The Effects of Interest (Riba) on Economy: A Related Review


Abstract views: 233 / PDF downloads: 134

DOI:

https://doi.org/10.46291/IJOSPERvol10iss1pp1-22

Keywords:

Economy, Interest and Profit, The Holy Quran, Hadith and Islamic Banking

Abstract

The article "Effects of Interest on Economy" discussed elaborately about interest from the angle of socio-economic outlook. Here the characteristics of interest and its negative effects have been discussed logically and beautifully. By reading this article one can get a clear picture of how interest creates economic and social instability as well as the harmful effects of interest on investment and production. The holy Quran prohibited interest and all forms of interest-based transaction 1400 years ago. From this article one can know that the prohibition of interest is applicable for Muslims and non-Muslims alike. So, in order to free our economy from the cruel clutch of interest, Muslims and non-Muslims all have to come forward to remove interest from the society.

Beside creating public awareness against interest, we have to find out a proper alternative to interest-based economy. For this, the brilliant minds of our country should employ their skill, intelligence and sincerity. Not only Bangladesh, the whole world must be shown an effective Islamic economic system by following which mankind can free themselves from financial crisis.

References

Referecnes

. Imam Fakhruddin Ar-Razi Abu Abdullah, Tafsirul Kabir, (Third Edition, Beirut), 2nd. Vol., p.351.

. Al-Quran 30 : 39

. Abu Bakr Ahmad Ibn Ali Al-Razi Al-Jassas : Ahkamul Quran, Bangla translation by Mawlana

Muhammad Abdur Rahim (Islamic Foundation Bangladesh, 1st Edition 1408/1988), See the

explanation of Sura Baqara verse no. 275

. Editorial board : Islami Bishwakosh (Islamic Foundation Bangladesh, 1st edition, 1417/1996) 22

Vol., p. 433.

. Al Quran 2 : 276

. Al Quran 13 : 17

. Al Quran 16 : 92

. Al Quran 22 : 5

. Al Quran 23 : 50

. Al Quran 69 : 10

. Syed Abul Ala Mowdudi : Sud, (Bangla translation) Abdul Mannan Talib and Abbas Ali Khan

(Adhunik Prokashoni, BanglaBazar, Dhaka 1415/1994, Sud O Adhunik Banking p. 86.

. Al Quran 2 : 275.

. Alamgiri (third edition Beirut) Kitabul Buyu, Bab-9, Fasl-6, p. 117; Burhanuddin Abul Hasan Ali :

al-Hidaya (Kutubkhana Rahimiyah, Deoband, India, N.D), Kitabul Buyu, Bab- ar-Riba, 39, p. 61

(Note no. 2)

. Mufti Muhammad As-Sayyed Amimul Ehsan al-Muzaddidi : Qawaidul Fiqh (Ashrafia Book Depo,

Deoband, UP, India 1381/1991), p. 302.

. Dr. Muhammad Rawan and Dr. Hamid Sadiq : Mu'jamu Lugatil Fuqaha (Karachi, Pakistan, N.D)

first edition, p. 218.

. Abdur Rahman al-Zajiri : Kitabul Fiqh alal Madhahibil Arba'h (Beirut Edition, N.D) Kitabu

Ahkamil Bai, Mabahisur Riba, 2nd. Vol., p. 245.

. Abu Bakr Ahmad Ibn Hussain al-Baihaqi : as-Sunanul Kubra : (Hydrabad, South Province), 1st

Edition, 1344/1925, Vol.- 5, p. 35.

. Abu Jafar Muhammad Ibn Jarir at-Tabari : Tafsir Jami'il Bayan (Egypt Edition, N.D) third Vol., p.

. Abul Fida Ismail Ibn Kathir : Tafsir Ibn Kathir (Darul Qalam, Beirut Edition 1400/1980), 1st Vol.,

p. 331.

. Abu Bakr Ahmad Ibn Hussain al-Baihaqi : as-Sunanul Kubra (mentioned afore) p. 351.

