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Taking Interest: Difference between revisions

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Taking Interest (view source)

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<p class="indent">One condition of the agreement is that the borrower isn’t trusted to say that he lost money unless he proves it with acceptable witnesses and he isn’t trusted to say that he didn’t profit unless he makes a Shevuah (biblical oath) that he didn’t profit. Another condition is that if the borrower pays the agreed amount (above the original capital) he doesn’t need to prove that he didn’t make any more money. Therefore, at the end of term, the receiver returns the half which is a loan (while keeping the profit made from that half) and returns the deposit along with the profit he made from that half up to the amount agreed upon (and if he didn’t profit that amount unless he proves it he must still pay the agreed upon amount, and if he profited more, he’s exempt from paying more). </p>
<p class="indent">One condition of the agreement is that the borrower isn’t trusted to say that he lost money unless he proves it with acceptable witnesses and he isn’t trusted to say that he didn’t profit unless he makes a Shevuah (biblical oath) that he didn’t profit. Another condition is that if the borrower pays the agreed amount (above the original capital) he doesn’t need to prove that he didn’t make any more money. Therefore, at the end of term, the receiver returns the half which is a loan (while keeping the profit made from that half) and returns the deposit along with the profit he made from that half up to the amount agreed upon (and if he didn’t profit that amount unless he proves it he must still pay the agreed upon amount, and if he profited more, he’s exempt from paying more). </p>
<p class="indent">There are many other conditions and one must consult with a reliable orthodox rabbi regarding each situation and how to draw up a Heter Iska. <ref> Kitzur Shulchan Aruch 66:1-6. See Ribit Halacha LeMaseh chapter 20. One can see this [http://www.bethdin.org/docs/PDF15-Shtar_Iska.pdf shtar isko] on the website of the Beth Din of America </ref></p>
<p class="indent">There are many other conditions and one must consult with a reliable orthodox rabbi regarding each situation and how to draw up a Heter Iska. <ref> Kitzur Shulchan Aruch 66:1-6. See Ribit Halacha LeMaseh chapter 20. One can see this [http://www.bethdin.org/docs/PDF15-Shtar_Iska.pdf shtar isko] on the website of the Beth Din of America </ref></p>
==Definitions of halvah ==
#Some explain that a key factor in determining if something is considered a loan is whether the item is fungible and normally traded; if it is always traded to be kept that is a sale. Another factor that is used is whether the type of item being lent is similar to the item that is being returned; if they’re dissimilar it is like a sale.<ref>Biurim in Chelkat Binyamin 161:1 s.v. dvar wrote that there’s a machloket Chavot Daat and Mekor Mayim Chayim why a loan of slaves isn’t loan but a sale. Chavot Daat explains that since each slave is unique and needs a significant evaluation it is considered a sale when you trade one for two later. His premise is that there’s no prohibition of a loan of one item for another like apples for oranges. However, the Mekor Mayim Chaim explains that since a person doesn’t give a slave to be loaned out or traded (lhotzah) but rather to be used it isn’t considered or termed a loan but a sale.</ref>
#It is forbidden to charge interest for a rental.<ref>Teshuvot Maimoniyot 15 records the opinion of Rabbi Eliezer Mtuch that interest is permitted for a rental. His proof is Macot 3a. However, the Bet Yosef 160:21 disagrees with this opinion.</ref> It is forbidden to charge interest for wages of a worker.<ref>Gemara Bava Metsia 73a clarifies that there is interest for hiring a worker. Bet Yosef 160:21 clearly states this as well.</ref>
#There is no prohibition of ribbit upon the loveh whenever it is rabbinic ribbit.<ref>Nemukei Yosef b”m 39b s.v. garsinan, Ritva there, Darkei Moshe 160:2, Rama 160:1</ref>
==Lending Commodities for Other Commodities==
==Lending Commodities for Other Commodities==
# It is rabbinically forbidden to lend items for the same quantity of that item.<ref>Shulchan Aruch 160:21</ref>
# It is rabbinically forbidden to lend items for the same quantity of that item.<ref>Shulchan Aruch 160:21</ref>
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