Question
Write a complete report with footnote/citation,full explanations, regarding the topic on riba and the similarities and differences between riba. There should be salient content,
Write a complete report with footnote/citation,full explanations, regarding the topic on riba and the similarities and differences between riba. There should be salient content, arguments, reasons and evidences as well as organised contents. Include this in the report:- Types of riba (riba al-buyu - riba al-nasiah, riba al-fadhl) (riba al-duyun - riba al-qard, riba al- jahiliyyah) Importance of prohibiting riba:- - To maintain the integrity of Islamic banking -To promote financial stability and sustainability - To promote social justice and reduce poverty -To preserve the values and principles of Islam Alternatives of riba and interest -Mudarabah (profit-sharing) - Musyarakah (partnership) Ijarah (Leasing) Murabahah (Trade based financing) Microfinance -Crowdfunding - Equity financing - social responsible Investing (SRI) Similarities and differences between riba and interest Simmilarities:- - increase in wealth economic impact -time value of money - legal considerations Differences :- definition and scope - prohibition in certain context - ethical consideration - treatment in finance Conclusion
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