Journal of Islamic Economic and Business Research
Vol. 1 No. 2: December 2021

Riba (Interest) Between Reason and Revelation in Islam

Saheed Afolabi Ashafa (Osun State University, Osogbo, Nigeria)



Article Info

Publish Date
30 Dec 2021

Abstract

This paper discussed the opposing views of Reason (human intellect) and Revelation (Islamic thought) on the concept and practice of Ribá¾± (interest). As it is known that ribá¾± is a universal instrument engaged for economic practices, while revelation, particularly Islam, prohibits it. In this study, arguments from both thoughts are placed side by side using primary and secondary sources. In this regard, the study adopted a descriptive qualitative research design for elucidation. It examined and established the relationship between reason and revelation as well as the areas of departure from each other. The study found out that riba-based economic practice has not been favorable to the course of development across the globe, hence the frequent shift from higher to lower interest rates by various countries. Consequently, Islamic alternatives to ribá¾± were presented with a view to safeguarding the faith and socio-economic status of the adherents of Islam. Research-based recommendations were offered for necessary adjustment by stakeholders. Optimistically, the submission of this study will stimulate a positive response from the stakeholders.

Copyrights © 2021






Journal Info

Abbrev

jiebr

Publisher

Subject

Religion Economics, Econometrics & Finance

Description

Journal of Islamic Economic and Business and Research is a scientific journal which has specialization of research in Islamic Economic and Business Research. Islamic Economic and Business Research is strategic issues in the world because its role and benefit to societies. Therefore, this issue need ...