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‘Riba’, Financial Interest

In: The Foundations of Islamic Political Economy

Author

Listed:
  • Masudul Alam Choudhury

    (University College of Cape Breton)

  • Uzir Abdul Malik

    (Universiti Kebangsaan Malaysia)

Abstract

‘Riba’ is the generic Quranic terminology for all kinds of excesses above the value of a thing. In the measurement of the excess over the value, no mention of the magnitude of the excess is made. Hence the Quranic law on ‘riba’ includes both usury and interest, irrespective of the magnitude. With respect to the disbanning of interest in all its measures the Quran says, O you who believe! Fear God, and give up What remains of your demand For usury, [in whatever measure] if you are Indeed believers. If you do it not, Take notice of war From God and His Apostle: But if you turn back, You shall have Your capital sums [thus all interest in whatever measure is disallowed]. (S. II, vss. 278–279)

Suggested Citation

  • Masudul Alam Choudhury & Uzir Abdul Malik, 1992. "‘Riba’, Financial Interest," Palgrave Macmillan Books, in: The Foundations of Islamic Political Economy, chapter 4, pages 103-146, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21973-5_4
    DOI: 10.1007/978-1-349-21973-5_4
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