Why Riba is more threatening than Zina?

Published: Fri, 05/24/19

Clearing the Dust

Why is RIBA more threatening than Zina?

You may have heard about this but why is it so? This video by Sheikh Omar Suleiman explains why? >> https://www.youtube.com/watch?v=Dx-62I_FzwQ

In a nutshell, the effects of RIBA is more destructive and it can cause generations and generations of problems. When one performs Zina, as we known it may lead to unwanted pregnancies, hurtful feelings, etc. However RIBA is even worse because it is a systemic problem and what’s worse is that it’s within financial and governmental institutions. Meaning it cannot be solved easily. In fact as mentioned by Sheik Omar in the video, RIBA is among the root causes of ZINA.

In Singapore, this is very clear. How?

Do you have a credit card? Do you pay off your credit card loans in full all the time?

If you answered yes to both questions. Alhamdulillah. But wait why are you still holding on to that card?

Next question. How many people out there do you know have credit cards? How many of them that you know actually pay their credit cards loan in full? Out of 100 people who holds the card? How many of them do you know are stuck in the cycle of endless repayment scheme?

You may think this may not be true. However from among our peers who manages debt for his clients, he shared with us that he had a client who used a credit card for $2,000 in his 40s, now in his 60s he is still paying the debt. As he was not able to pay in full and could only pay minimum monthly, it ended up spiraling to his 60s. Now imagine 20 years later still paying the debt. What’s worse, when the client had stopped working due to age, the bank ask if his children can pay the debts. Now the problem is not only his but it being passed down to the children.

Are you aware how credit card works?

When you make a payment with a credit card, the bank will pay for you upfront to the merchant. So it becomes a loan to you from the bank and the bank will give you a time period to pay it off. Usually 30 days.

What happens when you don’t pay a loan after the specified period? It becomes a debt. This is when bank starts charging interests. Min 20% annually from the principal amount. So technically its about 1.6% or more monthly. This may look small but look at the example. There is also late payment fees.

3. What happens if you don't pay the second month? Compounding interests takes place.

4. If you don’t take any action, this will keep growing and growing.

5. Now what if you pay a minimum sum. Say $50 in the first month. This is highly encouraged by the bank. This will waive off the late penalty fee.

Even if you did pay the minimum sum, the interest will still grow on you.

Now this situation can be even worse for many out there because, when the min is paid off it also means that their credit card limit has not been reached so end up many of them still use the card to purchase more things and the cycle continues.

Can you see how it can get very bad for some people?

Especially for those in the lower income bracket, took the cards and can only pay minimum sums each month. Do you see how this can be an endless cycle of payments? What can made it even worse is when payments are not made consistently.

6. Now, what if you are able to pay all in full each month?

Alhamdulillah. That's good for you but have you ever thought where the money comes from fro you to purchase your items?

Where does the bank gets the money to help you pay upfront?

Here's a sad fact!

Singaporeans have a total outstanding debt of about $70.4 billion on credit cards and personal loans, according to 2017 data from the Department of Statistics of Singapore.

What does this means?

There are more people who are not able to pay the loans and it end up it debt.
The truth is the money you are spending on is the interest money paid by others.
You mean I paid the clothes I purchased online with Interests money paid by others?

Yes. This is the saddest fact. To make it simple, we are using the money that is paid by other peoples misery.

So back to our topic? Why is this worse than Zina?

If you understood our explanation above, the systemic cycle of debt payments continues on. The rich will just get richer and the poor will get crushed by it. It destroys family foundations and leads to even more problems than just zina. Astargfirullah..

Hence, help yourself out of this misery and clean your wealth from the unwanted dust by joining "CLEARING THE DUST" seminar. In this you will learn how to clear off your debts efficiently, clear yourself form Riba' and more!