N) "And whatever Riba you give so that it may increase in the wealth of the

People, it does not increase with Allah." (Surah Rum Verse 39)

"O those who believe do not eat up Riba doubled and redoubled. (Surah Aal' e Imran Verses
130)
 Answers to arguments Islamic Banking

1. Some people argue that name of Islam with bank does not change the rulings of Shariah.

L. Hikmat and Illat

The first assumption which takes zulm as the basic illat of the

prohibition of riba is in fact based on confusing the Illat with
the Hikmat of a prohibition. It is a well settled principle of Islamic
jurisprudence that there is a big difference between the Illat and
the Hikmat of a particular law. The Illat is the basic feature of a
transaction without which the relevant law cannot be applied to it,
whereas the Hikmat is the wisdom and the philosophy taken into
account by the legislator while framing the law or the benefit
intended to be drawn by its enforcement. The principle is that the
application of a law depends on the Illat and not on the Hikmat. In
other words, if the Illat (the basic feature of the transaction) is
present in a particular situation while the Hikmat (the wisdom) is
not visualized, the law will still be applicable. This principle is
recognized in the secular laws also. Let us take a simple example.
The law has made it compulsory for the vehicles running on the
roads to stop when the red street light is on. The Illat of this law is
the red light, while the Hikmat is to avoid the chances of accidents.
Now, the law will be applicable whenever the red light is on; its
application will not depend on whether or not there is an
apprehension of an accident. Therefore, if the red light is on, every
vehicle must stop, even though the roads of both sides have no
other traffic at all. In this particular case, the basic wisdom (hikmat)
of the law is not visible, because there is no apprehension of any
accident in any way. Still the law will be applicable in its full force,
because the red light which was the real Illat of the law is present
Same as it compulsory to stop the vehicle on red light regardless
roads have traffic or not, without any argumentation we have to
follow whats Quran Says in the law

“And if you repent (from claiming riba), then you are entitled

to get your principal back. Neither you wrong nor be wronged.”
(2:279)

M Debt and Dain

Debt and dain both are liability. Debt is loan which is transferred from one party (lender) to
another (borrower) with a understanding that it will be return in some future date.
Conventional Banks also lends the loan to borrowers and that loan will be return in some
future with some interest.

Every loan is a debt, but not vice versa. Dain is the transaction other than loan. For example
Side mirror of Auntie’s car has been broken so you are now liable to pay for that mirror without
any loan transaction and also in the case of buying and selling which create liability.