By Abdulkader Thomas

With Islamic banking progressively turning into a extra influential think about the West, an research of the concept that of riba – a definition of which isn't given within the Qur’an – is lengthy late. this article provides readers with quite a few interpretations of this Islamic fiscal notion – more often than not perceived as ‘interest’. Thomas offers a framework for knowing riba by way of examining:

  • linguistics
  • classical judicial research
  • the old context 
  • modern economics.

Including contributions from well-liked foreign students, the booklet fills a spot within the latest literature and should be welcomed via teachers and execs with an curiosity in Islamic experiences, economics and criminal history.

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Extra resources for Interest in Islamic Economics: Understanding Riba (Islamic Studies)

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6, 14–15. , pp. 15–16. 41 Gilchrist, op. cit. pp. 63–5. , p. 67. ” 43 Viner, op. , pp. 92–7. 44 Gilchrist, op. , pp. 74–5. 45 Nelson, op. , pp. 29–30. , p. 45. Note that Luther’s conception of “pubic interest” is similar to the maslaha of Maliki Islamic jurisprudence. , pp. 48–9. , pp. 65–6. In the Jerusalem Bible this passage is rendered as, “Pay every government official what he has a right to ask—whether it be direct tax or indirect, fear or honor” (New Testament, p. 210). , p. 67. It fairness to Luther and Zwingli, it is necessary to point out that their attitudes were influenced by the threat to social order posed by the Anabaptist Utopians, who advocated a boycott of many contemporary financial practices and thus were seen as a menace to the economic stability of German principalities.

None of these issues are simple, and each must be examined in detail by Islamic scholars who are fully trained in law, moral theology, and modern economics if twentieth- and twenty-first-century (fifteenth century AH) Muslims are to seriously come to grips with them. By no means is it intended to imply that the abandonment of scriptural commandments and the redefinition of usury by the Protestant Christian West should be taken as authoritative by present-day Muslim thinkers. It is imperative, however, that all Muslim intellectuals be aware of the Judeo-Christian example in order to fully appreciate the difficulty of the problem that is to be faced.

The hadith explicitly includes dates and other similar foods, such as raisins and figs, therein. The third sort includes that which is used to ameliorate food and to rectify the body, that is, as medical treatment. The hadith explicitly includes salt, and other similar foods that also classically provided health benefits, such as sanamaki, sakmonia, ginger, and homogenous drugs such as dry seed, therein. On this basis, there is no differentiation between what ameliorates food and what rectifies the body, because food preserves health, while medications restore it.

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