Cover Image

The adverse impact of riba on individual and society: a concise and comprehensive study

There is no difference of opinion among Muslims that Riba i.e. interest or usury is Haram i.e. unlawful under the Shari’ ah i.e. Islamic Law principles. This has been confirmed in the Holy Qur’an, in the Sunnah i.e. tradition of Prophet Muhammad (S.A.W.) and the Muslims consensus agreement since the...

Full description

Saved in:
Bibliographic Details
Main Author: Ahmed Rufai,
Format: Article
Language:English
Published: Journal of Faculty of Social Sciences and Humanities. Universiti Kebangsaan Malaysia 2014
Online Access:http://journalarticle.ukm.my/7886/1/ahmed014.pdf
http://journalarticle.ukm.my/7886/
http://www.ukm.my/e-bangi/
Tags: Add Tag
No Tags, Be the first to tag this record!
id my-ukm.journal.7886
record_format eprints
spelling my-ukm.journal.78862016-12-14T06:45:32Z http://journalarticle.ukm.my/7886/ The adverse impact of riba on individual and society: a concise and comprehensive study Ahmed Rufai, There is no difference of opinion among Muslims that Riba i.e. interest or usury is Haram i.e. unlawful under the Shari’ ah i.e. Islamic Law principles. This has been confirmed in the Holy Qur’an, in the Sunnah i.e. tradition of Prophet Muhammad (S.A.W.) and the Muslims consensus agreement since the early stage of Islam until today. The aim of this article is to explain why Islam has prohibited business and transactions that involve Riba and how Muslims are urged by Islam to engage in business and trade which are ethical in nature and character. The Arabic word Riba linguistically means increase and growth. It means increase in anything, or addition to anything. In other words, increase in capital at the expense of the wealth of others through means which are false and wrong. Hence, any addition however slight, over and above the principal sum lent that is, Riba. This evil activity i.e. Riba, no doubt creates selfishness, money-worship, cruelty, hard-heartedness and kills the spirit of fellow feeling and co-operation, it is therefore, ruinous for society spiritually, morally and economically. Islam has prohibited Riba in order to protect the property of the Muslims and not to be eaten unjustly, to encourage and direct Muslims to invest their money through Halal i.e. lawful channels and block anything that will generate hatred, evil and envy among the Muslims. Because if Riba is made permissible the needy person will be required to pay back more on loans and from the moral aspect this will weaken his feelings of good will and friendliness toward the lender. Hence, if Riba is prohibited in a society, people will lend to each other with goodwill, expecting back no more than what they have loaned, so that the spirit of mercy and charity among Muslims will be more firm and strong. Journal of Faculty of Social Sciences and Humanities. Universiti Kebangsaan Malaysia 2014 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/7886/1/ahmed014.pdf Ahmed Rufai, (2014) The adverse impact of riba on individual and society: a concise and comprehensive study. e-BANGI: Jurnal Sains Sosial dan Kemanusiaan, 9 (1). pp. 131-143. ISSN 1823-884x http://www.ukm.my/e-bangi/
institution Universiti Kebangsaan Malaysia
building Perpustakaan Tun Sri Lanang Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Kebangsaan Malaysia
content_source UKM Journal Article Repository
url_provider http://journalarticle.ukm.my/
language English
description There is no difference of opinion among Muslims that Riba i.e. interest or usury is Haram i.e. unlawful under the Shari’ ah i.e. Islamic Law principles. This has been confirmed in the Holy Qur’an, in the Sunnah i.e. tradition of Prophet Muhammad (S.A.W.) and the Muslims consensus agreement since the early stage of Islam until today. The aim of this article is to explain why Islam has prohibited business and transactions that involve Riba and how Muslims are urged by Islam to engage in business and trade which are ethical in nature and character. The Arabic word Riba linguistically means increase and growth. It means increase in anything, or addition to anything. In other words, increase in capital at the expense of the wealth of others through means which are false and wrong. Hence, any addition however slight, over and above the principal sum lent that is, Riba. This evil activity i.e. Riba, no doubt creates selfishness, money-worship, cruelty, hard-heartedness and kills the spirit of fellow feeling and co-operation, it is therefore, ruinous for society spiritually, morally and economically. Islam has prohibited Riba in order to protect the property of the Muslims and not to be eaten unjustly, to encourage and direct Muslims to invest their money through Halal i.e. lawful channels and block anything that will generate hatred, evil and envy among the Muslims. Because if Riba is made permissible the needy person will be required to pay back more on loans and from the moral aspect this will weaken his feelings of good will and friendliness toward the lender. Hence, if Riba is prohibited in a society, people will lend to each other with goodwill, expecting back no more than what they have loaned, so that the spirit of mercy and charity among Muslims will be more firm and strong.
format Article
author Ahmed Rufai,
spellingShingle Ahmed Rufai,
The adverse impact of riba on individual and society: a concise and comprehensive study
author_facet Ahmed Rufai,
author_sort Ahmed Rufai,
title The adverse impact of riba on individual and society: a concise and comprehensive study
title_short The adverse impact of riba on individual and society: a concise and comprehensive study
title_full The adverse impact of riba on individual and society: a concise and comprehensive study
title_fullStr The adverse impact of riba on individual and society: a concise and comprehensive study
title_full_unstemmed The adverse impact of riba on individual and society: a concise and comprehensive study
title_sort adverse impact of riba on individual and society: a concise and comprehensive study
publisher Journal of Faculty of Social Sciences and Humanities. Universiti Kebangsaan Malaysia
publishDate 2014
url http://journalarticle.ukm.my/7886/1/ahmed014.pdf
http://journalarticle.ukm.my/7886/
http://www.ukm.my/e-bangi/
_version_ 1643737282701688832
score 13.211869

Similar Items