Riba-Interest equation, where riba is blanketly equated with interest, is a major issue in Islamic economics and finance. To justify this equation, hadiths or prophetic narrations as one of the primary sources are invoked. Farooq wrote a paper "Riba, Interest and Six Hadiths: Do We Have a...

Insolvency and Debt Restructuring have become important issues in Islamic Finance. Harvard-LSE Annual Workshop in 2013 invited analytical comments on the theme of its workshop on Insolvency and Debt Restructuring in Islamic Finance. These comments from various expert participants were invited by...

As financial intermediaries and provider of financial services, banking sector plays a pivotal role in the development of any economy. Performance of loans in banks' portfolios is a critical issue for this sector. The purpose of this study is to examine the determinants of Non-Performing Loans...

In light of the Qur'an and Sunnah, this outline paper attempts at an alternative definition of Riba from non-Equivalence perspective. It is an outline paper in the sense that the primary arguments and evidences are provided with reference to my works as well as pertinent works of others, reading...

For all practical purpose, qard and qard hasan are generally regarded synonymous from orthodox Islamic viewpoint, because, due to the categorical prohibition of riba in the Qur'an, qard (loan) is considered ribawi, and therefore only gratuitous monetary loans – without any benefit to the...

Purpose - This paper examines the phenomenon of debt culture in the conventional financial systems and then compares the existing or emerging trends in the Islamic finance industry. It provides critical insight into why economic policies that are delinked from some fundamental wisdom about...

The prohibition of riba is categorical in the Qur'an. Based on that prohibition, which is presumably further reinforced by hadith, loan or qard is considered ribawi, meaning that only gratuitous monetary loans are considered permissible in Islam. Modern Islamic banking is based on treating qard...

An important Islamic imperative is prevention of concentration of wealth among a few so that wealth circulates widely to enhance shared prosperity. In contemporary economic discourse inequality and concentration of wealth have emerged as among key causes of instability and crisis. Unfortunately,...

This conceptual paper is provoked by two interrelated queries. (a) Did Islamic finance industry adopt the wrong banking structure by choosing commercial banking as its core structure? (b) Does riba prohibition requires nuanced understanding in case of financing in a mutually beneficial,...