Islamic Economics Studies Bi-quarterly Journal

An Analysis of the Philosophy of Riba Prohibition with Emphasis on Outrageous Transfer of Risk

Document Type : Research Paper

Authors

1 Associate Professor, Faculty of Islamic Studies and Economics, Imam Sadegh University, Tehran, Iran.

2 Associate Professor, Faculty of Islamic Studies and Economics, Imam Sadiq University, Tehran, Iran

3 Professor , Faculty of Islamic Studies and Economics, Imam Sadegh University, Tehran, Iran.

4 PhD Candidate in Economics, Faculty of Islamic Studies and Economics, Imam Sadegh University, Tehran, Iran

Abstract

The concept of Riba is one of the concepts that has been the subject of a wide range of scholars throughout the history of the Islamic world, including commentators and jurists and recently Islamic economists.  The prohibition of Riba is one of the few subjects that many Quranic verses have come to regard as a war with God and His Rasool. The present study aims to analyze the philosophy of the prohibition of Riba for the first time in a descriptive-analytic way, at first exploring some of the verses and examining the views of contemporary scholars on the nature of Riba and its philosophy of sanctification. Accordingly, one of the philosophies of prohibition of Riba, considering the transcendent nature of the Qur'anic teachings, can be the prevention of cruel transfer of risk and consequently the displacement of wealth resulting from cruelty by describing the mechanism of contracting based on the real sector of the economy against Riba.

Keywords

The Holy Quran
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Islamic Economics Studies Bi-quarterly Journal
Volume 13, Issue 1 - Serial Number 25
March 2020
Pages 55-84