By Dr. Mohammad Nawaz {al hassani}
Abstract
Muslim
jurists have defined interest {Riba} in their valuable classic books taking
account of all that was relevant. However, the contemporary scholars are of the
view that the meaning of riba is not clear and Islamic law has not defined riba
comprehensively, therefore, it is necessary to define riba in a way that gives
its clear picture. There is also the need to explain the Shariah standard of
riba and its parameters and how it is different from the sale contract?
This
article analyzes the definitions of interest {riba} made by classical scholars
and tries to support the preferable definition of riba in the light of relevant
texts of the Quran and Ahadith.
It
also points out the different types of property where riba may be involved such
as moveable or immoveable property and fungible {mithly} or non-fungible {qimi}
property and usurious and non- usurious property. Besides, it explains the
Shariah standard of interest. In short, this article is a humble attempt to
give a comprehensive and exclusive definition of riba and elaborates how it
differs from other excesses.
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