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Riba (Arabic: ربا) means usury and is forbidden in Islamic economic jurisprudence. Fiqh ( Arabic: فقه, fɪqəh is Islamic Jurisprudence. Fiqh is an expansion of the Sharia Islamic law—based directly on the An academic discipline or field of study is a branch of Knowledge which is taught or Researched at the college or university level This is a sub-article to Religious education, Academic discipline, and Islam. This is a sub-article of Fiqh and Law and economics. Islamic economics is Economics in accordance with Islamic law This is a sub-article of Islamic economical jurisprudence. Zakaat ( زكاة zækæːh zakaat or zakāh, has the implied Under Islamic law, jizya or jizyah (جزْية ʤɪzjæh Ottoman Turkish: cizye both derived from Pahlavi and ultimately from Aramaic In Sharia (Islamic Jurisprudence) nisab (نصاب is the amount which savings or capital or product must exceed in order for the Muslim owner to be obliged Khums ( خمس xʊms is the Arabic word for One Fifth (1/5 According to Shia Islamic legal terminology it means "one-fifth of certain items which a person This is a sub-article of Zakat, Infaq and Mustahabb. Sadaqah (plural sadaqat) ( صدقة, sˤɒdæqɒh is an A waqf ( plural, awqāf; vakıf wæqəf is an inalienable religious endowment in Islam, typically devoting a building or plot of land for Muslim Bayt al-Mal, AKA Bayt al-Mal Lil Muslimeen is a Hezbollah -controlled organization that performs financial services for the organization Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law ( Sharia) principles and guided by Islamic economics Murabaha (accurate transliteration murābaḥa, Arabic مرابحه is defined as a particular kind of sale compliant with Shariah, where the seller expressly mentions Takaful is an Islamic Insurance concept which is grounded in Islamic muamalat (banking transactions observing the rules and regulations of Islamic Sukuk ( Arabic: صكوك plural of صك Sakk "legal instrument deed check" is the Arabic name for a financial Certificate but can be seen This is a sub-article to Islamic economical jurisprudence and Inheritance. This is a sub-article of Islamic economic jurisprudence and Muslim world. See also Modern Islamic philosophy, Islamism, Islamic terrorism Political aspects of Islam are derived from the Quran, the Sunna In Islamic law Marriage ("ʿurs" عرس is a legal bond and Social contract between a man and a woman as prompted by the Shari'a. This is a sub-article of Fiqh and Criminal law. Islamic criminal law (فقه العقوبات is Criminal law in accordance This is a sub-article of Islamic jurisprudence and Etiquette. This is a sub-article to Islamic jurisprudence and Islamic theology. This is a sub-article to Fiqh and Hygiene Hygiene is a prominent topic in Islam. Islamic military jurisprudence consists of the basic laws governing the conduct of the military aspects of Jihad (also known as "lesser Jihad " Arabic (ar الْعَرَبيّة (informally ar عَرَبيْ) in terms of the number of speakers is the largest living member of the Semitic language Usury (ˈjuːʒəri comes from the Medieval Latin usuria, "interest" or "excessive interest" from the Latin usura "interest" This is a sub-article of Fiqh and Law and economics. Islamic economics is Economics in accordance with Islamic law According to some, this refers to excessive or exploitative charging of interest, though according to others, it refers to the concept of interest itself. Interest is a fee paid on borrowed capital Assets lent include Money, Shares, Consumer goods through Hire purchase, major assets

Contents

Qur'an

The Qur'an states the following on Riba:

