Prohibition of riba’ and interest-based financial intermediation: Comparative analysis between the consensus of Islamic jurists and the contemporary polemicists

• Main Authors: Megat Nor Hashim, Putri Ellynazura, Akbar, Mohamed Aslam
• Format: Conference or Workshop Item
• Language: English; English; English
• Published: Faculty of Islamic Economics and Business, UIN Sunan Kalijaga Yogyakarta 2021
• Subjects: BPH589.2 Riba - Interest; HG3368 Islamic Banking and Finance
• Online Access: http://irep.iium.edu.my/94425/1/9th%20AICIF%202021%20-%20PROHIBITION%20OF%20RIBA%27%20AND%20INTEREST-BASED%20FINANCIAL%20INTERMEDIATION%20.pptx; http://irep.iium.edu.my/94425/2/Certificate-Mohamed%20Aslam%20Akbar%20%281%29.pdf; http://irep.iium.edu.my/94425/3/08_20211118_Proceeding%20AICIF%202021.pdf; http://irep.iium.edu.my/94425/

Interest has long been outlawed, as we all know, and most monotheist religions agree on this restriction. Some economists argue, however, that today's market-driven interest rates in a competitive financial market are not the same as usury and that interest-based financial intermediation has se...