ربا

از ویکی‌پدیا، دانشنامهٔ آزاد
پرش به: ناوبری، جستجو
فارسی English

ربا اصطلاحی در شریعت اسلامی به معنی گرفتن یک مال در عوض پرداخت مالی از همان جنس است بطوریکه میزان یکی زیادتر از دیگری باشد. گرفتن ربا در فقه اسلامی به شدت نهی شده، بطوریکه گناه یک درهم ربا را بیشتر از هفتاد بار زنای با محارم دانسته‌اند.[۱] قوانین موضوعه ایران ربا را جرم محسوب می‌کنند.[۲] ربا به نص قرآن کریم، حرام و رباخواری اعلان جنگ با خدا و رسولش شمرده شده است.[۳]

ریشه شناسی[ویرایش]

ربا در لغت به معنی افزایش و زیاد شدن است.[۴] که این معنا در قرآن نیز آمده است. مانند: «یمْحَقُ اللَّهُ الرِّبَا وَیرْبِی الصَّدَقَاتِ: خداوند، ربا را نابود می‌کند؛ و صدقات را افزایش می‌دهد»[۵] و در تجارت به افزایش وام، یعنی سود یا بهره گویند.

در متون قدیمی فقهی اسلامی ربا، "ارزش باقیماندهء بدون قرینه" تعریف شده است.وقتی برای اولین بار پول فلزی در جهان اسلام رواج یافت، پرداخت بدهی با میزان بیشتری از این پول بدون پشتوانه، ربا محسوب نمی شد.این نظر فقها بیشتر ناظر به ارزش واقعی پول(که با وزنش مشخص می شد) بود، تا ارزش نامی آن.مثلاً یک وام 1000 دینار طلا با 1050 دینار با همان وزن پرداخت می شد.(وزن سکه ها یکسان نبود، بنابر این ارزش واقعی یکسانی داشتند.)

ربا در قرآن[ویرایش]

ربا در قرآن به معنی افزایش و زیاد شدن آمده است. مانند: «یمْحَقُ اللَّهُ الرِّبَا وَیرْبِی الصَّدَقَاتِ: خداوند، ربا را نابود می‌کند؛ و صدقات را افزایش می‌دهد»[۶] و در تجارت به افزایش وام، یعنی سود یا بهره گویند. کسانی که ربا می‌خورند [در میان مردم برای امور زندگی خود] به پای نمی‌خیزند ، مگر مانند به پای خاستن کسی که شیطان او را با تماس خود آشفته حال کرده [و تعادل روانی و عقلی‌اش را مختل ساخته] این بدان سبب است که آنان گفتند : خرید و فروش هم مانند رباست . در حالی که خدا خرید و فروش را حلال ، و ربا را حرام کرده است . پس هر که از سوی پروردگارش پندی به او رسد و [از کار زشت خود] بازایستد ، سودهایی که [پیش از تحریم آن] به دست آورده ، مال خود اوست ، و کارش [از جهت آثار گناه و کیفر آخرتی] با خداست . و کسانی که [به عمل زشت خود] بازگردند [و نهی خدا را احترام نکنند] اهل آتش‌اند ، و در آن جاودانه‌اند .«2:275» خدا ربا را نابود می‌کند ، و صدقات را فزونی می‌دهد ؛ و خدا هیچ ناسپاس بزه‌کاری را دوست ندارد .«2:276»

ای اهل ایمان ! از خدا پروا کنید ، و اگر مؤمن [واقعی] هستید آنچه را از ربا [بر عهده مردم] باقی‌مانده رها کنید .«2:278» ای اهل ایمان ! ربا را که سودهای چند برابر است نخورید ، و از خدا پروا کنید تا رستگار شوید .«3:130»

«4:161»

اموال و اجناسی را که [به صورت وام] به ربا می‌دهید تا در میان اموال مردم فزونی یابد ، نزد خدا فزونی نخواهد یافت ؛ و آنچه از زکات می‌دهید که [به سبب پرداختنش] خشنودی خدا را می‌خواهید [مایه فزونی است] ؛ پس این زکات دهندگانند که مال و ثوابشان دو چندان می‌شود .«30:39»[۷]

تاریخچه[ویرایش]

تاریخ رباخواری به هزاران سال پیش از میلاد باز می‌گردد.

ویل دورانت در این‌باره می‌نویسد: از اسناد بر جای مانده از چهار هزار سال پیش از میلاد، به دست می‌آید که قراردادها را با نوشتن، گواهی می‌کردند و نیز آیین وام گرفتن در نزد آنان معمول بوده است و سودی سالیانه نزدیک به ۱۵ تا ۲۳ درصد به وام دهندگان می‌داده‌اند. ربا از جنس خود کالا دریافت می‌شده است. کاهنان نیز به مردم قرض رِبَوی می‌دادند. هرکس باید بدهی خود را می‌پرداخت؛ در غیر این‌صورت، وام دهنده می‌توانست فرزند بدهکار را به گروگان بگیرد.[۸]

ربا در یهودیت[ویرایش]

در تورات اخذ سود از یهودیان منع شده است ولیکن ممنوعیتی برای اخذ سود از غیریهودی (جنتیل) وجود ندارد.

تو نباید از برادر خود سود بگیری، سود پول، سود غذا، سود هر چیزی که با سود قرض داده می‌شود؛ ولیکن از یک غریبه (جنتيل) می‌توانی سود بگیری، ولیکن از برادر خود نمی‌توانی سود بگیری. -سفر تثنیه، ۲۳:۱۹-۲۰

از این رو اسرائیلیها از افراد غریبه که در بین آنها زندگی می‌کردند سود اخذ می‌کردند ولیکن نسبت به بقیه افراد قوم اسرائیل نمی‌توانستند سود بگیرند. در زمانهایی که برخوردهای منفی بین یهودیان و غیریهودیان (جنتیلها) در کشورهای مختلف شدت می‌گرفت یهودیان از بسیاری شغلها منع می‌شدند؛ ولیکن به دلیل اینکه گرفتن سود بر روی پول در دینهای اسلام و مسیحیت ممنوع بودند بسیاری از یهودیان به این شغلها گرویده می‌شدند.

