Hi, I am looking for someone to write an article on answers to some frequently Paper must be at least 1000 words. Please, no plagiarized work! 2. WHAT IS THE SCOPE OF TRANSACTIONS TO WHICH THE BAN ON RIBA IS APPLICABLE? DOES THE TERM APPLY ONLY TO THE INTEREST CHARGED ON CONSUMPTION LOANS OR DOES IT ALSO COVER PRODUCTIVE LOANS ADVANCED BY BANKING AND FINANCIAL INSTITUTIONS? The Shariah clearly states that riba al-nasi’ah, “the fixing in advance a positive return on a loan as a reward for waiting” is prohibited. Hence it could be understood as a ban on interest as commonly used today. Islamic jurists, the fuqaha, state in no unclear terms that all manifestations of riba are forbidden. So it does not matter if the context is consumption or business and also whether the loan in issued or availed. It is also irrelevant whether the institution in question is a commercial bank, government agency, business enterprise or an individual. 3. DOES THE PROHIBITION OF RIBA APPLY EQUALLY TO THE LOANS OBTAINED FROM OR EXTENDED TO MUSLIMS AS WELL AS NON-MUSLIMS? The Islamic Fiqh Academy (IFA), which is the leading authority on financial transactions, mentions that there is no leniency in the application of Shariah laws even if one party of a financial transaction is non-Muslim.
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