Usury and Interest: A Comparative Economic Study (book) - Revision history

Sarfipour at 12:56, 13 April 2026

2026-04-13T12:56:41Z

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	He refutes the distinction between interest and usury from the perspective of Mohammad Abrash, referencing the explanations provided in his article and highlighting the fixed principles and variable rulings in Islam (p. 188). He also stresses that although Islamic scholars are not infallible prophets, they have the responsibility to interpret what is right and just to the best of their scholarly and human capacities, while being mindful of the objectives of [[Sharia]] (p. 189). In contrast to the accusations against them, he contends that they know economy, asserting that [[Islamic economics]] is not solely focused on charity or the afterlife; rather, it possesses the capability to manage the affairs of the nation and its Muslim citizens in contemporary times, whereas [[capitalism]] tends to leave no space for generosity and altruism (p. 190).		He refutes the distinction between interest and usury from the perspective of Mohammad Abrash, referencing the explanations provided in his article and highlighting the fixed principles and variable rulings in Islam (p. 188). He also stresses that although Islamic scholars are not infallible prophets, they have the responsibility to interpret what is right and just to the best of their scholarly and human capacities, while being mindful of the objectives of [[Sharia]] (p. 189). In contrast to the accusations against them, he contends that they know economy, asserting that [[Islamic economics]] is not solely focused on charity or the afterlife; rather, it possesses the capability to manage the affairs of the nation and its Muslim citizens in contemporary times, whereas [[capitalism]] tends to leave no space for generosity and altruism (p. 190).
	[[fa:الربا و الفائدة: دراسة اقتصادیة مقارنة (کتاب)]]		[[fa:الربا و الفائدة: دراسة اقتصادیة مقارنة (کتاب)]]
	[[~~category~~: ~~book review~~]]		[[Category:Bibliography Articles]]
	[[Category:Books by Rafiq Yunus al-Misri]]		[[Category:Books by Rafiq Yunus al-Misri]]
	[[Category:Books by Muhammad Riyad al-Abrash]]		[[Category:Books by Muhammad Riyad al-Abrash]]

Sarfipour: /* The importance of time in transactions */

2026-03-12T11:55:16Z

The importance of time in transactions

← Older revision		Revision as of 11:55, 12 March 2026
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	===The importance of time in transactions===		===The importance of time in transactions===
	Concerning the significance of time in transactions (temporal preference), the writer contends that Islamic teachings do not assign value to time in the context of loans; nevertheless, it is recognized as having financial value in situations such as [[installment sales]] or [[leasing]] (pp. 23-25). The author proceeds to analyze and critique two legal arguments from [[Al-Mawdudi]] in his book on [[Usury\|usury]] and from [[Muhammad Baqir Sadr]] in "[[Our Economy]]," as well as two economic discussions by [[Hazem El-Beblawi]] and [[Said Najjar]] concerning the valuation of time in transactions (pp. 26-33). Yunus Rafiq reject both Al-Mawdudi's and Sadr's perspectives, attributing the problem to a lack of precise and correct understanding of [[riba al-nasiah]] (increase in return for time), [[riba al-nisa]] (increase without considering time), and [[riba al-fadl]] (time without increase) (p. 29).		Concerning the significance of time in transactions (temporal preference), the writer contends that Islamic teachings do not assign value to time in the context of loans; nevertheless, it is recognized as having financial value in situations such as [[installment sales]] or [[leasing]] (pp. 23-25). The author proceeds to analyze and critique two legal arguments from [[Al-Mawdudi]] in his book on [[Usury\|usury]] and from [[Sayyid Muhammad Baqir Sadr]] in "[[Our Economy]]," as well as two economic discussions by [[Hazem El-Beblawi]] and [[Said Najjar]] concerning the valuation of time in transactions (pp. 26-33). Yunus Rafiq reject both Al-Mawdudi's and Sadr's perspectives, attributing the problem to a lack of precise and correct understanding of [[riba al-nasiah]] (increase in return for time), [[riba al-nisa]] (increase without considering time), and [[riba al-fadl]] (time without increase) (p. 29).

