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Riba (Arabic: ربا ,الربا، الربٰوة, ribā or al-ribā, IPA: [ˈrɪbæː]) is an Arabic word used in Islamic law and roughly translated as "usury": unjust, exploitative gains made in trade or business. Riba is mentioned and condemned in several different verses in the Qur'an (3:130, 4:161, 30:39, and most commonly 2:275-2:280).[1] It is also mentioned in many hadith (reports of the life of Muhammad).
While Muslims agree that riba is prohibited, not all agree on what precisely it is.[2][3] It is often used to refer to interest charged on loans,[Note 1] and the widespread belief among Muslims that all loan or bank interest is riba forms the basis of the $2 trillion Islamic banking industry.[7] However, not all Islamic scholars have equated riba with all forms of interest, nor do they agree whether riba is a major sin or simply discouraged (makruh),[8][9] or whether it is in violation of Sharia law to be punished by humans rather than by God.[8][9]
The primary form of riba is the interest or other increase on a loan of cash, known as riba an-nasiya. Most Islamic jurists acknowledge another type of riba,[10] the simultaneous exchange of unequal quantities or qualities of some commodity, known riba al-fadl.[11][12]
- ^ "Tafsir Ibn Kathir (2:278)". quran.com. Retrieved 5 April 2021.
- ^ Siddiqi, Mohammad Nejatullah (1 January 2004). Riba, Bank Interest and the Rationale of its Prohibition (PDF). 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.
- ^ Khan, What Is Wrong with Islamic Economics?, 2013: p.xv
- ^ Khan, Islamic Banking in Pakistan, 2015: p.59
- ^ Maududi, Sayyid Abul Ala. "Tafhim al-Qur'an - The Meaning of the Qur'an". Retrieved 4 April 2018.
- ^ Maududi, Sayyid Abul Ala. "Sayyid Abul Ala Maududi - Tafhim al-Qur'an - The Meaning of the Qur'an. 3. Surah Al i Imran (The Family of Imran)". englishtafsir.com. Retrieved 5 April 2018.
- ^ "Islamic Banking Principles". Institute of Islamic Banking and Insurance. Archived from the original on 28 September 2017. Retrieved 11 September 2017.
- ^ a b Cite error: The named reference
WIWWIE2013:55-56was invoked but never defined (see the help page). - ^ a b Cite error: The named reference
roy-133was invoked but never defined (see the help page). - ^ Razi, Mohammad (May 2008). "Riba in Islam" (PDF). Learn Deen. p. 19. Archived from the original (PDF) on 5 February 2015. Retrieved 4 February 2015.
- ^ "Islamic Finance". Investment and Finance. 24 March 2013. Retrieved 4 February 2015.
- ^ Eisenberg, David (22 March 2012). Islamic Finance: Law and Practice. Oxford University Press. p. 2.62. ISBN 9780191630897. Retrieved 22 March 2015.
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