BAKOLORI JOURNAL OF GENERAL STUDIES

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How to Cite

Abdullahi, I. (2021). AN OVERVIEW OF THE PROHIBITION OF INTEREST: ALTERNATIVE APPROACH IN ISLAMIC ECONOMY. BAKOLORI JOURNAL OF GENERAL STUDIES, 11, 1-2. https://doi.org/10.xxxx/abcd

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Abstract

Riba (Interest) has been one of the worst instruments of human exploitation in the history of mankind, the paper is conceptual research that affects every sector in the economy and jeopardizes the socioeconomic well-being of the citizens. It contains the introduction, literature, summary conclusion and policy implication. Interest {Riba} outrightly and unambiguously forbidden in all the three major biblical religions. Islam as the last among them, has not only prohibited interest in all its ramifications, but further trudges to suggest certain alternative mode of finance that can be used as a perfect replacement to {Riba} based transactions. The main aim of this paper therefore, is to explain the concept of {Riba} in Islam and give a detail account of the stock of alternative modes finance used in Islamic economy.

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