I have a question, in the Quran, it talks about ‘riba’ being haram. I was having a discussion with a group of friends and basically we couldn’t decide on its meaning!
The argument for interest consisted of it being a neccesity in a non-islamic society but there was also an idea that riba is not interest; but rather that usary is interest, where the person is so much in debt that he cannot overcome it and that they pay an enormous amount to their creditors, over the value of the loan.
So, is Riba ‘usary’ or is it ‘interest’ or is it both?