Basics of Islamic Economics and the Prohibition of Riba

Cem Eyerci

Chapter Chapter 6 in The Causes and Consequences of Interest Theory, 2021, pp 87-130 from Springer

Abstract: Abstract The chapter briefly reviews the historical background of Islamic economics and its basic principles that differ from the conventional systems, particularly its main distinctive feature, namely the prohibition of interest. It introduces the pre-Islamic riba, briefs the origins of the ban in the Quran (holy book) and Sunnah (practices of the Prophet), shortly reviews the approach of fiqh (Islamic jurisprudence) to riba and interest, and presents the traditional view on the definition of riba. The chapter also summarizes the opposing views to the mainstream approach to the relation of riba and interest, the instruments developed to be alternative to the interest-based transactions, and other devious ways used to overcome the prohibition of interest. It presents the similarities of the devious ways used in Islamic economics with the ones used in Christianity and Judaism. Finally, it provides a chronological bibliography of Islamic economics on the concept of interest.

Date: 2021
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DOI: 10.1007/978-3-030-78702-8_6

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