Riba, Interest and Six Hadiths: Do We Have a Definition or a Conundrum?



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 Riba, Interest and Six Hadiths:
Do We Have a Definition or a Conundrum?

Dr. Mohammad Omar Farooq

Associate Professor of Economics and Finance
Upper Iowa University

June 2006


[Draft; Feedback welcome]

The Readers are highly encouraged to read another of my essays


 "Islamic Law and the Use and Abuse of Hadith
before this one to better follow and appreciate this essay. 

NOTE for fellow Muslims: Because this topic involves what is haram (prohibited) and halal (permissible) in Islam, every Muslim MUST do his/her own due diligence and conscientiously reach own position/decision in regard to personal practice. In doing so regarding this matter or any other aspect of life, Muslims should seek guidance from the Qur'an and the Prophetic legacy. 

Each hadith is properly referenced, but for internal reference within this essay, in the sequence presented, each hadith is numbered with # H-. 

Some of the references in this essay are from secondary sources. As the draft takes it final shape, original sources would be gradually cited and replace the secondary source citations.

"There is nothing prohibited except that which God prohibits ...


To declare something permitted prohibited is like declaring something prohibited permitted."

Ibn Qayyim1






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