About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

39 Colum. J. Transnat'l L. 701 (2000-2001)
Riba Today: Social Equity, the Economy, and Doing Business under Islamic Law

handle is hein.journals/cjtl39 and id is 709 raw text is: Notes Riba Today: Social Equity, the Economy, and Doing Business Under Islamic Law WINNER: 2000 DORSEY & WHITNEY STUDENT WRITING PRIZE IN COMPARATiVE AND INTERNATIONAL LAW This Note addresses the debate within Islamic law concerning the interpretation of riba generally and the impact of its prohibition on interest charges in modern transactions specifically. A higher level of generality is needed in the modern interpretation of the riba prohibition to honor the anti-abuse slririt underlying its development in the seventh century, while simultaneously recognizing the changed conditions present today. Riba has been interpreted as usury generally and, by most Muslim jurists, as including interest specifically. Consequently, new methods of finance have arisen to circumvent the formal use of interest charges (although arguably they substantively remain within the new finance structures). This Note argues for a more honest legal approach to the issue of interest and riba, one that avoids the waste of transaction costs spent in the technical evasion of the over-inclusive interpretation of riba, while fulfilling the prohibition's equitable anti- abuse purpose.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most