ISLAM AND THE WEST - 47

 -       “it must be a transaction of trade which requires exchange of properties. Therefore, the transactions of gambling, speculation and usury or the transactions of sale where the commodity does not exist are forbidden and are not valid in Shari'ah, because these transactions cannot be termed as trade, even though they are effected in the name of trade.” (Ma’ariful Quran) 

 

The above statement means that in Shariah, for trade to be valid, some tangible/physical commodity or property must change hands, for example, we pay a certain amount of money and get a car or a specified piece of land in return. That is why gambling and interest (Riba, usury) are Haraam (unlawful) because in both of thse no tangible asset changes hands. In the former, we buy a ‘chance’ to earn more money, in the latter money is being used to buy money and time, not a physical commodity. More detail of this will follow later.

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