Islamic Banking and Interest

A Study of the Prohibition of Riba and Its Contemporary Interpretation

A critical study of the interpretation of "riba" in Islam, the attempts of Islamic banks to put the interpretation into practice, the problems associated with these attempts and an argument for rethinking the interpretation.

INTRODUCTION 'Islamic banking' is now a widely-known term in both the Muslim
world and the West. It denotes a form of banking and finance which attempts to
provide services to clients free from 'interest'. The proponents of Islamic banking ...