Analysing the Present State and Future Agenda
Studies in Islamic Finance, Accounting and Governance series
Chapter 13: Prohibition of riba: the continuing debate
Orthodox scholars try to convey the impression that the debate about the definition of riba is finally settled. All types of interest come under the purview of riba. Commercial interest is illegitimate and so is the business of conventional financial institutions (e.g. Zaman 2009: 543). However, in fact the debate is still continuing. Nyazee, a renowned jurist, also contends that there is no general agreement about the exact definition of riba (Nyazee 2000: 5). In the following discussion we shall present the views of some scholars who have tried to modify the prevalent interpretation. The objective is to show that the debate on the exact meanings of riba is still going on and the issue is far from settled.
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