ظلم مالی به یهودیان در مناطقی بود که مردم از آنها متنفر بودند، اگر یهودیان برای مقابله به مثل شروع به اخذ ربا از غیریهودیان می‌کردند، دشمنی مردم با آنان شدت میافت. از این رو یهودیان جزئی از یک سیکل بد شدند. مسیحیان بر اساس کتاب مقدس گرفتن سود را ممنوع کرده بودند و از سال ۱۱۷۹ میلادی هر کس که به این شغل مشغول بود طرد می‌شد. معمولاً تصمیم گیران کاتولیک شدیدترین قوانین مالی را بر یهودیان اعمال می‌کردند. یهودیان به شغلی که برای مسیحیان ممنوع شده بود روی میاوردند و از این رو با شغل تنفرآمیز رباخواری عجین شدند.[۹]

موسی ابن میمون در این باره مینویسد :"ما برای برطرف کردن نیاز به بیگانه (جنتیل) قرض نمی‌دهیم، بلکه برای گرفتن بهره و تحمیل خواست خودمان این کار را می‌کنیم؛ در حالی که انجام چنین کاری با برادران یهودی‌مان حرام است."[۱۰]

در قرون وسطی در اروپا اخذ سود بر روی پول توسط مسیحیان ممنوع بود ولی یهودیان اجازه داشتند که وام با سود به مسیحیان بدهند. در تمامی دربارهای اروپایی فردی به نام یهودی دربار وجود داشت که وظیفه او تامین منابع مالی لازم برای پادشاه بود. این یهودیان دربار به شدت توسط عامه مردم جنتیل مورد نفرت بودند و به دفعات بعد از مرگ پادشاه حمایت کننده توسط مردم کشته شدند.

در ایران نیز به دلیل اینکه در دین اسلام سودگرفتن بر روی پول ممنوع محسوب می‌شد این تجارت به صورت کامل در اختیار یهودیان بود. در قرن نوزدهم تقریبا تمامی یهودیان شیراز به وام دادن با سود اشتغال داشتند.[۱۱] این مساله تا زمان تاسیس اولین بانک به صورت امروزی به دست بانکدار یهودی-انگلیسی پاول یولیوس رویتر به وسیله امتیازنامه رویتر ادامه داشت تا اینکه بانکداری مدرن جایگزین اعطای وام توسط یهودیان به صورت فردی شد.

ربا در مسیحیت[ویرایش]

قرن پنجم تا پانزدهم میلادی به دوره قرون وسطا معروف است. در این دوره، دیدگاه قطعی کلیسا، تا قرن دوازدهم حرام بودن ربا بود.این تغییر رویکرد در نتیجه موج مادی‌گری و سکولاریسم در پایان قرون وسطا، همراه با رشد تجارت (و داد و ستدهای پولی در بازار) در اروپا، جهت گیری هایی جدید پدید آورد. از یک‌سو، سکولاریسم(سکولاریست‌ها برای بررسی قضایای گوناگون، روش‌های عقلی و منطقی بنا نهادند. بر اساس این روش، آموزه‌های کتاب‌های آسمانی قابل ردّ یا پذیرش هستند. اگر این آموزه‌ها با استدلال های منطقی تأیید شوند، پذیرفتنی هستند و در غیر این‌صورت پذیرفتنی نیستند. نک: بررسی تطبیقی بهره و ربا، ص 171.) در جامعه اروپایی نیرومندتر می‌شد. به باور سردمداران این دیدگاه، می بایست پول با بهره قرض داده می‌شد. آنان با استناد به روا بودن قرض دادن (یعنی اجاره) دارایی مولّد و دریافت سود سالانه از آن، دیدگاه خود را توجیه می‌کردند؛ در حالی که همیشه منظور از دارایی مولّد، مستغلّات و زمین بود. در پی این نظر، رهبران کلیسا برآشفتند و برخی چون سنت توماس اکوئینی با استناد به آموزه های مسیحیّت به مبارزه با بهره برخاستند. اینان دیدگاه‌های خود را با تأکید بر دلیل‌های منطقی برگرفته از ارسطو درباره ربا، ارایه می‌دادند.

قداست حرمت رباخواری چنان شکسته شد که لویی چهاردهم در سال 1662 م. آشکارا پولی را با شرط دادن سود فراوان قرض گرفت. در این میان، واقعه ای بسیار عجیب و دور از انتظار روی داد و در سال 1860 م. پاپ پی نهم یک معامله ربوی انجام داد و ضربه بزرگی به حرمت ربا وارد ساخت. در پایان قرن هجدهم، برخی از عالمان اقتصاد مانند تورگو و بنتام، به طور رسمی موافقت خود را با وام با بهره اعلام داشتند و قانون‌گذار فرانسوی در سال 1793 م. آزادی بهره را به طور رسمی اعلام کرد، ولی بعدها در سال 1807 م. قانونی وضع شد که بهره وام تجاری تا 6 درصد و غیر تجاری تنها 5 درصد جایز شمرده شد، ولی در سال 1918 م. این قانون لغو شد و این محدودیت‌ها از میان رفت. در انگلیس و آلمان در سال 1571 م. و در هلند در سال 1658 م. جایز دانستن ربا قانون‌مند شد.در این قوانین، سقف نرخ بهره تعیین شد و بهره مرکّب جایز نبود و یا دریافت بهره مرکّب به اندازه اصل قرض ممنوع بود. بنابراین، اروپاییان به وسیله قانون‌گذاری، احکام دینی (مبتنی بر تحریم قطعی ربا) را در جهت مصالح و منافع مادی خود تغییر دادند. از آن پس، در کتاب‌های علمی غرب تعریف ربا این‌چنین بیان شد: ربا عبارت است از بهره قرض پولی (در دوره اصلی یا دوره‌های تمدید شده بعدی) با نرخی بیش‌تر از نرخ مجاز قانونی.[۱۲][۱۳]

ربای معاملی[ویرایش]

اما در اصطلاح فقه اسلامی دو قسم است: یکم: ربای معاملی به معنی بیع و معاوضه دو چیز مکیل یا موزون که شبیه هم هستند با زیادی در یک طرف.[۱۴]

ربای معاملی به معامله دو شیء همجنس گفته می‌شود. بطوریکه یکی از آن دو مقداری بیش از دیگری داشته باشد. مانند این که شخصی ۱۰۰ کیلو گندم را با ۱۲۰ کیلو گندم معاوضه کند.

این نوع ربا هم در معامله نقد و هم در معامله نسیه محقق می‌شود و بنا به نظر مشهور فقها اختصاص به اموال موزون (وزن‌شدنی) و مکیل (پیمانه‌ای) دارد. برخی از فقها آن را در معامله اموال شمردنی نیز جاری می‌دانند. همچنین نظر مشهور فقها ممنوعیت ربا در تمامی معاملات است نه اینکه اختصاص به عقد بیع داشته باشد.[۱۵] این نوع ربا ممکن است در هنگام قرض گرفتن و پس دادن نان اتفاق بیفتد.

