What you sell is what you lend? Revealing complexity of riba in loan contract

What you sell is what you lend? Revealing complexity of riba in loan contract The purpose of this paper is to resolve and examine the possible modus operandi of riba on selling and loan contract according to the Sharia’s precepts. This paper investigate the Qur’an, hadith, and juristic views on such relevant issues based on the survey done on the several sources, i.e., previous studies, Al-Qur’an and Al-Hadith and juristic views and deviate from the existing studies in two aspects, i.e., the selling and buying of goods do not involve riba and also the banks provide loan without riba. The findings of this paper are: First, the concept of interest in lending is widely accepted both in theory and practice. Second, riba exists in selling and lending. Third, the categorization and application of extensive and complex subjects of riba in economic life bring all speculative and usurious transactions under the rubric of riba prohibition. This paper important because express and disclosure riba in both exchange of goods and loans, also the social and economic developments. This is an original undertaking of this paper. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Journal of Law and Economics Springer Journals

What you sell is what you lend? Revealing complexity of riba in loan contract

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Publisher
Springer US
Copyright
Copyright © 2013 by Springer Science+Business Media New York
Subject
Economics; Law and Economics; European Integration; Public Finance; Commercial Law
ISSN
0929-1261
eISSN
1572-9990
D.O.I.
10.1007/s10657-013-9404-1
Publisher site
See Article on Publisher Site

Abstract

The purpose of this paper is to resolve and examine the possible modus operandi of riba on selling and loan contract according to the Sharia’s precepts. This paper investigate the Qur’an, hadith, and juristic views on such relevant issues based on the survey done on the several sources, i.e., previous studies, Al-Qur’an and Al-Hadith and juristic views and deviate from the existing studies in two aspects, i.e., the selling and buying of goods do not involve riba and also the banks provide loan without riba. The findings of this paper are: First, the concept of interest in lending is widely accepted both in theory and practice. Second, riba exists in selling and lending. Third, the categorization and application of extensive and complex subjects of riba in economic life bring all speculative and usurious transactions under the rubric of riba prohibition. This paper important because express and disclosure riba in both exchange of goods and loans, also the social and economic developments. This is an original undertaking of this paper.

Journal

European Journal of Law and EconomicsSpringer Journals

Published: Jul 12, 2013

References

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