. Abu Abdullah Muhammad Ibn Ismail al-Bukhari : Jame as-Sahih (Maktaba-e-Rashidia, Delhi

/1938), Kitabul Manaqib, Bab Manaqib Abdillah bin Salam, 1st Vol. P. 538.

. Abu Abdullah Muhammad Ibn Ismail al-Bukhari : Jame as-Sahih (Mentioned Afore), Kitabul Jihad,

Bab- Barakatul Gazi Fi Malihi Haiyan Wa Maiyitan Ma'an Nabiyyi SAWS Ulatil Amr, first Vol., p.

. Islami Ain Bidhiboddhokoron Board : Bidhiboddho Islami Ain (Islamic Foundation Bangladesh

/1996), 1st vol., 2nd Part, p. 441.

. Imam Abul Hussain Muslim Ibnul Hajjaj : Sahih Muslim, (Maktaba-e-Rashidia, Delhi 1357/1938),

Kitabul Musakat Wal Muzara'at, Bab- Ar-Riba, 2nd. Vol., p. 23

. Muwaffakuddin Muhammad Ibn Abdullah Ibn Kudama : Al-Mugni (Cairo, First Edition, N.D) 4th

Vol., p. 4.

. Ala-uddin Ali Muttaki Ibn Husamuddin al-Hindi al-Burhanpuri : Kanzul Ummal Fi Sunanil Aqwal

Wal Af'al (Aleppo, 1st edition, 975/1567) 2nd. Vol., p. 231.

. Ibn Hajar al-Asqalani : Fathul Bari (Egypt Edition, 1348/1929) 4th Vol., p. 303.

. Syed Abul Ala Mowdudi : Sud (Mentioned Afore) p. 87.

. Imam Abu Bakr Ahmad Ibn Ali Al-Razi Al-Jassas : Ahkamul Quran (mentioned afore)

. Mawlana Muhammad Fazlur Rahman Ashrafi : Islam e babsha-banijjo o banking er ruprekha, first

Vol., p. 151

. Abu Jafar Muhammad Ibn Jarir at-Tabari : Tafsir Jami'il Bayan (Egypt Edition) third Vol., p. 62

. Imam Fakhruddin Ar-Razi Abu Abdullah : Tafsirul Kabir (mentioned afore) 2nd. Vol., p. 351

. Professor Muhammad Sharif Hussain and Shah Muhammad Habibur Rahman : Islami Banking Ki

ebong Keno? (Bangla translation : 1983) p. 86

. Professor Muhammad Sharif Hussain : Islami Banking Ekti Unnototor Bank Bebostha (Jonosongjog

Bivag, Islami Bank Bangladesh ltd. : Dilkusha B/A, Dhaka, 1996) p. 45.

. Professor Muhammad Sharif Hussain and Shah Muhammad Habibur Rahman : Islami Banking Ki

ebong Keno? (Mentioned Afore) p. 86.

. Abu Isa Muhammad Ibn Isa : Al Jame at-Tirmidhi (Maktaba-e-Rashidia, Delhi, N.D) Abwabul

Buyu, Bab- Ma Ja Fi Aklir Riba, P. 229.

. Imam Abul Hussain Muslim Ibnul Hajjaj : Sahih Muslim (Mentioned Afore) Kitabul Musakat Wal

Muzara'at, Bab- Ar-Riba, 2nd. Vol., p. 27.

. Hafiz Nuruddin Ali Ibn Abi Bakr al-Haisami : Majma'uz Zawaed Wa Mamba'ul Fawaed (Darul

Kutub Al-Islamia, Beirut, Lebanon, 1408/1988), Kitabul Buyu, Bab-Ma Ja Fir Riba, 4rth Vol., p.

. Abu Abdullah Muhammad Ibn Izaid Ibn Majah al-Kajbini : Sunanu Ibn Majah, Abwabut Tizarat,

Bab- at-Taghlij Fir Riba (Source: Mawsu'atul Haidithis Sharif al-Kutubus Sittah, Darus Salam,

Riad, third edition, 1421/2000) p. 2613.