ربای قرضی[ویرایش]

دوم: ربای قرضی به معنی قرض دادن با زیاده است. [۱۶] و در واقع ربای موضوع در بانک، همین نوع از ربا است. به این شکل که سپرده گزار پول خود را به بانک می‌دهد و علاوه بر پولِ خود، سود هم دریافت می‌کند؛ و یا شخص وام‌گیرنده، وام را قرض می‌گیرد و علاوه بر مبلغ وام، سودی نیز پرداخت می‌کند. و اگر ربای قرضی حرام و باطل باشد، این قراردادهای مشتمل بر ربا در بانک نیز حرام و باطل خواهد بود. ربای قرضی به این صورت که، فرد برای تأمین نیاز مالی جهت امور مصرفی یا سرمایه‌گذاری تقاضای قرض می‌کند و در ضمن عقد قرض "متعهد" می‌شود آنچه را می‌گیرد همراه با زیادی برگرداند.[۱۷]

دلایل حرمت ربای قرضی[ویرایش]

علاوه بر آیات قران، روایاتی دلالت می‌کنند که در خصوص قرض، شرط زیاده حرام است. به عنوان نمونه: عَلِیِّ بْنِ إِبْرَاهِیمَ عَنْ أَبِیهِ عَنِ ابْنِ أَبِی عُمَیْرٍ عَنْ حَمَّادٍ عَنِ الْحَلَبِیِّ عَنْ أَبِی عَبْدِ اللَّهِ ع قَالَ: «إِذَا أَقْرَضْتَ الدَّرَاهِمَ ثُمَّ أَتَاکَ بِخَیْرٍ مِنْهَا- فَلَا بَأْسَ إِذَا لَمْ یَکُنْ بَیْنَکُمَا شَرْطٌ: اگر دراهمی را قرض می‌دهی سپس بهتر از آن را به تو بازمی گرداند اشکالی ندارد، البته اگر بین شما شرط زیاده نباشد.»[۱۸]

همینطور روایاتی که ربا را ناشی از شرط زیاده می‌دانند. مانند: «قَالَ علیه السلام جَاءَ الرِّبَا مِنْ قِبَلِ الشُّرُوطِ- إِنَّمَا یُفْسِدُهُ الشُّرُوطُ: حضرت فرمودند ربا به خاطر این شروط آمده و شروط است که معامله را فاسد می‌کند». [۱۹]

پس بر طبق دلالت این دسته روایات، بر فرض شرط کردنِ زیاده، اگر بیش از آن چه گرفته شده بازگردانده شود، موجب ربای قرضی بوده، و حرام و باطل خواهد بود.

فقها نیز بر طبق مدلول این روایات حکم کرده و ربای قرضی را فاسد می‌دانند. و این حکم مورد اتفاق و اجماع فقها است.[۲۰] بنابراین اگر شخص در بانک سپرده گذاری کند و پولی را در اختیار بانک قرار دهد، اگر سودی شرط شده باشد، مشمول روایات حرمت می‌باشد. چراکه مبلغی اضافه بر مبلغ اصلی دریافت کرده است. و چون در این حساب ها سود شرط می‌شود، ربای قرضی بوده، و حرام و باطل است.

همینطور شخص وام‌گیرنده، مبلغی را قرض می‌گیرد و علاوه بر مبلغ وام، سودی نیز پرداخت می‌کند. اگر مبلغِ اضافه، شرط شده باشد، ربای قرضی حرام و باطل می‌باشد. و چون نرخ بهره شرط می‌شود، حرام خواهد بود.

فرار از ربا[ویرایش]

نوشتار(های) وابسته: کلاه شرعی

فرار از ربا فرایندی است که در آن با ترفندهایی ممنوعیت شرعی ربا از میان می‌رود. فرار از ربا ممکن است با بهره‌گیری از حیله‌های ربا یا استثنائات ربا باشد.[۲۱]

حیله‌های ربا[ویرایش]

اکثر فقها معتقدند بکارگیری حیله در معاملات ربوی صحیح است اما عده‌ای هم معتقدند حیله در ربای معاملی صحیح و در ربای قرضی باطل است، روح‌الله خمینی معتقد است در هر دو صورت حیله باطل است چرا که معامله بدون قصد واقعی انجام شده‌است.[۲۲] اما فقهای موافق حیله‌های ربا معتقدند فرار از ربا انگیزه طرفین و انجام معامله صحیح قصد آن‌ها است.

حیل الربا شامل این موارد می‌شود:[۲۳]

  • ضمیمه‌کردن چیزی به یکی از دو عوض یا هردو. مانند فروش یک هزار درهم و یک دینار به دو هزار درهم.
  • فروختن دو مال به مقدار مساوی و بخشیدن مقدار اضافه.
  • هر یک از طرفین مال خود را به دیگری ببخشد.
  • هر یک از طرفین مال خود را به دیگری قرض دهد و سپس همدیگر را بری‌الذمه کنند.

استثنائات ربا[ویرایش]

به موجب مقررات فقهی در برخی موارد ربا حرام نیست، هرچند ممکن است مکروه باشد:[۲۴]

  • ربای بین زن و شوهر
  • ربای بین پدر و فرزند
  • ربای بین مسلمان و کافر حربی: به شرطی که مسلمان ربا را دریافت کند.

ربا در حقوق کیفری[ویرایش]

ماده ۵۹۵ قانون مجازات اسلامی ایران ربا را جرم و برای آن مجازات در نظر گرفته است: «مرتکبین اعم از ربا دهنده، ربا گیرنده و واسطهٔ بین آنها علاوه بر ردِ اضافه به صاحب مال به شش ماه تا سه سال حبس و تا ۷۴ ضربه شلاق و نیز معادل مورد ربا به عنوان جزای نقدی محکوم می‌گردند.»

نظر اندیشمندان[ویرایش]

برخی بر این باور اند، که امروزه با توجه به چاپ بی رویهء دلار بی پشتوانه و افزایش روزافزون بدهی آمریکا مبتنی بر استفاده از دلار به عنوان ارز بین‌المللی، اقتصاد دلار محور ربوی محسوب می شود.[۲۵]

جستارهای وابسته[ویرایش]

منابع[ویرایش]

  1. شرح لمعه، ۱۹۸؛ مختصر النافع، ۲۱۱
  2. ماده ۵۹۵ قانون مجازات اسلامی
  3. wikifeqh.ir/ربا
  4. تاج اللغة، جوهری، ربا
  5. سوره بقره، ایه276
  6. سوره بقره، ایه276
  7. قرآن مجید با ترجمه استاد حسین انصاریان
  8. «تاریخچه ربا و رباخواری در جهان». بازبینی‌شده در ۱ دسامبر ۲۰۱۲. 
  9. Johnson, p. 174.
  10. موسی بن میمون در کتاب خود به نام ید حزقاة، به معنای دست قدرتمند
  11. Outcaste:Jewish life in southern Iran, Laurence D. Loeb, 1977, page 86, Gordon and Breach.
  12. رباخواری
  13. بررسى تطبیقى بهره و ربا
  14. رک: جواهر الكلام في شرح شرائع الإسلام، ج23، ص334
  15. ربا دراقتصاد اسلامی؛ ربا
  16. رک: جواهر الكلام في شرح شرائع الإسلام، ج23، ص334
  17. ربا دراقتصاد اسلامی؛ ربا
  18. وسائل الشيعة، حر عاملی، ج18، ص192
  19. وسائل الشيعة، حر عاملی، ج18، ص191
  20. * كفاية الأحكام، سبزوارى، محقق، ج1، ص528؛
    • الحدائق الناضرة في أحكام العترة الطاهرة،
    • بحرانی، ج20، ص110؛
    • رياض المسائل، حائری، ج9، ص156؛
    • جواهر الكلام في شرح شرائع الإسلام، ج23، ص334
  21. پیشینه تاریخی ربا، ربا در قرآن و سنت، انواع ربا و فرار از ربا
  22. ربا
  23. شرح لمعه، ۱۹۸-۱۹۹
  24. ربا
  25. بزرگ ترین کلاه برداری تاریخ
For other uses, see Riba (disambiguation).

