Premium Essay

Prohibition of Riba from the Perspective of 4 Main Schools of Thought

In: Business and Management

Submitted By dzullfa
Words 6784
Pages 28
PROHIBITION OF RIBA
FROM THE PERSPECTIVE OF FOUR MAIN SCHOOLS OF THOUGHT

Introduction In the comprehensive and restrictive meaning, riba is defined as “any increment incurred upon specific ribawi (usurious) items originated either from debt or trading transactions”. Apart from its literal meaning of “increase”, classical Islamic scholars such as Ibn Arabi, Mujahid and Tabari interpreted riba as an ‘increase without wealth (mal) attached to it’, or as ‘compensation for waiting’ or ‘increase of amount owing to the lenders due to the deferment of payment resulted from extension of original loan tenure’. Such interpretation encompasses riba from debt transaction (i.e. riba ad-duyun) as well as riba from trading of the six ribawi items (i.e. riba al buyu’). The prohibition of riba appears in Al-Quran in four different revelations. The first of these is in Surah Ar-Rum ayyat 39 which emphasized on moral denunciation for those who gives riba and commendation for those who contribute tithe (zakat). The second revelation is in Surah An-Nisa ayyat 161 concerning riba and the Jews. It severely condemned the Jews who took riba despite they were forbidden to do so. The third revelation in Surah Ali Imran ayyat 130 enjoined the Muslims to keep away themselves from riba and the fourth revelation in Surah Al-Baqarah ayyat 275-278 delineate the strong verdict against riba especially the two excerpts from ayyat 275 which stated that “Those who devour riba will not stand except as one whom the devil has driven madness by [his] touch” and “… Allah has permitted trade and forbidden riba”. Allah SWT strongly condemned riba and that was reflected in Surah Al-Baqarah ayyat 278-279 which imposes harsh punishment for those who hesitate to observe the verdict. Prophet Muhammad (p.b.u.h.) during his last pilgrimage pronounced the following: “Be aware that every single type…...

Similar Documents

Free Essay

Merchantilist School of Economic Thought

...History of Economic Thought September 6, 2012 The Mercantilist School 1. What Was the Historical Background of the School? Mercantilisms were a group of writers and thinkers who prevailed in Europe after the decline of feudalism in the early 15th century and the beginning of the Industrial revolution in 1780 (Mathur). The use of money expanded and trade increased within each country and between countries (Brue Grant 13). The focus was on the economic competition, they believed that politics must control economics. The Europeans explored and extended the sphere of commerce part due to the development of navigation (Brue Grant 13). The primary objective of the Mercantilism was to increase the power of the nation state. The more gold a nation had the richer and more powerful it became. Intense rivalry and competition among states began. Mercantilists believed the way for a nation to become rich and powerful was to export more than it imported. “The mercantilist school superseded feudal concepts, encouraged nationalism, gave new dignity and importance to the merchant, and justified a policy of economic and military expansion” (Brue Grant 13). 2. What Were the Major Tenets of the School? The main principles of the Mercantilism School are as follows: Wealth was power, and therefore the objective of the country was to maximize its wealth through the possession of gold and silver it possessed. (Brue Grant 14). Trade policy tended to be to import raw......

Words: 1373 - Pages: 6

Premium Essay

School of Management Thought: an Introductory Overview

...1. What are the features of the major management thought schools? The major schools of management theory can be, according to the author Koontz, classified into six main groups: 1) The Management Process School: which deals with management as being a process of getting things done through and with people operating in organized groups. This school is also called the “traditional” or “universalist” school, and is fathered by Henri Fayol. It views management theory as a way of organizing experience for practice, research and teaching. It begins by defining the functions of managers. 2) The Empirical School: which deals with management as being a study of experience that has to be taught and transferred to the practitioner or student. Koontz mentions Ernest Dale's comparative approach as an example which involves the study and analysis of cases. The general idea is that generalizations can be drawn from cases that can be applied as guides in similar situations. 3) The Human Behavior School: which believes that since managing involves getting things done with and through people, then the study of management must be centered on interpersonal relations. It’s also called the “human relations”, “leadership”, or “behavioral sciences” approach. Its theory focuses on the motivation of the individual viewed as a socio-psychological being. 4) The Social System School: which identifies the nature of the cultural relationships of various social groups and attempts to show these as a......

