What is it about?
Paying off the interest without preconditions is recommended strongly by the Prophet (PBUH). If Islamic society follows his advice, this will become a prevalent custom (ʿurf) among Muslims. According to Islamic schools, such custom is considered valid and necessary to follow. In that case, all Muslims will be required to follow this custom and they will all have to pay interest on their loans.
Photo by Alexander Mils on Unsplash
Why is it important?
To solve the challenge of usury (ribā) and allow the payment of interest on loans, we proceed with forming a social custom. The importance of using this formula is that: 1- This formula is completely based on the traditional structure, method and sources of jurisprudence and is acceptable for Islamic traditionalist researchers; 2- It does not use covering operations or redefining the concept of usury (which has been done in previous studies); 3- It establishes the obligation to pay interest on all loans based on the traditions of the Prophet.
Read the Original
This page is a summary of: Ribā and Paying Off Non-stipulated Interest: The Capability to Become a Prevalent Custom (ʿUrf) in Islamic Society, Arab Law Quarterly, June 2022, Brill, DOI: 10.1163/15730255-bja10118.
You can read the full text:
The following have contributed to this page