Prohibition of Riba and its rationale : definition of Riba

Fatawa Question

As a somewhat inquisitive and educated person, I have dwelled on the issue of Riba. According to the only definition I can find of Riba in the holy Qur’an and the Sunnah is that it was the practice of pagan Arabs to double the amount owed by a borrower, and that this was the practice the Prophet (SAW) was trying to eliminate, and that Riba was never intended to apply or be defined as simple interest (at 6, 7, 8 %)

Fatwa

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Publication Date

2001-08-15

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Interest
• Usury

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-725627

• APA
• MLA
• AMA