The Riba-Interest Equation and Islam: Reexamination of the Traditional Arguments
Mohammad Omar Farooq
affiliation not provided to SSRN
September 1, 2009
Global Journal of Finance and Economics, Vol. 6, No. 2, pp. 99-111, September 2009
There is no controversy that Islam prohibits 'riba.' However, the meaning and scope of the concept have generated impassioned controversy, especially on whether riba and bank interest are to be considered equivalent. The focus of this essay is not on whether interest is riba, a topic that often gets bogged down with legalistic and scriptural references. Rather, it is on the relevance and merit of traditional arguments offered for prohibition of interest.
Number of Pages in PDF File: 13
Keywords: Islam, Riba, Interest, Islamic Economics, Islamic Finance, Qaradawi, Islamic Banking
JEL Classification: B19Accepted Paper Series
Date posted: March 28, 2010
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