The Art of RF (Riba-Free) Islamic Banking and Finance: Tools and Techniques for Community-Based Banking, 2nd Edition

CHAPTER 4 The Law: The Judeo-Christian-Islamic Shari'aa

An overview on the prohibition of riba/ribit/interest/usury in Judaism, Christianity, and Islam was summarized in Chapter 2. During the early medieval period, the Islamic RF finance models were used by caravan traders conducting business between Arabia and the rest of the world, and in particular in trading through the Silk Road. As commercial and business activities increased, and with the growth of international trade and the creation of money, a sophisticated riba-based banking and finance system emerged and developed in Europe. The prohibition of ribit/riba was relaxed by the rabbinical teachings, the Roman Catholic Church, and the Protestant churches, as detailed in Chapter 2. This chapter is designed to introduce the reader to the tedious, meticulous, and detailed processes used by qualified scholars in the Judeo-Christian-Islamic Shari'aa law to come up with legal rulings (edicts or fatwas) that would comply with the teaching of God and His prophets to offer solutions to everyday challenges.

Muslims are required by the Judeo-Christian-Islamic Shari'aa law not to deal in riba. Religious leaders and scholars, who are revered by the faithful in all parts of the world, from the small villages to the largest cities, including those who live as minorities in Asia, Africa, North America, and other parts of the world, are taught that dealing in riba is a major sin.

With the growth of commerce, trading, and industrial development ...