Continuation
The
author writes:
Some
scholars have argued that the prohibition of riba refers to practices adopted
in the pre-Muslim “time of ignorance” (riba al-jahiliyya).
That
it should not apply to all forms of interest.
Islamic
scholars have also tried to provide a theoretical basis for the ban, in terms
of:
§ ethics;
§ and economics.
There
is no consensus amongst scholars on how to identify the illah (effective cause).
It
constitutes the criterion for acceptability or non-acceptability in accordance
with Shari’ah rulings on the prohibition of riba.
However,
the prohibition of interest is based on the assumption that there can be no
gain without risk-taking.
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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