interest and islam

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interest and islam

peshaweri
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#110

06-06-2005, 01:08 AM

Islam prohibits Muslims from taking or giving interest (riba) regardless of the purpose for which such loans are made and regardless of the rates at which interest is charged. To be sure, there have been attempts to distinguish between usury and interest and between loans for consumption and for production. It has also been argued that riba refers to usury practised by petty moneylenders and not to interest charged by modern banks and that no riba is involved when interest is imposed on productive loans, but these arguments have not won acceptance. Apart from a few dissenting opinions, The general consensus among Muslim scholars clearly is that there is no difference between riba and interest. We should focus our efforts riba and interest imposed on productive loans.
I have worked on this issue while working with world bank and USAID.We(Development Team of Banking System in Afghanistan) have failed to accomodate the islamic teaching regarding this issue because Muslim Scholors and Modern Day Economist have no clear views {one are living in stone ages and the other does not know Islamic Finance}.
TBR
Wisal

Yousafzai

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interest and islam - by mintblue - 01-12-2004, 11:17 PM

RE: interest and islam - by Linkin Park - 03-04-2015, 04:10 PM

[No subject] - by KJK - 02-07-2004, 04:09 AM

[No subject] - by KJK - 02-07-2004, 04:20 AM

[No subject] - by webmoxter - 02-08-2004, 01:56 PM

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[No subject] - by Sohaib_Ah - 02-10-2004, 12:18 AM

[No subject] - by webmoxter - 02-15-2004, 01:54 AM

[No subject] - by jbladeus - 02-15-2004, 06:33 AM

[No subject] - by mintblue - 02-22-2004, 04:19 AM

[No subject] - by k.kamran - 03-02-2004, 06:45 PM

[No subject] - by Khan - 03-04-2004, 04:22 PM

[No subject] - by fidarsi - 03-12-2004, 07:17 PM

[No subject] - by smraza - 03-13-2004, 03:02 PM

[No subject] - by sumaaan - 03-14-2004, 07:48 AM

[No subject] - by fidarsi - 03-17-2004, 07:16 PM

RE: interest and islam - by smraza - 03-18-2004, 09:12 PM

[No subject] - by sumaaan - 03-19-2004, 07:00 AM

[No subject] - by fidarsi - 03-19-2004, 09:28 PM

[No subject] - by sumaaan - 03-20-2004, 05:17 AM

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