‘Riba’, Financial Interest

Masudul Alam Choudhury and Uzir Abdul Malik
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Masudul Alam Choudhury: University College of Cape Breton
Uzir Abdul Malik: Universiti Kebangsaan Malaysia

Chapter 4 in The Foundations of Islamic Political Economy, 1992, pp 103-146 from Palgrave Macmillan

Abstract: Abstract ‘Riba’ is the generic Quranic terminology for all kinds of excesses above the value of a thing. In the measurement of the excess over the value, no mention of the magnitude of the excess is made. Hence the Quranic law on ‘riba’ includes both usury and interest, irrespective of the magnitude. With respect to the disbanning of interest in all its measures the Quran says, O you who believe! Fear God, and give up What remains of your demand For usury, [in whatever measure] if you are Indeed believers. If you do it not, Take notice of war From God and His Apostle: But if you turn back, You shall have Your capital sums [thus all interest in whatever measure is disallowed]. (S. II, vss. 278–279)

Keywords: Interest Rate; Central Bank; Money Supply; Real Rate; Financial Interest (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-21973-5_4

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