What is meant by riba?
In its basic meaning, riba can be defined as anything (big or small), pecuniary or non-pecuniary, in excess of the principal in a loan that must be paid by the borrower to the lender along with the principal as a condition,* (stipulated or by custom), of the loan or for an extension in its maturity. According to a consensus of fuqaha (Islamic jurists), it has the same meaning and import as the contemporary concept of interest. Thus any excess given by the debtor out of his own accord, and without the existence of a custom or habit that obliges him to give such excess is not considered as riba. TOP Q2: Are there more than one Types of Riba (usury) A: Islamic jurists have used the term riba in three senses; one basic and two subsidiary. The kind of riba described above is called riba al-qard or riba al-nasa. It is also referred to as riba al-Quran as this is the kind of riba which is clearly mentioned in the Quran and is known today as interest on loans. Islam, however, wishes to elimina