	===From usury in consumer and production loans to the deceptions associated with usury===		===From usury in consumer and production loans to the deceptions associated with usury===
	Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of [[loan]] interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability.		Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of [[loan]] interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability.

Sarfipour: /* The importance of time in transactions */

2026-03-10T11:08:46Z

The importance of time in transactions

← Older revision		Revision as of 11:08, 10 March 2026
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	===The importance of time in transactions===		===The importance of time in transactions===
	Concerning the significance of time in transactions (temporal preference), the writer contends that Islamic teachings do not assign value to time in the context of loans; nevertheless, it is recognized as having financial value in situations such as [[installment sales]] or [[leasing]] (pp. 23-25). The author proceeds to analyze and critique two legal arguments from [[Al-Mawdudi]] in his book on [[Usury\|usury]] and from [[Muhammad Baqir Sadr]] in "[[Our Economy]]," as well as two economic discussions by [[Hazem El-Beblawi]] and [[Said Najjar]] concerning the valuation of time in transactions (pp. 26-33). Yunus Rafiq reject both Al-Mawdudi's and Sadr's perspectives, attributing the problem to a lack of precise and correct understanding of [[riba al-nasiah]] (increase in return for time), riba al-nisa' (increase without considering time), and [[riba al-fadl]] (time without increase) (p. 29).		Concerning the significance of time in transactions (temporal preference), the writer contends that Islamic teachings do not assign value to time in the context of loans; nevertheless, it is recognized as having financial value in situations such as [[installment sales]] or [[leasing]] (pp. 23-25). The author proceeds to analyze and critique two legal arguments from [[Al-Mawdudi]] in his book on [[Usury\|usury]] and from [[Muhammad Baqir Sadr]] in "[[Our Economy]]," as well as two economic discussions by [[Hazem El-Beblawi]] and [[Said Najjar]] concerning the valuation of time in transactions (pp. 26-33). Yunus Rafiq reject both Al-Mawdudi's and Sadr's perspectives, attributing the problem to a lack of precise and correct understanding of [[riba al-nasiah]] (increase in return for time), [[riba al-nisa]] (increase without considering time), and [[riba al-fadl]] (time without increase) (p. 29).
	===From usury in consumer and production loans to the deceptions associated with usury===		===From usury in consumer and production loans to the deceptions associated with usury===
	Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of [[loan]] interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability.		Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of [[loan]] interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability.

Sarfipour: /* The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence */

2026-03-10T10:23:37Z

The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence

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	It is important to mention that the author refers specifically to the prompt payment of debts arising from sales, rather than the early repayment of general debts or long-term loans with a discount for early settlement.		It is important to mention that the author refers specifically to the prompt payment of debts arising from sales, rather than the early repayment of general debts or long-term loans with a discount for early settlement.
	It appears that the majority of Sunni jurists prefer to prohibit transactions and sales conducted through the methods of delay and promptness due to the conflicting hadiths.		It appears that the majority of Sunni jurists prefer to prohibit transactions and sales conducted through the methods of delay and promptness due to the conflicting hadiths.
	From the analysis of four relevant jurisprudential topics regarding excess in contracts, Rafiq Yunus concludes that excess in deferred sales, although it is categorized as a type of usury, is deemed permissible. This is supported by the the term "permissible usury" in the writings of Islamic jurists and commentators (p. 21). He argues that in the context of the verse on usury (~~verse~~ 275 ~~of Surah al-Baqarah~~), which contrasts «احل الله البیع» (Allah has made trade lawful) with «حرم الربا» (and He has made usury unlawful), just as some sales are permissible and others are prohibited, there are also instances of usury that are not forbidden (p. 22).		From the analysis of four relevant jurisprudential topics regarding excess in contracts, Rafiq Yunus concludes that excess in deferred sales, although it is categorized as a type of usury, is deemed permissible. This is supported by the the term "permissible usury" in the writings of Islamic jurists and commentators (p. 21). He argues that in the context of the verse on usury ([[Quran 2:275]]), which contrasts «احل الله البیع» (Allah has made trade lawful) with «حرم الربا» (and He has made usury unlawful), just as some sales are permissible and others are prohibited, there are also instances of usury that are not forbidden (p. 22).

