Concept of RIBA and Islamic Banking
Description
ISBN: 9789670957043
Author: by Imran Ahsan Khan Nyazee (Author)
Publisher: Islamic Book Trust
Pages: 192 Binding: Paperback
Description from the publisher:
Riba (Usury); call it bank-interest if you like; is prohibited by the texts of the Qur'an and the Sunnah. This was the conclusion drawn unanimously by the Muslim jurists (fuqaha'); and it is also the decisive view of the vast majority of modern Muslim scholars. Despite this general agreement; a confusion persists in the minds of many; jurists and laymen alike; that even though some forms of interest are prohibited; the simple interest charged by banks may not be prohibited by Islamic law. What is the reason for such a doubt? Why do some uphold prohibition with conviction; while others do not? This book attempts to elaborate the foundations on this prohibition is based; and in doing so removes some of the persistent disagreements.The explanations provided are based upon the works of the earlier jurists so that the discussion is undertaken in a detached manner.