Interest is Riba

Published December 4, 2010

This refers to the article “Riba: an epistemological interpretation” by Dr Aqdas Ali Kazmi published in the “Encounter” section (Nov 28). I disagree with the views of the learned scholar. He mentions a verse of the Holy Quran in which Allah has allowed trade and forbidden Riba. He seems to have drawn a wrong conclusion from this verse that Riba means profiteering.

This conclusion would have been appealing if trade and profiteering were the opposites of each other, but that is not the case as profiteering can take place in trade.

I am not justifying profiteering but to say that Riba means profiteering is not correct in my humble opinion.

The real meaning can only be understood if the teachings of the Hadith are kept in view. These teachings very clearly indicate that riba is interest.

Some of our scholars evaluate Islamic teachings as per the western thought and system. If the teachings are in conformity, then they confidently state that Islam also preaches the same thing.

On the other hand, if both are contradictory, then they try to invent or discover a soft meaning out of the teachings by similar conjectures.

ENGR. IJAZ AHMED

Islamabad

Opinion

Rule by law

Rule by law

‘The rule of law’ is being weaponised, taking on whatever meaning that fits the political objectives of those invoking it.

Editorial

Isfahan strikes
20 Apr, 2024

Isfahan strikes

THE Iran-Israel shadow war has very much come out into the open. Tel Aviv had been targeting Tehran’s assets for...
President’s speech
20 Apr, 2024

President’s speech

PRESIDENT Asif Ali Zardari seems to have managed to hit all the right notes in his address to the joint sitting of...
Karachi terror
20 Apr, 2024

Karachi terror

IS urban terrorism returning to Karachi? Yesterday’s deplorable suicide bombing attack on a van carrying five...
X post facto
Updated 19 Apr, 2024

X post facto

Our decision-makers should realise the harm they are causing.
Insufficient inquiry
19 Apr, 2024

Insufficient inquiry

UNLESS the state is honest about the mistakes its functionaries have made, we will be doomed to repeat our follies....
Melting glaciers
19 Apr, 2024

Melting glaciers

AFTER several rain-related deaths in KP in recent days, the Provincial Disaster Management Authority has sprung into...