	===The importance of time in transactions===		===The importance of time in transactions===

Sarfipour: /* The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence */

2026-03-10T10:14:59Z

The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence

← Older revision		Revision as of 10:14, 10 March 2026
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	===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===		===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===
	Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, bailment of a capital (mozarabah), deferred sales (bay' al-ajil), and early payment discounts ~~(da' wa ta'jil: reduce and receive promptly)~~. ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).		Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, bailment of a capital (mozarabah), deferred sales (bay' al-ajil), and early payment discounts. ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).

	According to Rafiq Yunus, Islamic Jurists commonly know it permissible to receive additional payment in deferred sales under certain conditions or as part of the contract. He argues that the timing or immediate delivery of goods constitutes a component of the transaction price. However, he notes that some scholars consider such additional charges in deferred purchases to be usury and thus impermissible (p.20). According to him, those jurists who accept the receipt of extra payment in exchange for deferral and delay have also issued rulings permitting discounts in return for prompt payment of debts. In this context, if a buyer pays the transaction amount earlier than agreed and for a lesser sum, the seller may forgive the remaining balance (p. 21).		According to Rafiq Yunus, Islamic Jurists commonly know it permissible to receive additional payment in deferred sales under certain conditions or as part of the contract. He argues that the timing or immediate delivery of goods constitutes a component of the transaction price. However, he notes that some scholars consider such additional charges in deferred purchases to be usury and thus impermissible (p.20). According to him, those jurists who accept the receipt of extra payment in exchange for deferral and delay have also issued rulings permitting discounts in return for prompt payment of debts. In this context, if a buyer pays the transaction amount earlier than agreed and for a lesser sum, the seller may forgive the remaining balance (p. 21).

Sarfipour: /* The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence */

2026-03-10T10:09:38Z

The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence

← Older revision		Revision as of 10:09, 10 March 2026
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	===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===		===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===
	Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, ~~profit-sharing~~ (~~qirad~~), deferred sales (bay' al-ajil), and early payment discounts (da' wa ta'jil: reduce and receive promptly). ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).		Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, bailment of a capital (mozarabah), deferred sales (bay' al-ajil), and early payment discounts (da' wa ta'jil: reduce and receive promptly). ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).

	According to Rafiq Yunus, Islamic Jurists commonly know it permissible to receive additional payment in deferred sales under certain conditions or as part of the contract. He argues that the timing or immediate delivery of goods constitutes a component of the transaction price. However, he notes that some scholars consider such additional charges in deferred purchases to be usury and thus impermissible (p.20). According to him, those jurists who accept the receipt of extra payment in exchange for deferral and delay have also issued rulings permitting discounts in return for prompt payment of debts. In this context, if a buyer pays the transaction amount earlier than agreed and for a lesser sum, the seller may forgive the remaining balance (p. 21).		According to Rafiq Yunus, Islamic Jurists commonly know it permissible to receive additional payment in deferred sales under certain conditions or as part of the contract. He argues that the timing or immediate delivery of goods constitutes a component of the transaction price. However, he notes that some scholars consider such additional charges in deferred purchases to be usury and thus impermissible (p.20). According to him, those jurists who accept the receipt of extra payment in exchange for deferral and delay have also issued rulings permitting discounts in return for prompt payment of debts. In this context, if a buyer pays the transaction amount earlier than agreed and for a lesser sum, the seller may forgive the remaining balance (p. 21).