Words: 1231 - Pages: 5

Free Essay

The Crusades from an Islamic Perspective

...at Clermont in 1095 AD, and all but ended with the Muslim liberation of Acre in 1291. The initial western offensive was sudden and effective. By 1099, Jerusalem was in Christian hands, and remained so until 1187, when it was liberated by Slah al-Din. From then on, European power in the region was very limited, although Frederick II of Sicily briefly conquered Jerusalem again in 1228. The fall of Acre in 1291 marked the end of the European presence in the region. All in all, it was the western Christian that states failed to counter the ultimate rise of Muslim power as-well-as “liberating” any holy lands. It was a war that a man fought another man for the misguided main beliefs of another. Over-all, the Muslim nations that were invaded by those Christian states wanted no part of the hostile take-over of their lands or a forced conversion to their non-Islamic religion. Holy Sepulchre, a city in Palestine was the center of attraction; where the religious practices of Christians were not allowed to enter. The city was under the care of the Caliphs from Bagdad and the Fatimid’s of Egypt. At one point the Caliph presented the keys of this holy place to Charlemagne to lock out the millions of Christians from gaining access. People from Turkey sooner joined the fight to control the holy place as the Arabian community could not resist them and eventually more Christians were subjected to many more annoyances. The whole of Europe also complained about the brutality in which these......

Words: 4713 - Pages: 19

Premium Essay

Schools of Thought

...The many schools of thought in Psychology attempt to define Psychology and promote one specific method of studying the brain. The text shows that the individual schools of thought come together in examining the mechanics of the brain and how it makes us human. Structuralism is the first school of thought that promoted the structure of consciousness. By studying consciousness it was belief that one could understand the basis for psychology. This was a method that advocated introspection as a form of study, along with developing a sort of periodic table for human consciousness. Experimentation in this school of thought can be perceived of as unscientific in that it requires honest introspection into oneself. Reporting thoughts and feelings on a moment by moment basis proves very unreliable because of the fact humans are often time not truly honest. Functionalism is the second school of thought in which the functionality of psychological processes and how people interact with things around them. William James is the first person to write a textbook for psychology. Whereas structuralism studied the structure of psychology, functionalists in this school of thought were interested in discovering the reason the brain works the way it does using experimentation not specifically related to human beings. Functionalists experimented not only with animals but also with brains that functioned improperly. The Psychodynamic school of thought was promoted by Sigmund Freud who developed......

Words: 973 - Pages: 4

Premium Essay

Schools of Thought in Psychology

... In other words the study of one’s feelings, thoughts, and why people act the way they do. When studying psychology there are five major schools of thought, Behaviorism, Psychoanalytic/Psychodynamic, Humanistic, and Cognitive. Each of these different schools of thought has their very own views on behavior and one’s mind. Behaviorism is the study of psychology that believes in observation of one’s behavior with the thought that all of one’s behaviors such as emotions, thoughts, and even doing simple everyday things are all forms of behavior. Behavioralists believe that environmental stimuli are what contributes to one’s behavior and that this can all be studied through observation of animals and people. (Kowalski & Westen, 2011) John B. Watson is the founder of this field of study in psychology. Behaviorists also believe that it is impossible to study the mind without observation and usually conduct their studies by doing experiments to try and control behavior. An example of this would be Ivan Pavlov’s dogs. He did a study with dogs and learned that when they would hear a particular sound they would begin to salivate just like they would if they actually had food in front of them. By using this sound he could control the dogs. The psychodynamic perspective is the perspective that focuses on the dynamic interplay of mental forces. This perspective was made by Sigmund Freud who believed that just as we have conscious thoughts, we also have unconscious motives that lead......

Words: 806 - Pages: 4

Premium Essay

School for Thought

...Running Head: Course Project: School For Thought Course Project: DeVry University – Keller Graduate School of Management Managerial Decision-Making (MGMT530) September 2012 Table of Contents Executive Summary 3 Introduction – Overview of Decision Problem 4 Problem Statement 4 Objectives 4 Summary of Key Objectives: 5 Alternatives 6 Description of Alternatives: 6 Selection 6 Consequence Table with Original Values: Title 7 Weighted Scoring Model: Title 8 Consequences 9 Risk Profile: Title 9 Implementation, Monitoring and Control 10 Timeline: 10 Summary 11 Works Cited 12 Executive Summary I am nearing the end of my graduate studies for a master’s in nursing administration. I was presented with the option to continue for another year at my present academic institution for a master’s in business administration. However, an additional option was presented from another academic institution, to pursue a doctorate degree in nursing practice. The program is two years. Should I pursue another master’s degree but in business administration or move on with my master’s in nursing administration and go right for my doctorate in nursing practice? My true goal is to stay true my nursing core values. I would like to be prepared for a role as a Chief Nursing Officer (CNO). Introduction – Overview of Decision Problem Problem Statement The nature of the decision correlates to pressure as I am quickly......