. (mentioned afore) p. 2613.

. Abu Abdullah Muhammad Ibn Ismail al-Bukhari : Jame as-Sahih, Kitabul Manakib, Bab- Manakib

Abdullah Ibn Salam (Mentioned Afore) 1st Vol., p. 538.

. Hafiz Nuruddin Ali Ibn Abi Bakr al-Haisami : Majma'uz Zawaed Wa Mamba'ul Fawaed (Mentioned

Afore) fourth Vol., p. 118.

. Mawlana Muhammad Fazlur Rahman Ashrafi : Sud O Islami Banking Ki Keno Kivabe? (Mahin

Publications, 1419/1998) p. 31.

. Professor Muhammad Sharif Hussain : Sud, Somaj, Orthoniti (Islamic Economics Research Bureau,

Dhaka, 1992) p. 88-92.

. Imam Abul Hussain Muslim Ibnul Hajjaj : Sahih Muslim (Mentioned Afore) Kitabul Hajj, Bab-

Hijjatun Nabiyyi SAWS, 1st Vol., p. 394.

. Mawlana Muhammad Fazlur Rahman Ashrafi : Sud O Islami Banking Ki Keno Kivabe? (Mentioned

Afore), p. 102-103.

. Professor Muhammad Sharif Hussain : Sud Somaj Orthoniti (Mentioned Afore) p. 14.

. Syed Abul Ala Mowdudi: Sud (Bangla translation) Abdul Mannan Talib and Abbas Ali Khan

(Mentioned Afore), p. 87-89.

. Editorial board : Islami Bishwakosh (Mentioned Afore) p. 438-439.

. Imam Abul Hussain Muslim Ibnul Hajjaj : Sahih Muslim (Mentioned Afore) 2nd. Vol., p. 27.

. Mawlana Muhammad Fazlur Rahman Ashrafi : Sud O Islami Banking Ki Keno Kivabe? (Mentioned

Afore) p. 106.

. Abu Isa Muhammad Ibn Isa : Al Jame at-Tirmidhi (mentioned afore) Abwabud Da'wat, Bab- 19,

nd. Vol., p. 177.

. Abu Abdur Rahman Ahmad Ibn Shuaib an-Nasai : Sunanu Nasai, Maktaba Rahimiyah, (Maktab-e-

Rahimia, New Delhi N.D), Kitabul Isti'aza, Bab- Al-isti'aza Minal Faqri, 2nd. Vol., p. 267.

. Al-Quran 57 : 11

. Al-Quran 64 : 17

. Mawlana Muhammad Fazlur Rahman Ashrafi : Sud O Islami Banking Ki Keno Kivabe? (Mentioned

Afore) p. 103 – 104.

. Mentioned Afore, p. 106-107.

. Imam Abul Hussain Muslim Ibnul Hajjaj : Sahih Muslim (Mentioned Afore) 2nd. Vol., p. 30.

. Professor Muhammad Sharif Hussain: Sud, Somaj, Orthoniti (Mentioned Afore) p. 32.

. Mentioned Afore, P. 70.

. Editorial board : Islami Bishwakosh (Mentioned Afore) 22 Vol., p. 440.

. Abu Abdullah Muhammad Ibn Yazid Ibn Majah al-Kajbini : Sunanu Ibn Majah (Mentioned Afore)

p. 2613.

. Al-Quran 59 : 7

. Imam Abul Hussain Muslim Ibnul Hajjaj : Sahih Muslim (Mentioned Afore) Kitabut Tawbah, Bab-

Suqutuz Zunub bil Istighfar wat Tawbah, 2nd. Vol., p. 355.

. Al-Quran 22 : 41.

Downloads

Published

2023-07-13

How to Cite

The Effects of Interest (Riba) on Economy: A Related Review. (2023). International Journal of Social, Political and Economic Research, 10(1), 1–22. https://doi.org/10.46291/IJOSPERvol10iss1pp1-22

Issue

Section

Articles