Abstract
Islamic finance adopted the view that Riba is defined as interest or usury. However, Islamic text advises that Riba was not completely defined, and the text contributes towards defining Riba. This article draws evidence from the Islamic literature to redefine Riba and chart a new path for investing. The data was codified to redefine Riba as any income contrary to Islamic belief. This, in turn, enables us to design a tool we call Islamic Utility to screen assets. While the study focuses on investments, the definition serves for all Riba. We use South African data, but the thinking is generalisable.
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Article Details
- Year: 2024
- Volume: 45
- Issue: 2
- Pages: 1 - 40
- Accepted: 14.08.2024
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DOI:
https://doi.org/10.5281/zenodo.16892358 -
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How to Cite?
Taariq GH Surtee, Imhotep Paul Alagidede (2024). Redefining Riba: Influencing Shariah Investing. Journal of Economic Cooperation and Development, 45(2), 1-40. https://doi.org/10.5281/zenodo.16892358
