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Interest in modern financial markets is not riba

Reader comment on item: Islamic Economics: What Does It Mean?
in response to reader comment: Our dear Bob Hannah: Islam and al-Riba means Interest!

Submitted by Bof Hannah (Canada), Jan 12, 2020 at 23:22

Dr. Farooq in this reference lists many scholars who do not agree with the interest=riba assertion. https://www.transnational-dispute-management.com/article.asp?key=1063 Actually there are a whole series of modernist scholars, an earlier one was Muhhammad Abduh - Egypt - who were rethinking the meaning of riba in the modern context. Mufti Tantawi at Al-Azhar University is another. Dr. Fazlur Rahman Malik, who I reference, was director of the Institute for Islamic Research in Pakistan before he was run out of the country by Maududi-ist fundamentalists on charges of apostasy (you know what that means). He founded Islamic studies departments at McGill and the University of Chicago, two of the best universities in North America. Abdullah Saeed carries on with the modernist contextual approach at the University of Melbourne. It is easy to claim consensus that interest=riba when you ignore those who disagree with you!


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