Abstract
Matters pertaining to finance and economics have been an integral part in the fiqh literature produced by different Muslim fuqahā (singular faqīh) for many centuries. Among the financial matters discussed widely in the fiqh literature, ribā has been a much-debated topic. Ribā is usually translated as usury and (or) interest, however, this will be discussed in some detail in the essay later as translating it in those terms will be an oversimplification of the concept. This essay considers the basic concept of ribā, the need to understand the reasons behind its prohibition, the normative reasons of its prohibition through the reference of Qurʾān and approaches of some of the contemporary scholars on this issue. Moreover, this essay is an attempt to analyse the concept of ribā with the acknowledgement of all its complexity rather than labelling all kinds of increases, including the contemporary banking interest, in straightforward manner as prohibited, as has been done by many fuqahā. Hence, the essay focuses on the approaches of the scholars that have problematised the notion of a straightforward ban on all types of interests.
Presenters
Karim AlwaniStudent, MA in Islamic Studies and Humanities, The Institute of Ismaili Studies, London, London, City of, United Kingdom
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
Religious Community and Socialization
KEYWORDS
RIBA, ISLAMIC FINANCE, RELIGION AND ECONOMY, CONTEMPORARY SCHOLARSHIP ON ISLAM
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