Sarfipour: /* The importance of time in transactions */

2026-03-08T18:07:46Z

The importance of time in transactions

← Older revision		Revision as of 18:07, 8 March 2026
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	===The importance of time in transactions===		===The importance of time in transactions===
	Concerning the significance of time in transactions (temporal preference), the writer contends that Islamic teachings do not assign value to time in the context of loans; nevertheless, it is recognized as having financial value in situations such as [[installment sales]] or [[leasing]] (pp. 23-25). The author proceeds to analyze and critique two legal arguments from Al-Mawdudi in his book on [[Usury\|usury]] and from [[Muhammad Baqir Sadr]] in "[[Our Economy]]," as well as two economic discussions by [[Hazem El-Beblawi]] and [[Said Najjar]] concerning the valuation of time in transactions (pp. 26-33). Yunus Rafiq reject both Al-Mawdudi's and Sadr's perspectives, attributing the problem to a lack of precise and correct understanding of [[riba al-nasiah]] (increase in return for time), riba al-nisa' (increase without considering time), and [[riba al-fadl]] (time without increase) (p. 29).		Concerning the significance of time in transactions (temporal preference), the writer contends that Islamic teachings do not assign value to time in the context of loans; nevertheless, it is recognized as having financial value in situations such as [[installment sales]] or [[leasing]] (pp. 23-25). The author proceeds to analyze and critique two legal arguments from [[Al-Mawdudi]] in his book on [[Usury\|usury]] and from [[Muhammad Baqir Sadr]] in "[[Our Economy]]," as well as two economic discussions by [[Hazem El-Beblawi]] and [[Said Najjar]] concerning the valuation of time in transactions (pp. 26-33). Yunus Rafiq reject both Al-Mawdudi's and Sadr's perspectives, attributing the problem to a lack of precise and correct understanding of [[riba al-nasiah]] (increase in return for time), riba al-nisa' (increase without considering time), and [[riba al-fadl]] (time without increase) (p. 29).
	===From usury in consumer and production loans to the deceptions associated with usury===		===From usury in consumer and production loans to the deceptions associated with usury===
	Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of [[loan]] interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability.		Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of [[loan]] interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability.

Sarfipour: /* Loan Usury and Modern Theories from an Islamic Perspective */

2026-03-08T17:43:33Z

Loan Usury and Modern Theories from an Islamic Perspective

← Older revision		Revision as of 17:43, 8 March 2026
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	== Loan Usury and Modern Theories from an Islamic Perspective ==		== Loan Usury and Modern Theories from an Islamic Perspective ==
	In his article regarding interest on loans, Rafiq Yunus explores several issues, including the legal status of usury in connection with various section of [[Islamic jurisprudence]], such as lending and ~~profit-sharing~~, the significance of time in financial transactions, the tactics employed in usury, and modern viewpoints that seek to justify interest on loans.		In his article regarding interest on loans, Rafiq Yunus explores several issues, including the legal status of usury in connection with various section of [[Islamic jurisprudence]], such as lending and bailment of a capital (mozarabah), the significance of time in financial transactions, the tactics employed in usury, and modern viewpoints that seek to justify interest on loans.

	===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===		===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===
	Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, profit-sharing (qirad), deferred sales (bay' al-ajil), and early payment discounts (da' wa ta'jil: reduce and receive promptly). ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).		Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, profit-sharing (qirad), deferred sales (bay' al-ajil), and early payment discounts (da' wa ta'jil: reduce and receive promptly). ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).

Sarfipour: /* Loan Usury and Modern Theories from an Islamic Perspective */

2026-03-08T17:41:33Z

Loan Usury and Modern Theories from an Islamic Perspective

← Older revision		Revision as of 17:41, 8 March 2026
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	== Loan Usury and Modern Theories from an Islamic Perspective ==		== Loan Usury and Modern Theories from an Islamic Perspective ==
	In his article regarding interest on loans, Rafiq Yunus explores several issues, including the legal status of usury in connection with various ~~areas~~ of [[Islamic jurisprudence]], such as lending and profit-sharing, the significance of time in financial transactions, the tactics employed in usury, and modern viewpoints that seek to justify interest on loans.		In his article regarding interest on loans, Rafiq Yunus explores several issues, including the legal status of usury in connection with various section of [[Islamic jurisprudence]], such as lending and profit-sharing, the significance of time in financial transactions, the tactics employed in usury, and modern viewpoints that seek to justify interest on loans.
	===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===		===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===
	Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, profit-sharing (qirad), deferred sales (bay' al-ajil), and early payment discounts (da' wa ta'jil: reduce and receive promptly). ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).		Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, profit-sharing (qirad), deferred sales (bay' al-ajil), and early payment discounts (da' wa ta'jil: reduce and receive promptly). ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).

