Islamic Economics: A Short History

(Elliott) #1

50 chapter two


principal, Ru"aùs Amwalikum, suffering no loss and causing loss to
none” (Qur"àn, 2:275–279).
This escalation in the punishment for being involved in Ribàis
not unusual in Islamic teachings, as a rule might be introduced in
the Qur"àn to reproach a practice or restrict it, subsequently to be
followed by another that overrules the earlier and ordains a com-
plete abstinence from the practice. The prohibition of consuming
alcoholic beverage is an example. It was introduced in the Qur"àn
in two phases, the first ordained Muslims not to be drunk while
praying, and the second overruled the first and stated that drinking
alcoholic beverage is completely forbidden. In effect, the first rule
would still partially limit unsocial behaviour resulting from drinking.
As prayers are five times a day from dawn to dusk, it would be vir-
tually impossible for a believer to become intoxicated during the day,
leaving the only time for drinking to the time prior to going to bed.
But the second phase of ruling is more decisive. The gradual pro-
hibition of Ribàis completed in the Qur"àn by the rules of the verses
2:275–279. They are the most comprehensive set of verses in this
respect. The verses state an important conclusion and answer a con-
troversial question. The conclusion is that Ribàis no longer ‘only’
frowned upon by God but, more strongly, it merits the declaration
of “war” from God and His Messenger. Moreover, the verses answer
an important and controversial question regarding the meaning of
Ribà, as shown below.


The meaning of Ribà
In the above Qur"ànic quotations it is noticed that the word Ribà
has been quoted un-translated. By that, we meant to postpone the
translation until such time when the meaning of the word is thor-
oughly discussed, an issue which has raised the interest of several
writers. The difficulty arises because some argue that the word Ribà
does not convey the meaning of interest as known nowadays, instead,
it is the equivalent to usury, which connotes excessive interest (see
for example, Maxime Rodinson, 1980). This argument does not seem
to carry convictions for various reasons:



  1. Linguistic meaning: the word Ribàin Arabic connotes the mean-
    ing of “increase”, the verb of which is ‘Yarbu’, meaning it increases.
    This is the general linguistic meaning of the word which is not
    necessarily confined to the act of lending money at interest. But

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