The Role of Ribbis and Shtar Iska in the Modern Marketplace

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Date:
October 24 2011
Length:
1h 1min 12s
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Halacha:
Ribbis 

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    1. Title: 'Heter Iska' for Non-Business Related Loans
      Author: YOSEF ROSENHAN
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      Dear Rabbi Yonah Reiss Shlit"a, During the shiur, in response to a listener's question regarding the use of 'heter iska' for non-business related loans, the Rav stated that the only explanation for using 'heter iska' for non-business related loans is the heter of the 'Shoel Umaishiv', which considers any loan which allows the receiver to refrain from dissolving his profit-generating ventures, as a business related loan etc. I have heard from my Rebbe, Harav Pinchos Vind Slit"a, [Rosh Beis din and Bais Hora'ah L'Inyanei Ribbis Bris Pinchos, of Yerushalayim, and author of 'Sefer Bris Pinchos - Ribbis Halacha L'maaseh', and other Ribbis-related works], that although it was the custom of pre-war Poskim to rely on the heter of the 'Shoel Umeishiv', many later poskim, including Maran Harav Y.S. Eliashiv Z.L. would not allow the use of a heter iska which relied solely on this heter. Nonetheless, in the 'HETER ISKA BRIS PINCHAS' [which was formulated by a group of poskim and dayanim with supreme ribbis expertise, headed by Harav Vind Shlit"a], condition 4 states as follows: [English version, a direct translation of original Hebrew version], "In exchange for the money or debt, the investor will acquire a portion in the existing and choice merchandise and business transactions of the recipient, as determined by the appraisal of experts chosen by the investor. Likewise, in every acquisition made by the recipient from now on, he will acquire a portion on behalf of the investor and for the investor's best interest, all in the best possible manner." In the explanation section of the (Hebrew) 'Heter Iska', it explains rthis condition as follows: כשאין המקבל משקיע את הכסף בעיסקא - היות וההיתר לקבל רווחים הוא על ידי שמשקיע את כספו בתורת פקדון ביד המקבל, צריך שהמקבל תהיה לו השקעה כל שהיא נושאת רווחים, ואז אף אם לא ישקיע בפועל את הכסף שקיבל, אלא ישתמש בו לצרכיו הפרטיים, או לתשלום חובותיו, גם כן מותר, שכן הוסכם ב'היתר עיסקא' שאם ירצה להשתמש בכסף לצרכיו, הרי הוא מקנה לנותן חלק בשאר נכסיו שיש לו, ויתן לו רווח משאר נכסיו." This states, that although the money received was used by the receiver of the loan for any person whatsoever, even a non-business purpose, the "lender", acquires a partnership in any other [potentially] profit-generating assets which the "borrower" has. Thus, if this condition is stated in the 'heter Iska agreement, the heter Iska would be valid even for non-business related loans, as long as the 'borrower' has some type of [potentially] profit-generating assets, and he gives the 'lender' a share in those assets in exchange for the funds received. And this is reliable, lechatchila, even without using the heter of the 'Shoel Umaishiv'. In appreciation of a wonderful shiur, Yosef Rosenhan Modiin Illit, Israel

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