The Objectives of the Prohibition of Riba By: Elhadi Habbani

Conclusion:

Finally, the paper defined the meaning of Riba in Language and in Fiqh and the prohibition of it in Quran and Sunnah and concluded to the fact that Riba and Interest are both refer to one concept and one meaning. The paper also defined the nature and the characteristics of debt, and discussed some disputes on the prohibition of Riba between some modernists and some orthodox writers. All that was an introductory to define the main objectives of the prohibition of Riba which are based on the eight unique objectives extracted built by Prof. Dr. Monzer Kahf. And then talk about the main implication of the prohibition of Riba.
Although, as mentioned in the paper, that Islamic finance, by nature, facing and bearing risks more than conventional banking quite linked to its morality and Shariah permissibility. It is quite obvious, as a result of this paper, that Islamic finance as a real asset based finance has a unique and logical characteristics and nature that, to large extent, helps in improving Islamic banking industry which is become a worldwide phenomenon.
Despite that still Islamic industry needs more efforts in the area of researches, innovations, and flexibility to enhance current hybrid instruments in the areas of new sale and banking products and risk management.

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