Elimination of riba (interest) in financial transactions
Views & Download
With financial turmoil of 2007 to 2009, the collapse of Wall Street on 28th October 1929 known as 'Black Monday', economic disaster also known as 'Great Depression' shook the capitalistic economy brutally and compelled many economists as well as societal intellectuals to find solution and reconcile carefully the soundness of the economic system. Consequently, the world experienced several severe economic disasters, which stimulated serious thinking on economic matters (ul Hassan, 2005). With the failure of communism, capitalism had spread, many people think that capitalism in which interest plays a very important role, is the best economic system for the present world. These include banking, finance houses, business, industry and agriculture. Modern society think capitalistic economic system cannot exist without paying or charging of interest and no economy of the present world can survive with strict prohibition on the interest (ul Hassan, 2005).
Islamic finance , Riba , Interet , Financial transactions
Mohamed Dahir, Ahmed. (2016). Elimination of riba (interest) in financial transactions. IF Hub, 1 (August 2016), pp. 12-15.