Riba (Arabic: رباribā, IPA: [ˈrɪbæː]) can be roughly translated as "Usury", or unjust, exploitive gains made in trade or business. Riba is mentioned and condemned in several different verses in the Qur'an (Quran 3:130, Quran 4:161, Quran 30:39 and perhaps most commonly in Quran 2:275-280). It is also mentioned in many hadith, and considered a major sin in Islamic economic jurisprudence (fiqh).

While Muslims agree that Riba is prohibited, there is disagreement over what it is.[1] It is often, but not always, equated with interest on loans, but is also applied to a variety of commercial transactions.[2] Most Islamic jurists describe two kinds of Riba:[3]

  • Riba an-nasiya: Riba or excess charged for a loans in cash or kind.[4]
  • Riba al-Fadl: the simultaneous exchange of unequal quantities or qualities of a given commodity.[5]

Etymology and definitions

The word was used by the Arabs prior to Islam to refer to an increase. In classical Islamic jurisprudence the definition of riba was "surplus value without counterpart."

Definitions of Riba include:

  • unjustified increment in borrowing or lending money, paid in kind or in money above the amount of loan, as a condition imposed by the lender or voluntarily by the borrower. Riba defined in this way is called in Fiqh riba al-duyun (debt usury).[6]
  • an increase in a particular item. The word is derived from a root meaning increase or growth.[7]
  • non-equality in an exchange. This can be different results from the exchange of nonequivalent quantities or from the presence of a risk in which the other contractual party does not share.[8]
  • interest or usurious interest. Historically Islamic legal scholars have interpreted the Quran as "prohibiting any loan contract that specifies a fixed return to the lender" on the grounds that it provides "unearned profit to the lender" and imposes "an unfair obligation on the borrower." In the modern era most Muslim countries allow moderate interest rates (some banning compound interest), while Islamists and revivalists" preach that all interest is socially unjust and should be banned;[9]
  • interest. Banned in Islam but evaded by legal subterfuges (known as hila, pl. hiyal) where, for example, a money lender buys something and later sell it back for a greater amount. In contrast Islamic banks charge fees or make the account holder share in the profits and losses of the bank;[10]
  • "all interest, regardless of form, context, or magnitude"[11]
  • "Any excess on the principal sum of loan irrespective of the amount, purpose and duration of the loan."[12]
  • not any bank interest, but interest charged where the economically strong/rich exploit the economically poor and/or vulnerable.[13]
  • "exorbitant interest charges"[11]

Most Islamic jurists (Fuqaha) describe two kinds of Riba:[3]

  • Riba an-nasiya: Riba on Credit Transaction, when two items of same kinds are exchanged but one or both parties delays delivery or payment and pays interest, (i.e. excess monetary compensation in the form of a predetermined percentage amount or percentage).
  • Riba al-Fadl: the simultaneous exchange of unequal quantities or qualities of a given commodity.[5]

History

Riba is an Arabic word meaning usury, addition or growth. In pre-Islamic Arabia it was held responsible for enslaving some destitute Arab borrowers.[11] John Esposito describes it as "a practice "that doubled a debt if the borrower defaulted and redoubled it if the borrower defaulted again".[9]

According to the Encyclopedia of Islam and the Muslim World, early Muslim disagreed on whether all or only exorbitant interest was riba and thus ought to be banned, with the broader definition winning out and becoming part of classical Islam.[11]

Riba was forbidden in the Medinan society of Muhammad, just as in the medieval Christian world. Historically, the consensus of Muslim jurists held that any loan that involved an increase in repayments was forbidden, and as such, the Islamic state prohibited it. However, the giving and taking of interest continued in Muslim society "at times through the use of legal ruses (hiyal), often more or less openly."[11] This prohibition was reconsidered with the advent of the rise of European power and influence during the Ages of "Enlightenment", "Discovery" and colonialism.

Since the mid-1970s activists have worked to define interest as riba and enjoin Muslims to lend and borrow at "Islamic Banks" not using fixed rates as well as mobilizing to ban the charging of interest. In 1976, King Abdulaziz University in Jeddah organized the First International Conference on Islamic Economics in Makkah. Several hundred Muslim intellectuals, Shari'ah scholars and economists unequivocally declared in this conference that all forms of interest are riba.[14]

Scripture

Quran and prohibition

The Qur'an deals with riba in 12 verses, the word appearing eight times in total, three times in 2:275, and once in 2:276, 2:278, 3:130, 4:161 and 30:39.[15]

The Mekkan verse in Surah Ar-Rum was the first to be revealed on the topic:

And whatever Riba you give so that it may increase in the wealth of the people, it does not increase with God (Quran 30:39)

The other Medinan verses:

And because of their charging Riba while they were prohibited from it (Quran 4:161)

Those who believe do not eat up Riba doubled and redoubled (Quran 3:129-130)

يَا أَيُّهَا الَّذِينَ آمَنُواْ لاَ تَأْكُلُواْ الرِّبَا أَضْعَافًا مُّضَاعَفَةً وَاتَّقُواْ اللّهَ لَعَلَّكُمْ تُفْلِحُونَ

Culminating with the verses in Surah Baqarah:
Those who benefit from interest shall be raised like those who have been driven to madness by the touch of the Devil; this is because they say: "Trade is like interest" while God has permitted trade and forbidden interest…God deprives interest of all blessings but blesses charity.... O believers, fear God, and give up the interest that remains outstanding if you are believers. If you do not do so, then be sure of being at war with God and His messenger. But, if you repent, you can have your principal.... (Quran 2:275-280)

ذَٰلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا ۗ وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا

Jurists do not consider the first two verses as clear prohibitive verses on the matter, whereas the latter two have been understood to prohibit Muslims from riba.[16]

Tabari quotes a number of Tabi'een, who state the verse from Surah al-Rum refers to a gift whereas al-Jawzi quotes Hasan al-Basri as stating it refers to riba.[17] Either way, there is insufficient indication from this verse that riba is prohibited, if it does indeed refer to riba.

