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modernist Islamic scholars

Reader comment on item: Islamic Economics: What Does It Mean?
in response to reader comment: INTEREST

Submitted by Bob Hannah (Canada), Apr 22, 2018 at 09:35

Modernist scholars such as Fazlur Rahman and Abdullah Saeed do not accept the equation of riba and interest. The prophet never defined it, so scholars are left to plumb the fragmentary accounts of the practices of unscrupulous moneylenders from that time when debt slavery was the norm. To equate their practices to interest in modern financial markets is ridiculous.

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