@article{Dr. Muhammad Zahid Siddique_Dr. Muhammad Mushtaq Ahmad_2022, title={تعیین ربا کا درست منہج اور سود کے جواز کے دلائل کا تجزیہ: Proper Methodology for Determining the Meaning of Ribā and Analysis of the Arguments for Justifying Bank Interest}, volume={5}, url={https://alqamarjournal.com/index.php/alqamar/article/view/1106}, DOI={10.53762/alqamar.05.04.u01}, abstractNote={<p>Defining <em>Rib</em><em>ā</em> has proved to be a difficult task for scholars in the contemporary world. The present paper argues that the problem lies the flawed methodology of these scholars. Hence, the paper focuses on the methodology of the Muslim jurists who held that <em>Rib</em><em>ā</em> was a technical term (<em>Mujmal</em>) the meaning of which was elaborated by the Prophetic traditions about <em>rib</em><em>ā</em>. Hence, believing in the inseparability of the Qur’an and the <em>Sunnah</em>, the jurists connected the Qur’anic verses and the Prophetic traditions about <em>Rib</em><em>ā</em> and defined <em>Rib</em><em>ā</em> as: excess without a counter-value stipulated in a contract of exchange of property. The paper argues that this definition of <em>Rib</em><em>ā</em> answers all significant questions about the term, such as: whether bank-interest is included in the scope of <em>Rib</em><em>ā</em>; whether the prohibition of <em>Rib</em><em>ā</em> covers interest on credit raised for commercial purposes; whether paying interest is a lesser sin than receiving interest; whether indexation of loans is permitted in Islam; whether charging a higher price in credit-sale is permitted; whether Islamic law recognizes the concept of time-value of money; and so on. After answering these questions, the paper also examines some of the important arguments forwarded by various economists for justifying interest and concludes that these arguments do not carry any weight.</p>}, number={4}, journal={Al-Qamar}, author={Dr. Muhammad Zahid Siddique and Dr. Muhammad Mushtaq Ahmad}, year={2022}, month={Dec.}, pages={1-34} }