The second verse refers to the Jews and their taking of riba, which leaves it unclear if such a prohibition applies to the Muslims.[16]

The next verse is seen by many as prohibiting riba, including Ibn Hajar al-Asqalani (a medieval Shafiite Sunni scholar of Islam).[18] However it appears that recourse to some traditions relating to Amr ibn Aqyash are required for the prohibition as the verse itself could be interpreted as expressing a preference against interest.[16]

The verses from Surah Baqarah are seen as categorically forbidding riba. The backdrop to these verses was the dispute between Banu Thaqif and Banu Amr ibn al-Mughirah over riba due on loans between them. As such, the jurists historically agreed on the prohibition of riba from these verses and termed it riba al-nasia, distinguishing it from the interest in exchanging like goods in different quantities, mentioned in a number of narrations, riba al-fadl.[16]

As such, some jurists saw riba forbidden early in Mecca, some in the year 2 AH and some after the opening of Mecca, but the majority agreed on its prohibition.[16]

Hadith and prohibition

Riba is mentioned in a number of hadith (the body of reports of the teachings, deeds and sayings of the Islamic prophet Muhammad),[19] most notably in Muhammad's farewell sermon, where he is reported to have said:

"God has forbidden you to take Riba, therefore all riba obligation shall henceforth be waived. Your capital, however, is yours to keep. You will neither inflict nor suffer inequity. God has judged that there shall be no riba and that all the riba due to `Abbas ibn `Abd al Muttalib shall henceforth be waived.".[20]

Several narrators including Jabir[21] Abdul Rahman ibn Abdullah ibn Masoud[22] Abdullah[23] say that

Muhammad cursed the accepter of usury and its payer, and one who records it, and the two witnesses, saying: They are all equal.[21][23] (Abdullah, however, could not swear to the cursing of the 'And the writer and the two witnesses[23])

Examples of hadith denouncing what jurists call Riba al-Fadl include:

Narrated Abu: We used to be given mixed dates (from the booty) and used to sell (barter) two Sas (of those dates) for one Sa (of good dates). The Prophet said (to us), "No (bartering of) two Sas for one Sa nor two Dirhams for one Dirham is permissible", (as that is a kind of usury). (See Hadith No. 405).[24]

Narrated 'Umar bin Al-Khattab: God's Apostle said, "The bartering of gold for silver is Riba, (usury), except if it is from hand to hand and equal in amount, and wheat grain for wheat grain is usury except if it is from hand to hand and equal in amount, and dates for dates is usury except if it is from hand to hand and equal in amount, and barley for barley is usury except if it is from hand to hand and equal in amount.".[25]

Narrated Ibn 'Umar: Muhammad said, "The selling of wheat for wheat is Riba (usury) except if it is handed from hand to hand and equal in amount. Similarly the selling of barley for barley, is Riba except if it is from hand to hand and equal in amount, and dates for dates is usury except if it is from hand to hand and equal in amount.[26]

Narrated AbuHurayrah: Muhammad said: If anyone makes two transactions combined in one bargain, he should have the lesser of the two or it will involve usury.[27]

The gravity of committing riba is reported to have been described by Abu Huraira:

Narrated Abu Huraira: The Prophet said, "Avoid the seven great destructive sins." The people inquire, "O God's Apostle! What are they? "He said, " To associate others in worship along with God, to practice sorcery, to kill the life which God has forbidden except for a just cause, (according to Islamic law), to eat up Riba (usury), to eat up an orphan's wealth, to give back to the enemy to flee from the battlefield at the time of fighting, and to accuse chaste women who never even think of anything touching chastity and are good believers." [28]

أخرج البخاري ومسلم وأبو داود والنسائي عن أبي هريرة رضي الله عنه أن رسول الله صلى الله عليه وسلم قال اجتنبوا السبع الموبقات , قيل يا رسول الله وما هن ؟ قال الشرك بالله , والسحر , وقتل النفس التي حرم الله إلا بالحق , وأكل مال اليتيم , وأكل الربا , والتولي يوم الزحف , وقذف المحصنات الغافلات المؤمنات

According to Sunan Ibn Majah, the Islamic prophet Muhammad declared the practice of riba worse than "a man committing zina (fornication) with his own mother".[29]

Interest

A prohibition of interest on loans in the name of prohibiting riba, has been called "the most salient objective of Islamic economics."[30]

Interest as riba

Besides revealed scripture, a number of Islamist/revivalist academics have attempted to provide arguments for the prohibition of interest on loans. Ismail Ozsoy defines interest as riba and as "an unearned or unequally distributed income." In arguing that no matter what the rate of interest, the knowledge and the consent of the two parties, both the paying and the receiving of interest are sinful and unjust because the interest rate is "fixed at the very beginning, but it is impossible to predict the outcome of the business at which the loan is used, profit or loss, or how much either would be." Ozsoy states that his argument is supported by Quran 2:275-280 and particularly the phrase, "deal not unjustly and ye shall not be dealt with unjustly"[31]

Mohammad Nejatullah Siddiqi argues that prohibition of interest is prohibition of (some kinds of) exploitation. In matters of consumption loans, those who have wealth should assist those without. In productive loans, a guaranteed return on capital is unjust and sharing of profits between entrepreneur and financier is just.[32]

Taji al-Din argues that charging interest on loans restricts the circulation of wealth to those who already have it, since lenders do not provide loans to those who are unable to repay them. This is forbidden by the Quran and results in an increase the divide between the rich and poor.

Mawdudi believes the charging interest on loans causes an imbalance between production and consumption, by the transferring of purchasing power from those with a propensity to consume to those with a propensity to invest. This transfer of income increases production and decreases consumption which (somehow) increases prices of consumer goods, reinforcing this process and (Maududi believes) results in economic evils such as stagnation, depression, monopoly and ultimately imperialism. Eliminating return on capital with interest-free loans along with zakat, and profit-share would restore this balance. The focus shifts to the entrepreneur whose activity becomes the only source of income along with wages, giving him the upper hand in society. Siddiqi and Ganameh cite the hadith of "income devolved on liability" in this context.[33]

Ibn Rushd argued the rationale relates to the possibilities of cheating that exists in riba, which is clearly visible in riba fadl.[34][page needed] Other arguments that some writers[who?] try to extract from indications on the divine texts include the rationale being corruption, unjust acquisition of property rights, destruction, and a detrimental personality.

Hameedullah believes interest is unjust because the borrower bears risk and the lender does not.[35] The Islamic principle is for a reward, there must be some liability incurred; otherwise, a return is prohibited.

