Yes, I have learnt it as something that “grows” which connotates to the seem meaning. It is when it grows at a certain rate or at grows at all. But I believe there are conditions for it to be riba and there is a difference between that and interest.
So to my understanding of it, not all interest is riba but all riba is interest. I will give you an example, let us say, we want to buy a phone for £100, but we don’t have that £100, so the seller says, I will charge you £10 a month to buy this phone for a year, he has essentially paid £120 instead. This is INTEREST but it is not riba, because the money is fixed and he agreed to buy it at that fixed rate and for a higher price since he can afford it monthly rather than a full price. So we have to be careful about this.
i think this is called ‘IIjara’… hopefully I am right lol. What if the company takes out insurance, and ask the person to pay for it, therefore, the can still take responsibility but it is still not their responsibility… does that make sense, would that now be halal ? OR we going to delve into, how insurance is now haram too?
A hadith comes to mind when reading this. Very interesting read:
It was narrated that Muslim bin Yasar and 'Abdullah bin 'Atik said:
“Ubadah bin As-Samit and Muawiyah met at a stopping place on the road. 'Ubadah told them: 'The Messenger of Allah forbade selling gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates”‘- one of them said: ‘salt for salt,"’ but the other did not say it-“unless it was like for like, hand to hand. And he commanded us to sell gold for silver and silver for gold, and wheat for barley and barley for wheat, and to hand, however we wanted.”’ And one of them said: “Whoever gives more or ask for more has engaged in Riba.”’ Grade: Sahih (Darussalam)
The Essenes of the ḥadīth is trade most be like for like, as in you trade value x for value x in the same asset. If the asset is different, it’s possible to bargain a deal. But you cannot do this within the same asset. For example, you can’t have 10gs of gold and bargain and trade it for 15gs.