The Concept of Riba in Islamic Banking Law: An Introduction
affiliation not provided to SSRN
October 4, 2011
Journal of International Banking Law & Regulation, Vol. 26, Issue 10, pp. 405-411, 2011
This article provides a short overview of "riba", the principal feature of Islamic banking law. Riba refers to certain prohibitions against charging and paying interest on loans and prohibitions against certain other transactions to protect debtors. Sources of Islamic law are reviewed to explain the concept of riba, and rationales for the proscriptions against riba are surveyed. Modern investment principles and loans based in sharia law are also briefly discussed.
Number of Pages in PDF File: 9
Keywords: Banking; Financial instruments; Interest; Islamic finance; Islamic law; Sharia
JEL Classification: E43, E49, E51, E59, F30, F34, F39, G29, K12, K19, K29, K39
Date posted: October 6, 2011 ; Last revised: December 20, 2012
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