Permitting (some) interest

While most Muslims and "non-Muslim observers of the Islamic world" believe that interest on loans is forbidden by Islam,[36] not all Muslims believe that all interest is riba. Muhammad Akram Khan describes the Modernist interpretation of riba being that while in the Makkan society where the Quran was revealed, high interest rates were charged by rich money lenders to poor borrowers for purposes of consumption leading to the accumulation of large debts and financial slavery. The loans most prevalent in contemporary society are commercial loans for investment not consumption, between sophisticated parties offering/paying low interest rates set in a competitive and regulated market.[37] According to the Encyclopedia of Islam and the Muslim World, various critics of Islamic economics, including Islamic Modernists, believe riba is distinguished from ordinary interest, that "the goal of eradicating interest is both misguided and unfeasible," because interest is "indispensable to any complex economy", and competitive financial markets limit interest charges" and bankruptcy laws now exist "to protect borrowers against the the horrors once produced by riba."[11]

Some of the modern jurists, like Abduh, Rashid Rida, Shaltut, Sir Syed Ahmed, Fazl al-Rahman, Tantawi and Qardawi have tried to legitimize bank interest.[38] The earlier ones legitimized it for awqaf and state that investment schemes during the late period of the Ottoman rule. They were the first to introduce the notion that riba al-nasia was permitted. Those who followed them remained minority voices whilst the vast majority of modern jurists prohibit it also.

Writers such as Fazl al-Rahman argue that an interest rate serves as a price for financing, regulating demand for it by borrowers. If this finance cost (interest rate) is taken to zero, finance markets will be faced with limited supply and infinite demand. How would credit be allocated?[39] This problem would not apply to profit-share, cost-plus basis, or leasing of financing.

They also advanced rational economic arguments that market rate interest is not riba because it serves the public interest (Maslaha) by allowing for efficient allocation of resources, economic development.[40] Most of these arguments have been criticized by Islamic revivalist writers, including Siddiqi, Zarqa, Khan & Mirakhor and Chapra, a good case in point being the published Supreme Court of Pakistan Judgement on the matter.[41]Riba The Qur'an states:[42] Mohammad Omar Farooq argues that the Quran does not define riba and contrary to traditionalists and activists claims, hadith commonly-cited to define riba as interest are not unambiguous.[43] While riba as interest has the support of a majority of scholars it does not have a consensus (ijma)[44]

Islamic Modernist scholar such as Fazlur Rahman Malik,[45] Muhammad Asad,[46] Sa'id al-Najjar,[47] Sayyid Tantawi,[48] differ from traditionalists in arguing that riba can not just be the charging interest on loans no matter how low, but must involve exploitation of the needy. As a result many of these scholars differentiate between various forms of interest charges advocating the lawfulness of some and rejecting others.[49]

Dr Abd-al-Munim Al-Nimr, an ex-minister of 'Awqaf in Egypt, argued in Al-Ahram newspaper (June 1, 1989) that riba must involve harm to the debtor and thus banking interest with its low interest rates cannot be considered riba.[48] In May 1991 the mufti of Egypt, Dr. Muhammad Sayyid Tantawy issued several fatawa permitting bank interest. Tantawy argued that there is nothing in the Quran or Hadith that prohibits the pre-fixing of the rate of return, as long as it occurs with the mutual consent of the parties.[48][50] Since it makes little sense to suggest that modest saving account holders are exploiting sophisticated multi-billion dollar banks that pay them the interest on their accounts, banking interest cannot be considered riba.[48] Rather it is more likely that savers have an advantage since "determination of the profit in advance is done for the sake of the owner of the capital (that is the depositor) and is done to prevent a dispute between him and the bank."[48]

In August 22, 1997 Shaykh Nasr Farid Wasil also declared bank interest permissible provided the money was invested in halal avenues. He stated, "there is no such thing as an Islamic or non-Islamic bank. So let us stop this controversy about bank interest."[48][51][52]

Modernists interpreters of riba on the India-Pakistan subcontinent include: Ja'afar Shah Phulwarai (1959),[53] Tamanna Imadi (1965), Rafiullah Shihab (1966), Yaqub Shah (1967), Abdul Ghafur Muslim (1974), Syed Ahmad (1977), Aqdas Ali Kazmi (1992), and Abdullah Saeed (1995, 1996).[48]

One critic of the campaign against "the curse of interest" in Pakistan, lawyer and Islamic scholar Kemal A. Faruki, complained that much time and energy were spent on "learned discussions on riba" and "doubtful distinctions between `interest` and `guaranteed profits,`" in the Western-style banking system, while a far more serious problem affecting the poor was ignored:

usury perpetrated on the illiterate and the poor by soodkhuris (lit. `devourers of usury`). These officially registered moneylenders under the Moneylenders Act are permitted to lend at not more than 1% below the State Bank rate. In fact they are Mafia-like individuals who charge interest as high as 60% per annum collected ruthlessly in monthly installments and refuse to accept repayment of the principal sum indefinitely. Their tactics include intimidation and force.[54]

Alternatives

Further information: Islamic banking

In its campaign against Riba in the 1980s the regime of General Muhammad Zia ul-Haq replacing interest-bearing savings accounts with PLS (profit-loss sharing) instruments in Pakistan's state banks. The government also introduced and encouraged such banks to adopt financing schemes based upon the principles of mudaraba and or musharaka.[55]

  • Murabaha is a practice in which the "lender" (usually a bank) purchases, in its own name, goods that the borrower (usually an importer or trader) wants, and then sells the goods to him at an agreed mark-up. This mark-up is interest by a different name, and serves as a semantic work-around. The technique is used for financing trade, but because the bank takes title to the goods, and is therefore engaged in buying and selling, its profit derives from a real service and entails a degree, albeit minimal, of risk.[55]
  • Musharaka is a practice in which the "lender" (usually a bank) enters into a partnership with the borrower/client in which both share the equity capital—and perhaps even management—of a project or deal, and both share in the profits or losses according to their equity shareholding.[55]

Critics claim that Islamic banks have "found it impractical to obey their own charters" and that they have "disguised interest under a variety of charges".[11]

Benefits of alternatives

Islamists writers, have asserted that contrary to what non-Islamist economists maintain, banning interest would not mean a collapse of savings but greater stability, efficiency, development etc.

Muhammad Siddiqi states that replacing fixed rates with profit-sharing would make the financial system more stable, more entrepreneurial, and that savings would not collapse without interest because savings are a function of income and desire for interest is minor. [56]

Mannan argues that replacing interest with profit and loss sharing job creation and economic vitality would be in line with the cooperative norm of the Quran.[57] Mawdudi states that interest payment holds back production that is socially useful but generates a small return.[citation needed]

Another alleged deficiency of interest on loans is that it "lends itself to speculation" as lenders seek higher interest rates (allegedly) borrowing at low interest rates to lend at higher ones thus (allegedly) disrupt "trade cycles" and interfer w/economic planning which would be remedied by banning interest charges.[58]

Financial intermediation

To deal with the problem of zero interest creating unlimited demand for investment that is limited in supply, activists such as Siddiqi suggest a two-tier mudarabah model as the basis of a riba-free banking system. This involves the bank acting as the capital partner in a back-to-back mudarabah contract with the depositor on one side and the entrepreneur on the other side. This model can be supplemented by a number of fixed-return models (like Ijara, Istisna, Murabaha etc.). In practice the murabaha model is the bank's favourite, as it bears results most similar to the interest-based finance models.

