Quran 2:275. Those who swallow usury will not rise, except as someone driven mad by Satan's touch. That is because they say, “Commerce is like usury.” But God has permitted commerce, and has forbidden usury. Whoever, on receiving advice from his Lord, refrains, may keep his past earnings, and his case rests with God. But whoever resumes—these are the dwellers of the Fire, wherein they will abide forever.
276. God condemns usury, and He blesses charities. God does not love any sinful ingrate.
277. Those who believe, and do good deeds, and pray regularly, and give charity—they will have their reward with their Lord; they will have no fear, nor shall they grieve.
278. O you who believe! Fear God, and forgo what remains of usury, if you are believers.
279. If you do not, then take notice of a war by God and His Messenger. But if you repent, you may keep your capital, neither wronging, nor being wronged.
280. But if he is in hardship, then deferment until a time of ease. But to remit it as charity is better for you, if you only knew.
281. And guard yourselves against a Day when you will be returned to God; then each soul will be rewarded fully for what it has earned, and they will not be wronged.
282. O you who believe! When you incur debt among yourselves for a certain period of time, write it down. And have a scribe write in your presence, in all fairness. And let no scribe refuse to write, as God has taught him. So let him write, and let the debtor dictate. And let him fear God, his Lord, and diminish nothing from it. But if the debtor is mentally deficient, or weak, or unable to dictate, then let his guardian dictate with honesty. And call to witness two men from among you. If two men are not available, then one man and two women whose testimony is acceptable to all—if one of them fails to remember, the other would remind her. Witnesses must not refuse when called upon. And do not think it too trivial to write down, whether small or large, including the time of repayment. That is more equitable with God, and stronger as evidence, and more likely to prevent doubt—except in the case of a spot transaction between you—then there is no blame on you if you do not write it down. And let there be witnesses whenever you conclude a contract, and let no harm be done to either scribe or witness. If you do that, it is corruption on your part. And fear God. God teaches you. God is aware of everything.
283. If you are on a journey, and cannot find a scribe, then a security deposit should be handed over. But if you trust one another, let the trustee fulfill his trust, and let him fear God, his Lord. And do not conceal testimony. Whoever conceals it is sinner at heart. God is aware of what you do.
284. To God belongs everything in the heavens and the earth. Whether you reveal what is within your selves, or conceal it, God will call you to account for it. He forgives whom He wills, and He punishes whom He wills. God is Able to do all things.
285. The Messenger has believed in what was revealed to him from his Lord, as did the believers. They all have believed in God, and His angels, and His scriptures, and His messengers: “We make no distinction between any of His messengers.” And they say, “We hear and we obey. Your forgiveness, our Lord. To you is the destiny.”
286. God does not burden any soul beyond its capacity. To its credit is what it earns, and against it is what it commits. “Our Lord, do not condemn us if we forget or make a mistake. Our Lord, do not burden us as You have burdened those before us. Our Lord, do not burden us with more than we have strength to bear; and pardon us, and forgive us, and have mercy on us. You are our Lord and Master, so help us against the disbelieving people.”
Oh boy.... I saw the word "Usury" yesterday. I needed to know where the subject changed..... and it did change from charity to usury. Since I was already looking up words.... I went ahead and looked up "Usury"..... think "Payday Loans".
Don't take advantage of people.....
If a person couldn't pay his bills.... he became a slave.
Now back in those days.... everyone had slaves.... even middle class had someone who did the grunt work for them..... and generally the way the slave became a slave was over some kind of loan they could not repay. In some cases.... a whole family would be enslaved.... and in the case when the father or husband worked his debt off.... or the time ran out on his enslavement for the debt.... He could stay with his family if he put a whole through his earlobe.... yep like piercing..... that meant he was had freely enslaved himself to be with his family.
This is from the commentary.
The Qur’ån draws a distinction between trading and usury. In trade the capitalist takes the risk of loss along with the hope of profit, but in lending money on usury the whole of the loss is suffered by the man who uses his labour, while the capitalist may count upon his profit even in the case of loss in the actual concern. Hence trading stands on quite a different footing from usury. It may be added that in the great struggle between capital and labour, Islåm sides with labour. If labour does not bring profit, the capitalist should suffer along with the labourer.
Here is a prohibition to receive any interest on money lent, but if anyone had actually received any interest before the prohibition he was not required to pay it back.
The meaning is that the debtor shall not be made to pay more than the sum lent.
This indicates the kind of sympathy Islåm demands. The poor man is not to be prosecuted and thrown into prison, and payment of debt must be postponed till the debtor is able to pay, or, better still, the whole may be remitted as charity.
As women did not take much part in business, and were therefore unable to understand the transaction, two women are required instead of one man.
The personal pronoun humå may refer either to the testimony of the two witnesses or the two women. Reminding here stands for making up the deficiency of the other’s memory.
Here's why lenders are required to state the full value of the loan [with interest] right up front. It's ok to charge interest.... as long as the principal combined with the interest are clearly stated in the beginning.... and the end of the loan is clearly stated.
Revolving charge.... well that's a capitalist thing. A person, for example, may become a slave to their Wal-Mart card. See where I'm going?
Early pay off.... well some interest has to be written off..... a body can't be held responsible for the money the lender would make if the borrower pays it off early. It wouldn't be charitable to enslave a man in order to earn money from that man.... IMHO.....
I have to point it out.... you knew I would have to point it out.....
Verse 282.... two witnesses had to be present.... those witnesses had to be men.... as long as there were two men around... if not.... women could be used.... but for every man required as a witness.... two women would be required to witness for each man.... in other words... if this contract was to be made... and no men were around to serve as legal witness..... four  women had to witness.....
Men were use to dealing with contracts. Women were ignorant. Remember.... we didn't get the vote until the 1920's..... no #metoo was available back then.... men did the loans and men did the enslaving....
Islam clearly states.... they side with Labour over Capitalism.
Islam says there is to be no "Usury" and they will side with "Labor" over "Capitalism".