In terms of what I am suggesting the following are the definitions:
Usury: A practice of charging premium on top of the capital outlay that is untied to market norms.
Interest: An instrument for loan valuation that is tied to the value of the currency that is lent based on its present value+ opportunity costs.
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*Originally posted by rabika: *
can u send me the links of those threads?
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use the search function and look for all threads in religion that have the word interest and/or ribs in them.
This is an excellent explanation of Riba its history, use and function by Justice Muhammad Taqi Usmani. A good resource for Muslims to understand the concept of Riba.
thanks a lot MM i was really looking for Maulana taqi usmani's views:-)
finally i hav come to this conclusion (my own understanding )key the thnigs which deals in current accounts are interest-free...