The Islamic value system in economic life is a moral code for economic and social progress. For instance, when a “Muslim” applies Islam’s rules in work, science, justice, investment, construction and diligence etc, and when a “Muslim” rejects what Islam prohibits, such as fraud, injustice, ribba (profit without labour), ignorance, overspending, manipulation, monopoly etc. Sharia rulings make it essential to answer this key question: Is every “bank interest” considered forbidden ribba, in light of the evolution of the Western economic view of banking interest, on the one hand, and disagreement among Islamic scholars about bank interest, on the other?

 

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