Write 5 pages thesis on the topic the prohibition of interest as an important part of the muslim tradition.

Write 5 pages thesis on the topic the prohibition of interest as an important part of the muslim tradition. This paper will explore the prohibition against interest in Muslim tradition, touching different dimensions of it and proving that it should be regarded as an irreplaceable element of social life in this cultural framework.

To begin with, one should point out that there is a specific term that is used in the Islamic legal and spiritual literature that refers to the prohibition of interest. It is called riba. Nevertheless, it would not be logical to limit this notion exclusive to it. To get a better understanding of the issue, it may be beneficial to analyze different shades of meaning of it. The first and the most concrete meaning of it as follows: “an unjustified increment in borrowing or lending money” (Ahmad). This shows that originally riba was applied to operations that were carried out by the individuals. Secondly, the term in question is also used to denote any kind of unequal exchange between the people. Thirdly, later in history riba was recognized by a part of the scholars as a specific term that refers to banking interest. Finally, it is suggested that the concept of riba should be engaged whenever there is an excess of something that is received by a person.

It would be a mistake to suggest that the idea of riba was introduced by Islam. Thus, the word as well as the term itself existed in the Pre-Islamic society and meant an amount of money that increased, traditionally doubled, per year when a person was not able to pay the debt. There is a concrete indication in the Quran about it: “do not devour usury, making it double and redouble, and be careful of Allah” (Quran 3:130). There is no doubt that this kind of practice was extremely negative in terms of treatment of a person who has a debt: it meant some kind of slavery that a person entered because of the inability to repay the money. Keeping in mind that from the very beginning Islam promoted social equality, it is rather logical to see that it condemned such kind of treatment of the people.