An Analytical Review of Different Concepts of Riba Interest in the Sub-Continent Report as inadecuate




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Abstract

The traditional concept of Riba interest is an excess amount on loan, which creditor receives from debtor on the repayment of loan. There is almost a consensus on the sprit of this concept that it is traditional thought or school; but along with that some other point of views also exist, which present Riba, in somewhat different ways, will be termed as non-traditional approach in this paper. Both of these schools are agreed on the point that, Riba is just restricted to debt, and the increment on it is Riba; but the main difference among these is that: former approach claims that, each and every addition on loan, regardless of purpose and time duration of loan is Riba; but, the later approach demand’s some room for that on different grounds. Actually both of them do not have any sound base. When the concept of unearned income the income, which is not the result of human labor, is a recognized fact in Islamic economics in different forms, like: ijara rent, Mudoraba and Mazara’a Share Cropping; then definitely no logical reason is left to avoid excess income on loan. Both approaches are just unable to give a concrete concept of Riba.



Item Type: MPRA Paper -

Original Title: An Analytical Review of Different Concepts of Riba Interest in the Sub-Continent-

English Title: An Analytical Review of Different Concepts of Riba Interest in the Sub-Continent-

Language: English-

Keywords: Riba, Interest, Rent, Share Cropping-

Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E43 - Interest Rates: Determination, Term Structure, and EffectsE - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E51 - Money Supply ; Credit ; Money MultipliersP - Economic Systems > P4 - Other Economic Systems > P45 - International Trade, Finance, Investment, and AidP - Economic Systems > P5 - Comparative Economic Systems > P59 - OtherP - Economic Systems > P5 - Comparative Economic Systems > P52 - Comparative Studies of Particular Economies-





Author: Aziz, Farooq

Source: https://mpra.ub.uni-muenchen.de/15455/







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