Riba

Riba (Interest): Literally: riba: addition, growth, elevation. Allah, the Exalted, said: "You see the earth barren and lifeless, but when We pour down rain upon it, it is stirred [to life], it swells, and it puts forth every kind of beautiful growth in pairs" Surah alHajj (22):5. Anyone who transacts in usury (interest) is known as a murabi (usurer). Technically: any excess compensation without any corresponding counter-value recognized by the Shari'ah. Hanafis: "stipulated excess without a counter-value in a sale". Shafi'is: "an agreement for a specific recompense whose equivalence to the counter-value is unknown according to the standards of the Shari'ah at the time of the transaction, or with a delay in the exchange of either or both counter-values." Some jurists use the term riba for any prohibited sale or any illicit wealth, no matter how it was earned. Riba is divided into riba of debts and riba of sales.

Total Fatwas : 155
No. Title
1 A Promise of Parallel Purchase and Sale of Gold
2 An Islamic Bank Has Multiple Accounts in Different Currencies with a Foreign Bank, Some Overdrawn and Some with Positive Balance
3 Can an Islamic Bank Ask a Client to Provide a Conventional Bank as a Guarantor?
4 Issuing Kafalah In Relation To Conventional Banks
5 Issuing LGs For Soft Loans
6 LGs From Conventional Banks for Project Finance
7 Should an Islamic Bank Offer a Guarantee for a Contractor Doing a Job for a Riba Bank?
8 The Islamic Development Bank inquiry regarding financing long-term infrastructure projects
9 Can a Conventional Bank Deposit be Used as Pawn for the Benefit of Islamic Banks
10 Entering Into A Construction Contract With A Conventional Bank

 

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