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Oct 4, 2011 | Article  Chetan Phull

The Concept of Riba in Islamic Banking Law: An Introduction

As published in the Journal of International Banking Law & Regulation, 2011

Abstract: This article provides a short overview of "riba", the principal feature of Islamic banking law. Riba refers to certain prohibitions against charging and paying interest on loans and prohibitions against certain other transactions to protect debtors. Sources of Islamic law are reviewed to explain the concept of riba, and rationales for the proscriptions against riba are surveyed. Modern investment principles and loans based in sharia law are also briefly discussed.

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