Software Development For Leasing And Financing Company
Money against Money is not Riba but D emanding profit on loan is Riba (Sood) and is Haram in Sharia. Investment/financing in any company doesn’t fall in this category. Mortgage Arrangements , Hire-purchase Arrangements do not fall within purview of Riba. Similarly, late payment surchage can be chaged from clients and does not fall within definition of Riba. Asset Financing is done through renting of Assets against Installments then there is no element of Riba. Asset Financing if done in the form of a short-term loan : if it is a genuine financing, then no element of Riba is involved here. But most of such financings are usually in the form of a loan arrangement which creates element of Riba in them, hence should be avoided from a principle stand-point. As far as job in a Riba-based intitution is concerned : But Considering the pervasiveness of banking and financing sector in all the economies of the world, coupled with the changed nature of business being done by the current banking sector, Ghamidi Sahab is of view that job in any such institution would be tolerated on the princple of ‘ umum-e-Balwa ‘ until the time we find a better alternative to the current Banking sector and Riba is outlawed in the society. Until that time, the prohibition should limit to earning/consuming of Riba directly . Following comments of Ghamidi Sahab will also be helpful in understanding some of the underlying concepts in this regard. Please refer to the video below from 1:18:34 to 1:21:25 https://www.youtube.com/live/LUbg3QpPfRM?feature=share&t=4714 ____________ Detailed Discussion on Riba : Discussion 30863
@uq4454819 Jazak Allah for your response so it is ok to work for me here?