I've been having this internal debate for a few years honestly...
The subject: RIBA/interest or usury
I'm living in Canada, and al hamdoulilah we have alternatives here to bank loans to purchase properties. However, the process is long, (waiting list) and you end up paying pretty much the same amount as if you took a mortgage at the bank. Also, we have "interest free loans" for cars for example, where they make you pay a lump sum for the interests but without the mention of interest, making it halal according to a lot of people... (I kinda disagree)
Imams have provided fatwas allowing for interest inducing loans in cases of necessity (rent too expensive or inaccessible relative to property)
But what if I wanted to take a loan for making an investment, for example to start a company, or to buy real estate with the intent of generating revenue? That sadly does not exist as a halal service locally where I am (the halal housing coop only accepts cases for principal residence) and otherwise for business purposes I at least am not aware of any providers.
Also, taking out loans has literally a fiscal advantage for businesses, because you are not taxed on interest payments! So Muslims business owners are at a disadvantage! And big companies can simply not function without loans especially in certain field because of very intensive investment requirements in certain periods of the business cycle.
Please feel free to share your thoughts and experience and wisdom from leaders and ulama. I am also not trying to engage in a discussion on the ruling on riba, or an ontological debate on what constitutes riba or not, but rather to find practical solutions that can reconcile with faith.
Jazakoumoullahou khayran.
May Allah bless you and may He accept your fast and prayers and answer your supplications.
Ameen
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