Understanding Riba : A New Approach

Islamic banking has grown immensely during last decade. As more and more banks are showing up, the same time more and more people are getting critical on the nature of Islamic banking. Within the foundations of Islamic economics, lot of confusion still persists as diverse views come up from different school of thought. Similarly there is a need to revisit the basic concept of Riba specially on the perspective of deferred sales transaction and to analyse in the light of sharia both in letter as well as in sprit and to come up with the precise definition of the concept, that not only satisfies all the sharia's objectives and conditions but also help to develop financial products that could be Islamic both in letter and in spirit