Sarfipour: /* Loan Usury and Modern Theories from an Islamic Perspective */

2026-01-09T14:59:48Z

Loan Usury and Modern Theories from an Islamic Perspective

← Older revision		Revision as of 14:59, 9 January 2026
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	== Loan Usury and Modern Theories from an Islamic Perspective ==		== Loan Usury and Modern Theories from an Islamic Perspective ==
	In his article regarding ~~[[Interest\|~~interest]] on loans, Rafiq Yunus explores several issues, including the legal status of ~~[[Usury\|~~usury]] in connection with various areas of [[Islamic jurisprudence]], such as lending and profit-sharing, the significance of time in financial transactions, the tactics employed in usury, and modern viewpoints that seek to justify interest on loans.		In his article regarding interest on loans, Rafiq Yunus explores several issues, including the legal status of usury in connection with various areas of [[Islamic jurisprudence]], such as lending and profit-sharing, the significance of time in financial transactions, the tactics employed in usury, and modern viewpoints that seek to justify interest on loans.
	===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===		===The prohibition or permissibility of usury in relation to various issues in Islamic Jurisprudence===
	Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, profit-sharing (qirad), deferred sales (bay' al-ajil), and early payment discounts (da' wa ta'jil: reduce and receive promptly). ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).		Rafiq Yunus connects a precise understanding of the concept of usury to four categories in Islamic jurisprudence: loans, profit-sharing (qirad), deferred sales (bay' al-ajil), and early payment discounts (da' wa ta'jil: reduce and receive promptly). ''He argues that a loan is the transfer of property without any expectation of additional payment. Only the principal is returned to the lender''. However, since a loan is considered a form of charity, the lender is rewarded with divine merit (p. 19). The author suggests that the most effective way to generate profit from capital is through the contract of profit-sharing, as it entails a partnership and shared risk in both profits and losses (p. 20).

	According to Rafiq Yunus, Islamic Jurists commonly know it permissible to receive additional payment in deferred sales under certain conditions or as part of the contract. He argues that the timing or immediate delivery of goods constitutes a component of the transaction price. However, he notes that some scholars consider such additional charges in deferred purchases to be ~~[[Usury\|~~usury]] and thus impermissible (p.20). According to him, those jurists who accept the receipt of extra payment in exchange for deferral and delay have also issued rulings permitting discounts in return for prompt payment of debts. In this context, if a buyer pays the transaction amount earlier than agreed and for a lesser sum, the seller may forgive the remaining balance (p. 21).		According to Rafiq Yunus, Islamic Jurists commonly know it permissible to receive additional payment in deferred sales under certain conditions or as part of the contract. He argues that the timing or immediate delivery of goods constitutes a component of the transaction price. However, he notes that some scholars consider such additional charges in deferred purchases to be usury and thus impermissible (p.20). According to him, those jurists who accept the receipt of extra payment in exchange for deferral and delay have also issued rulings permitting discounts in return for prompt payment of debts. In this context, if a buyer pays the transaction amount earlier than agreed and for a lesser sum, the seller may forgive the remaining balance (p. 21).

	It is important to mention that the author refers specifically to the prompt payment of debts arising from sales, rather than the early repayment of general debts or long-term loans with a discount for early settlement.		It is important to mention that the author refers specifically to the prompt payment of debts arising from sales, rather than the early repayment of general debts or long-term loans with a discount for early settlement.
	It appears that the majority of Sunni jurists prefer to prohibit transactions and sales conducted through the methods of delay and promptness due to the conflicting hadiths.		It appears that the majority of Sunni jurists prefer to prohibit transactions and sales conducted through the methods of delay and promptness due to the conflicting hadiths.
	From the analysis of four relevant jurisprudential topics regarding excess in contracts, Rafiq Yunus concludes that excess in deferred sales, although it is categorized as a type of usury, is deemed permissible. This is supported by the the term "permissible usury" in the writings of Islamic jurists and commentators (p. 21). He argues that in the context of the verse on usury (~~[[Verse 275 of Surah al-Baqarah\|~~verse 275 of Surah al-Baqarah]]), which contrasts «احل الله البیع» (Allah has made trade lawful) with «حرم الربا» (and He has made usury unlawful), just as some sales are permissible and others are prohibited, there are also instances of usury that are not forbidden (p. 22).		From the analysis of four relevant jurisprudential topics regarding excess in contracts, Rafiq Yunus concludes that excess in deferred sales, although it is categorized as a type of usury, is deemed permissible. This is supported by the the term "permissible usury" in the writings of Islamic jurists and commentators (p. 21). He argues that in the context of the verse on usury (verse 275 of Surah al-Baqarah), which contrasts «احل الله البیع» (Allah has made trade lawful) with «حرم الربا» (and He has made usury unlawful), just as some sales are permissible and others are prohibited, there are also instances of usury that are not forbidden (p. 22).

