What is Wrong with Islamic Economics?

What is Wrong with Islamic Economics?

Analysing the Present State and Future Agenda

Studies in Islamic Finance, Accounting and Governance series

Muhammad Akram Khan

What is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward.

Chapter 13: Prohibition of riba: the continuing debate

Muhammad Akram Khan

Subjects: asian studies, asian economics, economics and finance, asian economics, financial economics and regulation, islamic economics and finance, money and banking

Extract

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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