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Critical Analysis of Islamic Concept of Interest

Author

Listed:
  • Farooq Aziz
  • Syed Muhammad Fahim
  • Mahwish Anjam
  • Rukhsar Ahmed

Abstract

Traditionally there is a consensus among Muslim thinkers on the definition of interest in the Muslim perspective interest is that excess amount which a creditor receives from the debtor on expiry of loan, subject to the condition this increment is pre-decided and part of the agreement. This definition restricts the concept of interest just to debt and gives special status to costs as compare to other assets. It restricts the rent of cash and legitimates the rent of all other assets. Different reasons are given for this artificial bifurcation. But the critical analysis of all of these arguments shows that all of them are unable to come up any standard of reasoning. Hence this concept is just baseless.

Suggested Citation

  • Farooq Aziz & Syed Muhammad Fahim & Mahwish Anjam & Rukhsar Ahmed, 2013. "Critical Analysis of Islamic Concept of Interest," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 3(5), pages 1260-1267.
    • Handle: RePEc:asi:ijoass:v:3:y:2013:i:5:p:1260-1267:id:2490
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    Keywords

    Interest; Rent; Depreciation; Cash; Assets;
    All these keywords.

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