Volume 3 Issue 2 2007


Farooq Aziz
Department of Business Administration, Federal Urdu University

Abstract It will not be wrong to say that, Riba (interest) is one of the most controversial terms in Islamic economic literature. The root cause of this confusion is that, Muslim thinkers & economists are doing a basic mistake by dividing the assets in two categories, i.e. currency/paper money and rest of the assets. According to them, reward of former is riba and it is prohibited, whereas the remuneration of the latter form is lawful in the form of rent. This division of assets is basically producing unsolvable problems for them, because justification of this artificial bifurcation is not possible. Actually the Qur’anic point of view is that remuneration of all forms of assets in any shape, or in any quantity, regardless of purpose & time period of lending is riba, which is strictly prohibited.
Keywords Riba, Interest, Rent, Depreciation, Assets, Mal.
Year 2007
Volume 3
Issue 2
Type Research paper, manuscript, article
Recognized by Higher Education Commission of Pakistan, HEC
Category "Y"
Journal Name IBT Journal of Business Studies
Publisher Name ILMA University
Jel Classification -
DOI https://doi.org/10.46745/ILMA.jbs.2007.32.02
ISSN no (E, Electronic) 2409-6520
ISSN no (P, Print) 2416-8393
Country Pakistan
City Karachi
Institution Type University
Journal Type Open Access
Manuscript Processing Blind Peer Reviewed
Format PDF
Paper Link http://ibtjbs.ilmauniversity.edu.pk/journal/jbs/3.2/2.%20Quranic%20Concept%20of%20Riba%20(Interest).pdf