The nature of Riba and rationale of prohibition : meaning of Riba

Fatawa Question

Assalamu Alaikum Inshallah all is well. My name is Atiq Nakrawala and currently I work in the finance field for a Muslim company. I was thinking of pursuing my studies in Islamic finance but am a bit weary about it. It seems that there is no set body that declares what is Riba and what is not. Like I know we all know that Riba is Haram but with all these companies lately coming out with Islamic financing"" and now more and more products that are supposedly Islamically ok, how does one know what is rigth and wrong. Also would you recommend someone like myself studying more into it. I am scared to fall into a trap of leading people the wrong way since Riba is such a big deal in the eyes of Allah SWT. If you think we should study more into it, where could I go study and under who ? Also can an Islamic based economic system exist along a Riba based system. I apolgize for all these questions but they have been bothering me for sometime. Jazakullahu Khairun for the awesome work you have done so far and continue to do. Wasalamu Alaikum

Fatwa

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Publication Date

2006-12-17

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-790210

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