What are the reasons for the prohibition of financial transactions in Islamic law, given that the original ruling for them is permissibility?
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The questioner : May Allah forgive you. The original ruling for transactions is lawfulness and permissibility, as stated in the jurisprudential maxim. But O Shaykh, what are the reasons for the prohibition of financial transactions in Islamic law?
The Shaykh : What?
The questioner : What are the reasons for the prohibition of financial transactions in Islamic law that lead the jurist to rule that a specific transaction is religiously forbidden?
The Shaykh : This revolves around three things: injustice, excessive uncertainty, and usury. Do you understand? They all revolve around these three. Injustice, for example, is deception; excessive uncertainty, for example, is selling the unknown; and usury, for example, is selling one dirham for two dirhams. This is the basis of the prohibition in transactions, meaning it revolves around these three principles. Then, each specific case is applied to these principles.
The Shaykh : What?
The questioner : What are the reasons for the prohibition of financial transactions in Islamic law that lead the jurist to rule that a specific transaction is religiously forbidden?
The Shaykh : This revolves around three things: injustice, excessive uncertainty, and usury. Do you understand? They all revolve around these three. Injustice, for example, is deception; excessive uncertainty, for example, is selling the unknown; and usury, for example, is selling one dirham for two dirhams. This is the basis of the prohibition in transactions, meaning it revolves around these three principles. Then, each specific case is applied to these principles.