ENGLISH–CONFLICT BETWEEN JUSTIFICATION OF INTEREST (RIBA) AND ITS PROHIBITION FOR THE WELFARE OF MANKIND: THEORIES AND OPINIONS

Tayyaba Rafique Makhdoom; Naseem Akhatar

Tayyaba Rafique Makhdoom Lecturer, Business Administration, Sindh University Laar Campus,
Naseem Akhatar Assistant Professor, Shaheed Benair Bhutto Women University, Peshwar

Keywords: Welfare, Dogma, Riba, Medium of Exchange, Commodity

Abstract

Man is a slave to his wants, after the invention of money man slowly and gradually became its worshipper as it is a source of fulfilling wants. Interest is not as detested by Muslims as liquor and pork are detested, though it is also strongly condemned in Islamic scripture. Promoters of interest give reference of the fast-growing countries and advocated the interest for sustainable economic development. Affluence and lavishness of few cannot be justified with the deprivation and suppression of masses. This study attempted to explore the notion behind the prohibition of interest, elucidated the demerits of interest, and critically discussed the theories of interest. The study also highlighted the non-Muslim scholars’ contempt towards interest. Public attitude towards interest, in this study, was determined by a survey. The descriptive analysis of the data was conducted afterward. From the Islamic point of view, it is required to abolish interest from the economic system. Prohibition of interest should not only be considered a dogma but a solution for universal equality and justice.