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Introduction

(2024)
Abstract
The issue of riba, or interest, is crucial for both Islamic and non-Islamic countries. Western economic systems use the interest rate to efficiently distribute financial resources for investment and/or consumption. In the entire economic system outside the Islamic countries, interest rates are practically a prerequisite, for the functioning of the economic system. Islamic economies, on the contrary, pursue an entirely different strategy for financing loans, which must be in accordance with Islamic laws and do not allow the activities of conventional Western banking systems in Islamic countries.
Please use this url to cite or link to this publication:
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
keywords
Islam, Banking, Law, Interest
host publication
The Law of Riba in Islamic Banking : Conventional and Unconventional Approaches to Interest-Free Financing - Conventional and Unconventional Approaches to Interest-Free Financing
editor
Hatti, Neelambar ; Gurak, Hasan ; LU and LU
edition
2024
pages
6 pages
publisher
Routledge
ISBN
9781032631561
DOI
10.4324/9781032631561
language
English
LU publication?
yes
id
cb615182-1b70-45c7-8e0f-e86851cf7410
date added to LUP
2026-06-15 10:27:13
date last changed
2026-06-15 11:06:48
@inbook{cb615182-1b70-45c7-8e0f-e86851cf7410,
  abstract     = {{The issue of riba, or interest, is crucial for both Islamic and non-Islamic countries. Western economic systems use the interest rate to efficiently distribute financial resources for investment and/or consumption. In the entire economic system outside the Islamic countries, interest rates are practically a prerequisite, for the functioning of the economic system. Islamic economies, on the contrary, pursue an entirely different strategy for financing loans, which must be in accordance with Islamic laws and do not allow the activities of conventional Western banking systems in Islamic countries.}},
  booktitle    = {{The Law of Riba in Islamic Banking : Conventional and Unconventional Approaches to Interest-Free Financing}},
  editor       = {{Hatti, Neelambar and Gurak, Hasan and Gürak, Hasan and Hatti, Neelambar}},
  isbn         = {{9781032631561}},
  keywords     = {{Islam, Banking, Law, Interest}},
  language     = {{eng}},
  publisher    = {{Routledge}},
  title        = {{Introduction}},
  url          = {{http://dx.doi.org/10.4324/9781032631561}},
  doi          = {{10.4324/9781032631561}},
  year         = {{2024}},
}