Textual analysis of dimensions to riba in Islam

Abstract

The paper examines riba from the viewpoint of Islamic scholars who opine that it is synonymous with interest on financial transactions. Due to commission or omission, the phenomenon of riba has become prevalent among Muslims in the contemporary period just as it was wide spread among the Arabs before the reform of Islam. Since the tool of reformation was the primary sources of the shari‘ah, one wonders whether such reforming tools have lost their quality of reformation. Considering this, the paper sets out to investigate the interpretation of the Qur’an regarding passages on riba. Hence, passages of the Qur’an mentioning riba were studied and put into perspective. The paper identifies Indian givers and primitive accusation of wealth as forms of riba. The last of the forms of riba identified is interest on financial transactions, whether simple or compound. There is a strong message of discontent and terrible material and spiritual implications for those dealing in riba of the last category. Therefore, the question of some forms of riba being lawful as advocated in some quarters does not exist.