Narok Senator Ledama: Hustler Fund discriminates Muslim community
Narok senator Ledama Ole Kina has said that Hustler Fund discriminates against members of the Muslim community.
He said that Hustler Fund charges are against Islamic laws.
“The Hustler Fund Discriminates my Muslim brothers and sisters. My friend @ahmednasirlaw is busy publicizing RIBA. Please, my brother, just remember that if you take a loan of Ksh 100 and you add a riba of 1 shilling it’s haram you should be ready to fight with Allah,” said the vocal senator.
Riba is an Arabic word that means “to increase” or “to exceed” and is commonly used in reference to unequal exchanges or charges and fees for borrowing.
Interest is deemed as riba, or an unjust, exploitative gain and such practices are forbidden under Islamic law.
On the other hand, Riba is a concept in Islamic banking that refers to charged interest. It has also been referred to as usury or the charging of unreasonably high-interest rates.
Riba is forbidden under Sharia law (Islamic religious law) because it is thought to be exploitative.
Though Muslims agree that riba is prohibited, there is much debate over what constitutes riba, whether it is against Sharia law, or only discouraged, and whether or not it should be punished by people or by Allah.
Depending on the interpretation, riba may only refer to excessive interest; however, to others, the whole concept of interest is riba and thus unlawful.
Hustler Fund loan term is fourteen (14) days and interest is charged at the rate of 8% per annum. Interest shall be accrued daily until repayment in full within fourteen (14) days.
However, President William Ruto during the launch of the Hustler Fund on November 30 said loan defaulters will not be listed on CRBs, but measures will be put in place to recover the loan amount.
The said measures have not yet been publicised as yet.
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