However, it has been criticised as not following the possession by bank/seller requirements and risks taken by the financier are non-existent (being insured or guarantees provided by the customer). Additionally, Khattab has criticised the whole two-tier mudarabah system as having no basis in Islamic law, as there are no instances where the mudharib passed funds onto another mudharib, and as such is questionable.

Banks have demand deposits in the nature of loans to the bank and investment deposits. Some offer guaranteed savings accounts with permission to use the funds and a discretionary reward to the depositor as in the case of the Bank Islam Malaysia Berhad. Initially, demand deposit accounts were more common, but over time, most accounts are now investment accounts, which reflects the confidence of depositors in the ability of banks to generate a return.[59] Islamic banking operations are successfully operating in many Muslim countries, including Pakistan, Bangladesh, Malaysia, Iran, Sudan, Turkey and Bahrain.

Insurance operations, starting in Sudan in 1977, have now been successfully implemented in a number of countries from Malaysia to Jordan. The takaful mudarabah model is used, compensating premium-paying subscribers in case they incur losses or damages without any interest-based activities.

International finance

Countries are crippled with servicing both non governmental and foreign debt. Often, loans readily lend to governments regardless of the project as they know that there is NO guaranteed return on capital is available. This results in projects with low or no Return on investment receiving funding, with the lenders taking no responsibility or involvement in the project or the debtors as long as continuous payments are made, even if the debts are never settled. The resulting debt, which benefits neither the taxpayers who provided the capital or the government that received it, leads to limited spending on developing their infrastructure and human capital as large amounts of future revenue are spent on debt servicing.

Accounting concept of interest

Some writers argue for an accounting concept of interest to evaluate projects and investments. As a tool for comparing projects with countries where the interest rate is operated, however, it is argued that it is hard to see why a profit rate cannot be used.

Others argue the need of a bank rate for monetary policy. Siddiqi suggests two variables that can alternatively be used: mark-up in sales with deferred payment and ratios used in sharing modes of finance. These ratios can be used to manipulate the rates of profit. They can be determined through market forces or set by governments in public interest, as is legislated in Sudan and Pakistan.

Substitute for riba

Economic modeling in an Islamic context looks to find alternative variables and parameters. For instance, many of the key models in modern economic theory have interest (riba) as a key element. According to one author, Tobin's q could replace Interest (I).[60]

