The Riba-Interest Equation and Islam: Reexamination of the Traditional Arguments

Global Journal of Finance and Economics, Vol. 6, No. 2, pp. 99-111, September 2009

13 Pages Posted: 28 Mar 2010  

Date Written: September 1, 2009

Abstract

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.

Keywords: Islam, Riba, Interest, Islamic Economics, Islamic Finance, Qaradawi, Islamic Banking

JEL Classification: B19

Suggested Citation

Farooq, Mohammad Omar, The Riba-Interest Equation and Islam: Reexamination of the Traditional Arguments (September 1, 2009). Global Journal of Finance and Economics, Vol. 6, No. 2, pp. 99-111, September 2009. Available at SSRN: https://ssrn.com/abstract=1579324

Mohammad Omar Farooq (Contact Author)

Independent ( email )

No Address Available

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