Continuation
KEY
PROHIBITIONS
THE
PROHIBITION OF RIBA
The
author writes:
In
the Quran, there are several verses that condemn riba.
The
riba literally means “increase, addition, and surplus”.
These
originate from a pre-Islamic practice.
At
that time, the amount due was doubled if the debtor proved unable to repay the
debt at maturity.
The
scope of riba’ has been debated since the early days of Islam.
The
fundamental problem is finding a consensus on the scope of the “interest rate”.
This
is usually considered to be either:
§ an unjustified
increase;
§ or a
surplus gain.
From the research
paper of European Central Bank
(Authors:
F.Mauro, P.Caristi, S.Couderc, A.D.Maria,
L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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