See also

Notes

  1. ^ Siddiqi, Mohammad Nejatullah (1 January 2004, (8 Zul-Qa'dah, 1424H)). Riba, Bank Interest and the Rationale of its Prohibition. Islamic Research and Training Institute/Islamic Development Bank. p. 13. Retrieved 13 February 2015. Muslims have always agreed that Riba is prohibited. What constitutes Riba, has, however, been a subject evoking deliberation and debate over the centuries that followed divine revelation.  Check date values in: |date= (help)
  2. ^ Eisenberg, David. Islamic Finance: Law and Practice. Oxford University Press. p. 2.62. Retrieved 22 March 2015. 
  3. ^ a b Razi, Mohammad (May 2008). "Riba in Islam". Learn Deen. p. 19. Retrieved 4 February 2015. 
  4. ^ Siddiqi, Mohammad Nejatullah (1 January 2004, (8 Zul-Qa'dah, 1424H)). Riba, Bank Interest and the Rationale of its Prohibition. Islamic Research and Training Institute/Islamic Development Bank. p. 54. Retrieved 13 February 2015.  Check date values in: |date= (help)
  5. ^ a b "Islamic Finance". Investment and Finance. Mar 24, 2013. Retrieved 4 February 2015. 
  6. ^ Ahmad, Abdel-Rahman Yousri. "Riba, Its Economic Rationale and Implications". Institute of Islamic Banking and Insurance. Retrieved 23 January 2015. 
  7. ^ "129458: Definition of riba and ruling on work that helps with riba". Islam Question and Answer. Retrieved 23 January 2015. 
  8. ^ Roy, Olivier. The Failure of Political Islam. Harvard University Press. p. 219. 
  9. ^ a b Esposito, John L. (2003). The Oxford Dictionary of Islam. Oxford University Press. pp. 265–6. 
  10. ^ Adamec, Ludwig W. (2001). Historical Dictionary of Islam. Scarecrow Press, Inc. pp. 136–7. ISBN 0-8108-3962-8. 
  11. ^ a b c d e f g Martin, Richard C., ed. (2004). "Riba". Encyclopedia of Islam and the Muslim World. Macmillan Reference USA. pp. 596–7. ISBN 0-02-865912-0. 
  12. ^ Khan, Muhammad Akram (2013). What Is Wrong with Islamic Economics?: Analysing the Present State and .. Edward Elgar Publishing. p. 142. Retrieved 25 March 2015. 
  13. ^ Saeed, Abdullah. Islamic Banking and Interest: A Study of the Prohibition of Riba and Its ... Brill. pp. 41–43. Retrieved 26 January 2015. 
  14. ^ Khan, Muhammad Akram (2013). What Is Wrong with Islamic Economics?: Analysing the Present State and ... Edward Elgar Publishing. 
  15. ^ Siddiqi, MN, Riba, Bank Interest and the Rationale of its Prohibition, Islamic Development Bank Islamic Research and Training Institute, Jeddah, Saudi Arabia, p. 35
  16. ^ a b c d e Research and Development. 3alim activities. YOUSSOUF FOFANA.
  17. ^ Usmani, M T, The Historic Judgment on Interest Delivered in the Supreme Court of Pakistan, Idaratul-Ma'arif, Karachi, Pakistan, p. 21
  18. ^ Ibid pp. 23-24
  19. ^ Sahih Bukhari. "Volume 3, Book 034 "Sales and Trade"". Usc.edu. Retrieved 2012-11-19. 
  20. ^ Last Sermon of Muhammad given on 10 Dul-hajj 10 hijra, mentioned in all book of Hadith. Sahih Bukhari mentions parts of it. Musnad Imam Ahmed recorded the longest and complete speech.
    أَلَا إِنَّ كُلَّ رِبًا كَانَ فِي الْجَاهِلِيَّةِ، مَوْضُوعٌ عَنْكُمْ كُلُّهُ، لَكُمْ رُؤُوسُ أَمْوَالِكُم لَا تَظْلِمُونَ وَلَاتُظْلَمُونَ، وَأَوَّلُ رِبًا مَوْضُوعٍ، رِبَا الْعَبَّاسِ بْنِ عَبْدِالْمُطَّلِبِ مَوْضُوعٌ كُلُّه
  21. ^ a b Sahih Muslim, Book 010, Number 3881
  22. ^ (Sunan Abi Dawoud: 3543, hadith Hasan1)
  23. ^ a b c (Sahih Muslim: 4176)
  24. ^ Sahih Bukhari, Volume 3, Book 034, Number 294
  25. ^ Sahih Bukhari, Volume 3, Book 034, Number 344
  26. ^ Sahih Bukhari, Volume 3, Book 034, Number 379
  27. ^ Sunan Abu Daud, Book 23, Number 3454
  28. ^ (Sahih Muslim: 272)
  29. ^ Abod (Sheikh), Ghazali Sheikh; Omar (Syed.) (1992). An Introduction to Islamic finance. Quill Publishers,. p. 381. Retrieved 25 March 2015. 
  30. ^ Kuran, Islam and Mammon, 2004: p.x
  31. ^ Ozsoy, Ismail, Faiz ve Problemleri (Interest and Its Problems), Nil Publications, Izmir, 1994, p. 50. ISBN 975-7455-94-6
  32. ^ Siddiqi, Mohammad Nejatullah, Muslim Economic Thinking: A Survey Of Contemporary Literature, The Islamic Foundation, Leicester, 2007, p. 63
  33. ^ Siddiqi, Mohammad Nejatullah, Muslim Economic Thinking: A Survey Of Contemporary Literature, The Islamic Foundation, Leicester, 2007, p. 63-4
  34. ^ Ibn Rushd, The Distinguished Jurist's Primer, Garnet Publishing Ltd, Lebanon
  35. ^ Siddiqi, Mohammad Nejatullah, Muslim Economic Thinking: A Survey Of Contemporary Literature, The Islamic Foundation, Leicester, 2007, p. 64
  36. ^ Kuran, Timur (2004). Islam and Mammon: The Economic Predicaments of Islamism. Princeton University Press. p. ix. Retrieved 25 March 2015. Islam, readily agree that avoiding interest is among the constraints Islam places on economic behavior, if not its most important economic requirement. Likewise, non-Muslim observers of the Islamic world generally take it for granted that to shun interest is a basic Islamic requirement. 
  37. ^ Khan, Muhammad Akram (2013). What Is Wrong with Islamic Economics?: Analysing the Present State and ... Edward Elgar Publishing. p. 178. Retrieved 26 March 2015. 
  38. ^ , MN, Riba, Bank Interest and the Rationale of its Prohibition, Islamic Development Bank Islamic Research and Training Institute, Jeddah, Saudi Arabia, pp. 55-56
  39. ^ Al-Rahman, F, Riba and Interest, Islamic Studies, Karachi, pp. 37-38
  40. ^ Siddiqi, Mohammad Nejatullah (1 January 2004, (8 Zul-Qa'dah, 1424H)). Riba, Bank Interest and the Rationale of its Prohibition. Islamic Research and Training Institute/Islamic Development Bank. p. 57. Retrieved 13 February 2015.  Check date values in: |date= (help)
  41. ^ Usmani, M T, The Historic Judgement on Interest Delivered in the Supreme Court of Pakistan, Idaratul-Ma'arif, Karachi, Pakistan
  42. ^ "Riba in Islam". Learndeen.com. 2008-05-29. Retrieved 2012-11-20. 
  43. ^ Farooq, Mohammad Omar (December 27, 2009). "Riba, Interest and Six Hadiths: Do We Have a Definition or a Conundrum?". Review of Islamic Economics,. 13, No. 1, pp. 105-141, 2009 (1): 105–141,. Retrieved 26 March 2015. 
  44. ^ Toward Defining and Understanding Riba by Dr. Mohammad Omar Farooq, January 2007
  45. ^ Rahman, Fazluer, (1964) "Riba and Interest" Islamic Studies, 3 (1), 1-43 (1964)
  46. ^ Asad, Muhammad,The Message of the Qur'an, Gibraltar, 1984, pp.61-62
  47. ^ Najjar, Sa'id al (1989) 'Si'r al-Fa'ida Yu'addi Wazifa Hayawiyya fi al-Nizam al-Iqtisadi al-Mu'asir,` in Salah Muntasir (ed), Arbah al-Bunuk, Cairo: Dar al-Ma'arif, 35-42
  48. ^ a b c d e f g Khan, Muhammad Akram (2013). What Is Wrong with Islamic Economics?: Analysing the Present State and .. Edward Elgar Publishing. p. 175. Retrieved 22 March 2015. 
  49. ^ Ahmad, Abu Umar Faruq. Developments in Islamic Banking Practice: The Experience of Bangladesh. Universal Publishers. p. 60. Retrieved 22 March 2015. 
  50. ^ Khalil, Emad H. 2006 "An overview of the Shariah prohibition of riba". In Interest in Islamic Economics: Understanding Riba, edited by Abdulkader Thomas. London: Routledge. p.83
  51. ^ Al-Ittihad (newspaper UAE), 22 August 1997
  52. ^ El-Gamal, Mahmoud A. 2000 A basic guide to contemporary Islamic banking and finance. Houston TX, p.39
  53. ^ Pulwari, M.J.S., ed. 1959 Commercial interest ki fiqhi hathaiyat
  54. ^ Faruki, Kemal A. (1983). "Islamic Resurgence: Prospects and Implications". In Esposito,, John L. Voices of Resurgent Islam. p. 289. 
  55. ^ a b c Hathaway Wilson Lee, Robert M., ed. (2006). ISLAMIZATION AND THE PAKISTANI ECONOMY. Woodrow Wison International Center for Scholars. Retrieved 19 January 2015. 
  56. ^ Siddiqi, Mohammad Nejatullah (1 January 2004, (8 Zul-Qa'dah, 1424H)). "Economics of Islamic Finance". Riba, Bank Interest and the Rationale of its Prohibition. Islamic Research and Training Institute/Islamic Development Bank. Retrieved 25 March 2015.  Check date values in: |date= (help)
  57. ^ Haneef, Mohamed Aslam. Contemporary Islamic Economic Thought: A Selected Comparative Analysis. Alhoda UK. p. 20. Retrieved 25 March 2015. 
  58. ^ "HOW A PROHIBITION ON INTEREST (RIBA) WOULD AFFECT TRADE CYCLES AND ENTREPRENEURSHIP". islam.ru. islamonline.com. Retrieved 25 March 2015. 
  59. ^ Siddiqi, NM, Riba, Bank Interest and the Rationale of its Prohibition, Islamic Development Bank Islamic Research and Training Institute, Jeddah, Saudi Arabia, p. 66
  60. ^ Meinhaj Hussain (June 2010). "Economic Model". 2.0 

References

External links