QUR'ANIC CONCEPT OF RIBA (INTEREST)

Farooq Aziz
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Farooq Aziz: Department of Business Administration, Federal Urdu University

IBT Journal of Business Studies (JBS), 2007, vol. 3, issue 2, 70-76

Abstract: It will not be wrong to say that, Riba interest is one of the most controversial terms in Islamic economic literature.The root cause of this confusion is that, Muslim thinkers & economists are doing a basic mistake by dividing the assets in two categories, i.e.currency/paper money and rest of the assets.According to them, reward of former is riba and it is prohibited, whereas the remuneration of the latter form is lawful in the form of rent.This division of assets is basically producing unsolvable problems for them, because justification of this artificial bifurcation is not possible.Actually the Qur’anic point of view is that remuneration of all forms of assets in any shape, or in any quantity, regardless of purpose & time period of lending is riba, which is strictly prohibited.

Keywords: Riba; Interest; Rent; Depreciation; Assets; Mal. (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:aib:ibtjbs:v:3:y:2007:i:2:p:70-76

DOI: 10.46745/ilma.ibtjbs.2007.32.2

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