This article discusses the meaning of ribā according to the opinions upheld by both the majority as well as minority of Islamic scholars. Although Islamic scholars are in agreement about the prohibition of ribā, they do differ with regard to its meaning. This divergence of opinions translates into such questions as whether the interest charged and paid by today’s conventional banks is ribā. While the majority of Islamic scholars are of the opinion that current bank interest is ribā, a small but convincing minority of scholars do not consider bank interest to be ribā. The need for Islamic banks arises from the majority’s interpretation of ribā. This article also evaluates the most popular products provided by Islamic banks and the validity of ḥiyal (pl. of ḥīlah) involved in adopting them.
- Islamic banking,
Available at: http://works.bepress.com/muhammad_masum_billah/4/