Analyzing the Gradual Revelation and Wording of Riba (Interest) Verses in the Holy Qur’an Considering the Commerce, Finance and Infaq System of Islam

Year 2017, Volume: 4 Issue: 2, 91 - 126, 10.08.2017

Ekrem Erdem

Abstract

In this study, the gradual prohibition of interest (riba) in the Holy Qur’an, reasons, the specific language
and wording, and outcomes are discussed. Prohibition of interest in Qur’an became gradually true as it happened in
some other issues. In fact, there exist thirteen verses in total regarding the issue of interest in the Holy Qur’an. Three
of them are the verses which recommend Muslims not to end up like others instead of prohibiting interest strictly
by decrying the usage of interest, rather advising zakat, and expressing the disasters that Jews had experienced
since they violated this rule in the past. On the other hand, the other ten verses prohibit interest strictly and were
revealed later towards the end of revelation. Moreover, it is a widely known narration that the verses regarding
interest in surah al-Baqarah were revealed in the last days of revelation. Some of the verses prohibiting interest,
directly declare the ban while others are related to awards and sanctions as a kind of remuneration for following
or not following the commands. Some of the important characteristics of the verses prohibiting interest are as
follows: Following a gradual course in terms of time, extension of the prohibition of an old practice over a period
of time, that the revelation of the prohibited verses occurred towards the end of revelation, that the language
used is very harsh compared to other practical prohibitions, and that the sanctions for violators are valid for both
this world and the hereafter. The reason is that the use of interest has significantly been differentiated from other
prohibitions by plugging the issue into the obedience to Allah and his Prophet as well as considering the subject as
a matter of faith in Islam. The Holy Qur’an states this reasoning as “… that is because they say: ‘Trade is like usury’ But
Allah has permitted trade and forbidden usury…” in surah al-Baqarah (275).

Keywords

Riba/interest/usury prohibition in Holy Qur’an, verses on interest, riba/interest in islamic finance and banking

References

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