Abbās Radhiyallāhu Anhu forfeits approximately R 20 million interest due to him
Point taken from the presentation of Hadhrat Mufti Ebrahim Desai Saheb in his Business Campaign talk in Zambia- 21-April 2013
In the pre-Islāmic era, the tribe of Banū Makhzūm owed the tribe of Saqīf an interest bearing loan.
The tribe of Banū Makhzūm accepted Islām and refused to pay the interest amount to the tribe of Banū Saqīf. The tribe of Banū Saqīf felt prejudiced as they did not accept Islām and should not be bound by the laws of Islām.
In order to comfort the tribe of Banū Saqīf, Rasūlullāh Sallallāhu Alaihi Wa Sallam said:
وَأَوَّلُ رِبًا أَضَعُ رِبَانَا رِبَا عَبَّاسِ بْنِ عَبْدِ الْمُطَّلِبِ، فَإِنَّهُ مَوْضُوعٌ كُلُّهُ (صحيح مسلم، بَابُ حَجَّةِ النَّبِيِّ صَلَّى اللهُ عَلَيْهِ وَسَلَّمَ)
The first interest I forfeit is our interest, the interest due to Abbās bin Abd al-Muttalib. It is completely forfeited. (Sahīh Muslim)
The interest amount oweable to Abbās Radhiyallāhu Anhu was 10, 000 dīnārs.
A dīnār is a gold coin equivalent to 4.4 grams.
Accordingly, 10, 000 dīnārs is equivalent to 44 kg. of gold.
1 kg of gold is R 428,745.31.
Hence, 44kg of gold is R 18,864,793.64.
This was only the interest amount oweable. Imagine what the capital amount must be.
Rasūlullāh Sallallāhu Alaihi Wa Sallam set a practical example of the following verse:
يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِنْ كُنْتُمْ مُؤْمِنِينَ فَإِنْ لَمْ تَفْعَلُوا فَأْذَنُوا بِحَرْبٍ مِنَ اللَّهِ وَرَسُولِهِ (سورة البقرة، رقم الآية 278)
O you who believe, fear Allāh and forfeit any amount of Ribā (interest) if you are believers. If you do not, then be warned of a war with Allāh and His Rasūl. (Surah al-Baqarah, Verse 278-279)
How many of us are at war with Allāh and His Rasūl Sallallāhu Alaihi Wa Sallam? Allāh forbid.
All one needs to come out of the curse of interest is Imān and courage. That will be the beginning of your road to recovery and peace.