History of Riba
Year: 2024
Type: article
Abstract: A chapter devoted to Riba, which is an Arabic term implying usury or interest, is covered along with the will be a sample discussion especially as it relates to Islamic finance and economics. Riba being forbidden and merciless in Islam, it is considered as a practice of misleading the people and as a form of exploitation by the powerful. The article stresses that there are three types of interest in economics: Riba al-nasi’ah (loan interest or excess), Riba al-fahd (surplus or interest in exchange) and Riba al-jahiliyah (usury or interest in the pre-Islamic era). Furthermore, one of the paragraphs explores the background of Riba, stretching ur roots back to antiquated civilizations and outlining its progress ever since Period. Besides, it states that two adverse outcomes of borrowings include the limited freedom for debtors to run their businesses because of financial difficulties caused by the heavy debt, unfair advantage enjoyed by the lenders, and economic instability. Besides, by explaining that Riba is condemned or prohibited not only in Quran but also in other religions like Judaism, Christianity, and Islam, it leaves no room for debate and rebuke.Riba is described in detail, as usury is mentioned in various religions.
Author: Ghulam, Ali
Institution: Government College University, Faisalabad
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6930859147
FWCI:
Cites:
Cited by:
Related to: