Islamic banking is an alternative banking system. It is based on foundations and adopts working mechanisms that are compatible with the provisions of Islamic Sharia, instead of the interest rate mechanism that forms the basis of traditional banking. This is because the prevailing opinion among Muslims considers interest to be synonymous with Riba (usury), equating them in the ruling of prohibition. However, the concept of Riba itself, as well as its types, scope, and the assets it covers, has been a subject of disagreement and a wide field for jurisprudential interventions from the early days of Islam to the present day, which have only added more ambiguity and complexity to the topic when they intended to clarify it. The disagreement was so vast that if one tried to strip Riba of its points of contention, nothing firm and specific would remain. Consensus was only reached on the prohibition of the Quranic Riba, and there is no agreement on what it means. Nevertheless, and despite the wide jurisprudential openings made by esteemed scholars, based on religious principles and jurisprudential rules, to differentiate between Riba and interest, the prevailing view—to avoid doubt—still considers Riba and interest to be two different words for the same meaning, including them both under the ruling of prohibition. This consequently leads to the prohibition of banking based on interest as well.

• Weight: 0.7 kg
• Dimensions: 17 x 24 cm
• Publisher: Dar Al-Yazouri Al-Ilmiyya
• Internal Printing: Black
• Author: Prof. Dr. Nuri Abdul Rasool Al-Khaqani
• Publication Date: 2012
• ISBN: 978-9957-12-376-5
• Cover Type: Paperback (Regular)