The
interest is prohibited whether it is consumption loan (loan for meeting day to
day human needs) or commercial loan (loan for business purpose). There are
quite a number of ahadith which clarify that in the days of Holy prophet,
people not only borrowed for consumption purposes but also for productive
purposes. A few of the ahadith are given as follows for reference: (i) Ibn Saad
has reported Hazrat Umar ( Radi-Allahu anhu), wanted to send a trade caravan to
Syriya. He borrowed four thousand dirhams from Sayyidna Abdurrahman ibn Awaf,
Radi-Allahu anhu for this purpose.19 (ii) Ibn Jarrir has reported that Hind,
daughter of Utbah and wife of Abu Sufyan borrowed four thousand dirhams from
Sayyidna Umar, Radi-Allahu anhu, for the purpose of her trade. She invested
this money in purchasing goods and selling them in the market of the tribe of
Kalb.20 This is an ample testimony that the commercial loan was in practice
when Quranic verses on Riba were revealed and the term Riba covers not only
consumption loan but also the commercial loan.
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