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A Contextual Analysis of Riba under the Framework of Exchange

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  • Sultan, Shahid

    (Attock Construction & Finishing Services)

Abstract

Riba is not only one of the most debated terms in modern literature about Islamic economic systems but is also the most misunderstood one. The understanding provided by the majority of modern scholars differs from the one provided in the era preceding the colonial age. Riba al Nasi’ah or Nasa’a that is a primary type of riba has been grossly misunderstood as interest. This not only resulted in confusion among scholars and students alike but also in a multibillion-dollar Islamic financial industry that is mired with suspicion and increasingly visible convergence with traditional finance. Riba al Nasa’a exists and invalidates certain kind of transactions from an Islamic perspective with or without the presence of a condition of payment of any kind of interest. The only form of exchange that is acceptable in Islam is an equivalent exchange, be it on the spot, credit, or a charitable financial accommodation.

Suggested Citation

  • Sultan, Shahid, 2021. "A Contextual Analysis of Riba under the Framework of Exchange," SocArXiv p6aw7, Center for Open Science.
    • Handle: RePEc:osf:socarx:p6aw7
    DOI: 10.31219/osf.io/p6aw7
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    References listed on IDEAS

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    1. Krichene, Noureddine & Ghassan, Hassan B., 2017. "The Preeminence of Gold and Silver as Money," MPRA Paper 85798, University Library of Munich, Germany.
    2. Rosana Gulzar & Mansor H. Ibrahim & Mohamed Ariff, 2020. "Are Islamic Banks Suffering From A Model Misfit? A Comparison With Cooperative Banks," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 6(2), pages 325-352, May.
    3. Islahi, Abdul Azim & Ausaf, Ahmad, 2010. "Economic Problems and the Teaching of the Qur'an," MPRA Paper 53466, University Library of Munich, Germany, revised 2011.
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