“ That they took riba, though they were forbidden and that they devoured men’s substance wrongfully – We have prepared for those among men who reject faith a grievous punishment (Qur'an 4:161) ”
“ Those who charge riba are in the same position as those controlled by the devil's influence. The Qur’an ( القرآن, literally "the recitation" also sometimes transliterated as Qur’ān, Koran, Alcoran The Qur’an ( القرآن, literally "the recitation" also sometimes transliterated as Qur’ān, Koran, Alcoran This is because they claim that riba is the same as commerce. However, God permits commerce, and prohibits riba. Thus, whoever heeds this commandment from his Lord, and refrains from riba, he may keep his past earnings, and his judgment rests with God. As for those who persist in riba, they incur Hell, wherein they abide forever (Qur'an 2:275) ”
“ God condemns riba, and blesses charities. The Qur’an ( القرآن, literally "the recitation" also sometimes transliterated as Qur’ān, Koran, Alcoran God dislikes every disbeliever, guilty. Lo! those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of riba, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew. (Qur'an 2:276-280) ”
“ O you who believe, you shall not take riba, compounded over and over. The Qur’an ( القرآن, literally "the recitation" also sometimes transliterated as Qur’ān, Koran, Alcoran Observe God, that you may succeed. (Qur'an 3:130) ”
“ And for practicing riba, which was forbidden, and for consuming the people's money illicitly. The Qur’an ( القرآن, literally "the recitation" also sometimes transliterated as Qur’ān, Koran, Alcoran We have prepared for the disbelievers among them painful retribution. (Qur'an 4:161) ”
“ The riba that is practiced to increase some people's wealth, does not gain anything at God. The Qur’an ( القرآن, literally "the recitation" also sometimes transliterated as Qur’ān, Koran, Alcoran But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold. (Qur'an 30:39) ”

Ahadith

Riba is also mentioned in Ahadith and is considered one of the seven major sins:

“ Jabir said that Allah's Messenger (may peace be upon him) cursed the accepter of usury and its payer, and one who records it, and the two witnesses, and he said: They are all equal. The Qur’an ( القرآن, literally "the recitation" also sometimes transliterated as Qur’ān, Koran, Alcoran Hadith ( ar الحديث, pl aḥadīth; lit. "narrative" are oral Traditions relating to the words and deeds of the Islamic [1] ”
“ It is reported on the authority of Abu Huraira that the Messenger of Allah (may peace be upon him) observed: Avoid the seven noxious things. It was said (by the hearers): What are they, Messenger of Allah? He (the Holy Prophet) replied: Associating anything with Allah, magic, killing of one whom God has declared inviolate without a just cause, consuming the property of an orphan, and consuming of usury, turning back when the army advances, and slandering chaste women who are believers, but unwary. [2] ”

Jurisprudence

The interpretation of riba varies among different scholars of Islamic law and jurisprudence. Ulema ( ar علماء,, singular ar عالِم,, "scholar" refers to the educated class of Muslim legal scholars engaged in the several Sharia ( Arabic: ar شريعة) is the body of Islamic Religious law. Fiqh ( Arabic: فقه, fɪqəh is Islamic Jurisprudence. Fiqh is an expansion of the Sharia Islamic law—based directly on the The popular view in modern Islamic banking and Islamic economic jurisprudence is that the concept of interest itself is riba and is therefore unlawful. Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law ( Sharia) principles and guided by Islamic economics This is a sub-article of Fiqh and Law and economics. Islamic economics is Economics in accordance with Islamic law

The definition of riba in classical Islamic jurisprudence was "surplus value without counterpart. Surplus value is a concept created by Karl Marx in his critique of Political economy, where its ultimate source is unpaid Surplus labor " When "currencies of base metal were first introduced in the Islamic world, no jurist ever thought that paying a debt in a higher number of units of this fiat money was riba" as they were concerned with the real value of money (determined by weight only) rather than its numerical value. The distinction between real versus nominal value occurs in many fields The economic value of a good or service has puzzled economists since the beginning of the discipline For example, it was acceptable for a loan of 1000 gold dinars to be paid back as 1050 dinars of equal aggregate weight of gold (i. The Dinar is the name of the official currency in several countries e. , the value in terms of weight had to be same because all makes of coins did not carry exactly similar weight) - therfore having the same real value. The rationale behind riba according to classical Islamic jurists was "to ensure equivalency in real value" and that the "numerical value was immaterial (or it was not of any concern at that time). Immaterialism is the theory propounded by Bishop Berkeley in the 18th century which holds that there are no material objects only minds and ideas in those minds " The common denominator between the classical view, and the modern view is that paying fiat money back at a higher value than the original loan is riba, if not any numerical value above the original amount. This would still rule out modern loan interest rates in both opinions so has given birth to the modern Islamic banking and Islamic economic jurisprudence. Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law ( Sharia) principles and guided by Islamic economics This is a sub-article of Fiqh and Law and economics. Islamic economics is Economics in accordance with Islamic law

See also

Notes

  1. ^ Sahih Muslim, Book 010, Number 3881
  2. ^ Sahih Muslim, Book 001, Number 0161

References

External links

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