5 Ways to stay away from Riba

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5 Ways to stay away from Riba

5 Ways to stay away from Riba

Riba(usury) is prohibited in Islam. It is clearly stated that Allah’s Messenger (peace be upon him) cursed the accepter of interest and its payer, and one who records it, and the two witnesses it. So, we should try to stay away from riba as much as he can. There are few tips which would help in doing so.

1.    Trust on Allah

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First of all, one should have full trust in Allah that He (Exalted) is sufficient for us and He(Exalted) would provide for us and our family. We should try to leave it for the sake of Allah because when a person leaves something bad for the sake of Allah, He (Exalted) replaces it with something better. Allah says in glorious Quran:

And will provide for him from where he does not expect. And whoever relies upon Allah – then He is sufficient for him. Indeed, Allah will accomplish His purpose. Allah has already set for everything a [decreed] extent.”

[Quran 65: 2-3]

In today’s world, there is interest-based finance available everywhere. One should try to stay away from interest by considering Allah’s guidance a priority, which is essential for success in this world and hereafter. There is no blessing in Riba as Allah says:

      “Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever.”

  (Quran 2:276)

2.   Seek halal investments and quit the one which involves interest.

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If possible, one should close those accounts which involve Riba. Also, minimize the use of conventional banking transactions in daily life. In the case of Islamic banks, one should try to stay away from back door Riba. Also, try not to enter into contracts which stipulate riba penalties. Practice paying the bill on time so as not to incur a late penalty. Try to avoid signing contracts which include interest in certain clauses. The interest gained through conventional banks should not be consumed but it must be spent on charitable activities like giving it to the poor.


3.    Dealing with Shariah-compliant banks by Opening up bank accounts without interest.

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Shariah-compliant banks are those banks which don’t deal in Riba (usury) and doesn’t invest in prohibited items like pork and alcohol. Therefore, one should open an Interest-free bank account in Shariah-compliant banks. One should also try to do the only interest-free transaction. The most effective way to avoid Riba and to determine which transactions are permissible is by consulting Islamic scholars and utilizing their knowledge.

4.     Help others to settle their debt

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And if someone is in hardship, then [let there be] postponement until [a time of] ease. But if you give [from your right as] charity, then it is better for you, if you only knew. (Quran 2:280)

On the other hand, one should try to live within existing means and avoid taking or giving loans which have an interest. Make sure to have a budget which will allow you to save more money for future contingencies. The habit of saving money is helpful instead of taking loans. Reading books and gaining knowledge about ways and means to stay away from riba-based transactions is beneficial.

5.    Borrowing money from family or friends instead of conventional banks

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One of the ways to stay out of interest-based debt is to borrow from friends and family in case of necessity instead of commercial banks. It avoids interest-based loans and credit.

“Satan threatens you with poverty and orders you to immorality, while Allah promises you forgiveness from Him and bounty. And Allah is all-Encompassing and knowing.”

 [Quran 2: 268]