It is well known that Islamic banking and finance are required to operate without the charging or paying of interest. Various enforcement mechanisms have been devised to achieve this outcome, and the prohibition of riba (usury) in Islamic law is usually cited as the basis for this prohibition on interest.

However, when one refers to the traditional discussions in Islamic jurisprudence that serve as the basis for Islamic legal principles, the prohibition of interest (typically interest on loaned monies) is actually explained on grounds that are quite distinct from the prohibition of riba. In other words, there is an underlying premise that riba is not the same as interest.

What, then, is riba? And what is the relationship between riba and interest? Answering these questions is by no means straightforward, given the highly complex nature of riba as a concept. This seminar will offer insights into what the prohibition of riba actually addresses, and why riba has come to be equated with interest, drawing on discussions within traditional Islamic jurisprudence.

Note: Registration is not required for this event.