{The Law (Shariah) [continued (5)]}[11th April 1991]

[Redbook9:69][19910411:0935e]{The Law (Shariah) [continued (5)]}[11th April 1991]

19910411.0935

[continued]

‘The Islāmic law of transactions as a whole is dominated by the doctrine of ribā. Basically, this is the prohibition of usury, but the notion of ribā was rigorously extended to cover, and therefore preclude, any form of interest on a capital loan or investment. And since this prohibition was coupled with the general prohibition on gambling transactions, Islāmic law does, not, in general, permit any kind of speculative transaction the results of which, in terms of the material benefits accruing to the parties, cannot be precisely forecast.

*

*[– ibid. (Encyclopaedia Britannica 22: 32)]

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