the lender without knowing what the advantage is.
For example such as moneylenders who lend 10 million to the borrower, then the borrower must return 11 million without explaining the excess funds for what. An additional 1 million in this case is referred to as usury qardh and will only harm the borrower plus benefit the moneylender.
3. Riba Ignorance
There is an additional value of debt due to the additional payment due due to the borrower’s debt unable to pay debts on time. The practice of usury like this was widely applied during the ignorance.
For example the lender says to the recipient of the debt when due, “you pay off the debt now according to the amount you owe or pay in the future on condition that there is an additional amount of debt”
Another example is the use of credit cards. When a credit card user buys 1 million worth of goods and is unable to pay in full when due, the user is required to pay interest on the credit card arrears.