	===The importance of time in transactions===		===The importance of time in transactions===
	Concerning the significance of time in transactions (temporal preference), the writer contends that Islamic teachings do not assign value to time in the context of loans; nevertheless, it is recognized as having financial value in situations such as [[installment sales]] or [[leasing]] (pp. 23-25). The author proceeds to analyze and critique two legal arguments from [[Al-Mawdudi]] in his book on [[Usury\|usury]] and from [[Muhammad Baqir Sadr]] in "[[Our Economy]]," as well as two economic discussions by [[Hazem El-Beblawi]] and [[Said Najjar]] concerning the valuation of time in transactions (pp. 26-33). Yunus Rafiq reject both Al-Mawdudi's and Sadr's perspectives, attributing the problem to a lack of precise and correct understanding of [[riba al-nasiah]] (increase in return for time), riba al-nisa' (increase without considering time), and [[riba al-fadl]] (time without increase) (p. 29).		Concerning the significance of time in transactions (temporal preference), the writer contends that Islamic teachings do not assign value to time in the context of loans; nevertheless, it is recognized as having financial value in situations such as [[installment sales]] or [[leasing]] (pp. 23-25). The author proceeds to analyze and critique two legal arguments from Al-Mawdudi in his book on [[Usury\|usury]] and from [[Muhammad Baqir Sadr]] in "[[Our Economy]]," as well as two economic discussions by [[Hazem El-Beblawi]] and [[Said Najjar]] concerning the valuation of time in transactions (pp. 26-33). Yunus Rafiq reject both Al-Mawdudi's and Sadr's perspectives, attributing the problem to a lack of precise and correct understanding of [[riba al-nasiah]] (increase in return for time), riba al-nisa' (increase without considering time), and [[riba al-fadl]] (time without increase) (p. 29).
	===From usury in consumer and production loans to the deceptions associated with usury===		===From usury in consumer and production loans to the deceptions associated with usury===
	Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of [[loan]] interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan ~~[[Interest\|~~interest]] as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability.		Following the discussions on usury in Islam and the significance of time and duration in Islamic law, the author, briefly examines eighteen topics in the chapter on interest on loans (Fā'idat al-Qarḍ). The initial two subjects address the social and economic benefits and drawbacks of [[loan]] interest (p. 34) and the rationale behind the prohibition of excess in lending (p. 37). Key discussions in this chapter include usury in consumer and production loans (p. 41), the exemption of orphans from the prohibition of usury (p. 54), usury loopholes (p. 56), profit guarantees in partnership contracts (p. 60), and loan service fees (p. 62). The author characterizes consumer loan interest as the most reprehensible form of usury (p. 41), while production loan interest is deemed unjust to either the borrower or the lender, depending on the potential profit and the related variability.

	In discussing ~~[[Usury\|~~usury]] tactics, the author notes that like legal tactics, there are many [[Sharia]] legal maneuvers, some of which are longstanding while others are more recent (p. 56). The prohibition of usury has been discussed for a long time, serving as a significant divine test, even in scholarly and jurisprudential circles to refrain from innovations in usury driven by diverse interests (p. 59).		In discussing usury tactics, the author notes that like legal tactics, there are many [[Sharia]] legal maneuvers, some of which are longstanding while others are more recent (p. 56). The prohibition of usury has been discussed for a long time, serving as a significant divine test, even in scholarly and jurisprudential circles to refrain from innovations in usury driven by diverse interests (p. 59).

	=== A review and analysis of recent attitudes on the justification of usury===		=== A review and analysis of recent attitudes on the justification of usury===