The Concept of Riba and Islamic Banking

“The Concept of Riba and Islamic Banking” by Imran Ahsan Khan Nyazee offers a comprehensive exploration of the concept of Riba (usury or interest) within the context of Islamic finance and banking. Published on December 22, 2016, this paperback provides valuable insights into the principles and practices of Islamic banking and finance, offering a scholarly examination of the prohibition of Riba in Islam and its implications for contemporary financial systems.

Imran Ahsan Khan Nyazee, a respected scholar and academic, brings his expertise in Islamic jurisprudence and banking to bear on this important topic. Drawing upon his extensive research and understanding of Islamic law, Nyazee elucidates the Quranic injunctions and prophetic traditions that form the basis for the prohibition of Riba in Islam. He examines the ethical, social, and economic rationale behind this prohibition, highlighting its significance in promoting justice, fairness, and equitable distribution of wealth in society.

Furthermore, Nyazee delves into the principles and practices of Islamic banking as an alternative model to conventional interest-based banking systems. He explores the various mechanisms and instruments employed by Islamic financial institutions to facilitate transactions and investments in compliance with Shariah principles, emphasizing the importance of profit-and-loss sharing, risk-sharing, and ethical investment criteria.

The book also addresses contemporary issues and challenges facing the Islamic banking industry, offering critical analysis and proposals for reform. Nyazee discusses topics such as regulatory frameworks, governance structures, and the role of Islamic financial institutions in promoting economic development and social welfare.

Overall, “The Concept of Riba and Islamic Banking” serves as a valuable resource for students, academics, practitioners, and policymakers interested in understanding the principles and practices of Islamic finance. Nyazee’s scholarly approach, coupled with his lucid exposition of complex legal and financial concepts, makes this book an indispensable guide for anyone seeking to navigate the dynamic landscape of Islamic banking and finance.