Abstract: This paper gives a comprehensive explanation of Riba, an Arabic word for Interest. The paper defines, classifies and explains Riba with examples. It goes back to the origin of Riba, how it emerged and evolved over time and compares it with the contemporary practise. The paper also gives some rebuttals to arguments like, the current Interest is not Riba, and how is it that renting assets is fine while renting money is not and how is that a company incorporating a small portion of Interest is still classified as a Shariah Compliant company? It explains in detail how Riba affects economy and social life and the paper concludes with illustrating the destructive nature of Interest and how it is counterproductive, stops real growth, and is illogical, unjust and detrimental to the economy and society as a whole.
Keywords: Interest; Riba; Origin; Contemporary practice; Destructive nature.
Title: RIBA: A Recipe for Disaster
Author: Hamza Tariq Chauhan, Syed Ehsanullah Agha
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
Research Publish Journals
