Fundamentals of islamic money and capital markets pdf


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Unjustified increment in borrowing or lending money, paid in kind or in money above the amount of loan, as a condition imposed by the lender or voluntarily by the borrower. An increase in a particular item. The word is derived from a root meaning increase or growth. All forms of interest, “any excess on the principal sum of loan”, i. John Esposito, Cyril Glasse, Ludwig W. Historically Islamic legal scholars have interpreted the Quran as “prohibiting any loan contract that specifies a fixed return to the lender” on the grounds that it provides “unearned profit to the lender” and imposes “an unfair obligation on the borrower. An exchange of money “of the same denomination where the quantity” exchanged is not equal, whether it is in a spot transaction or with deferred payment.

A barter exchange between two weighable or measurable commodities of the same kind, where either the quantity” exchanged is not equal, or delivery of one side is deferred. A barter exchange between two different weighable or measurable commodities where the delivery of one side is deferred”. Interest on some loans — “exploitive” loans — but not others. The ahadith do not specify what those varieties are. Scholars differ on its definition.

According to Raqiub Zaman and M. Taqi Usmani quotes Fakhruddin Al-Raazi as saying “riba an-nasiah, it was a transaction well-known and recognized in the days of Jahiliyya”. Islamic practice in Arabia “that doubled a debt if the borrower defaulted and redoubled it if the borrower defaulted again”. It was held responsible for enslaving some destitute Arab borrowers. Abdullah Saeed quotes the son of Zayd b. Islamic period consisted of the doubling and redoubling , and in the age .

Will you pay me, or increase ’? If the debtor had anything, he would pay. If that was not paid, the debt would increase to four hundred. Each year the debt would be doubled.