Words: 1941 - Pages: 8

Premium Essay

Environmental Issues and Schools of Thought

...Environmental Issues and Schools of Thought An environmental issue greatly affecting the Florida Gulf Coast counties are the protection of the shores and beaches. Through recent years there have been oil spills in the gulf that have threatened numerous environments, endangered species, as well as hurt the tourism industry. The most threatening spill was the famous BP oil spill of 2010. This spill devastated numerous species of wildlife and hurt businesses for years. Although this is an ongoing threat, the greedy oil industry is still pushing for more offshore drilling which is forcing activists of all organizations to step up and fight their plans for more drilling. There two schools of thought that should be taken into account for people dealing with this issue. The first is pluralism. The state's elected leaders need to see both sides to this issue so they can vote and make an elected decision. If they were to see both sides to this environmental problem then they could come up with a strategy to have both sides agree to the plan. Without the idea of pluralism there would be no way to understand all aspects of this issue. The other school of thought relative to this issue is ethical extensionism, which means that all things in nature should be extended moral standing. People with this view will this these animals that have no say in the matter, but should be thought of in any decisions made. They are just as important to Florida's coast as humans are to the boating...

Words: 377 - Pages: 2

Premium Essay

Schools of Management Thought

...Schools of Management Thought SCHOOLS OF MANAGEMENT THOUGHT Structure 4.0 4.1 4.2 4.3 4.4 4.5 Objectives Introduction Historical Perspective Theory in Management Classification of Management Theories Classical Management Theory 4.5.1 Scientific Management 4.5.2 Administrative Management 4.5.3 Bureaucratic Organization 4.5.4 Criticisms on Classical Management Theory 4.6 Neo-Classical Theory 4.6.1 Human-Relations School 4.6.2 Behavioural Schools 4.7 Modem Management Theory 4.7.1 Systems Theory 4.1.2 Contingency Theory 4.7.3 Organizational Humanism 4.7.4 Management Science 4.8 Other Schools of Thoughts, Styles and Approaches 4.9 Problems and Conflicts in Management Theories 4.10 Summary 4.11 Key Words 4.12 References and Further Reading 4.0 OBJECTIVES After reading this Unit, you will be able to • know the historical development of schools of management thought; • explain what a theory in management is; • outline the classification of management theories; • describe important schools of management, their contributions and limitations; • elaborate problems and conflicting issues in management theory; and 4.1 INTRODUCTION In the preceding three units of this block you have learnt various scientific principles of management, management functions and what constitutes managerial quality and leadership as propounded by management experts. In this Unit you will have a historical perspective of management approaches or thoughts. The block in toto will set the background about......

Words: 10432 - Pages: 42

Premium Essay

Analysis from Society's Perspective

...Analysis from Society’s Perspective Society can be defined through many different factors. The simplest of all is the general, dictionary definition that states: ‘People in general living together in organized communities, with laws and traditions controlling the way that they behave towards one another.’ (Macmillan Dictionary, 2014) The crucial parts in this definition are the’ laws and traditions’ that control the society. We can easily interpret these as Government and Culture in contemporary society. Through Culture we have interests, task divisions and roles, and we can say that nowadays Businesses play a big part of a nation’s Culture. In addition we can say that both Government and Business are parts of Society, while Society is being influenced by both sectors nonetheless, creating a cycle of actions and reactions. In this case society represents the organisations and the people under their care. The organisations fall under either business or government sector, even though they are societies on their own, and part of a bigger society altogether. On one side we have the hospitals, on the other, businesses and in between them the regulating bodies. The society that I will be talking about in this report represents all the people involved, the business people, the government and the rest of society, the common folk. Society has different faces. Society can be the victim; it can be the harasser and finally the peace maker. The role it will take depends on what......

Words: 1609 - Pages: 7

Premium Essay

Entrepreneurial School of Thought

...Entrepreneurial School of Thought This school sees strategy formation as a visionary process and is fell under the descriptive school of strategic management. The chief architect of the strategy is the CEO of a company. This school took formal leadership seriously and CEO is responsible for strategy formulation. It stressed on mental state and processes such as instinctive knowledge, belief, wisdom, experience and insight of a single leader. The leader should be visionary in formulating strategy. The entrepreneurial school promotes strategy as a process which has a clear image and sense of direction which can be termed as a vision. Entrepreneurial strategy often occurs in startup companies and organizations in trouble and needing a turnaround. For any organization to sustain success it must engage in some form of entrepreneurial activity in order to effectively compete in the marketplace and continue to increase stakeholder value. In this school the organization becomes responsive to only one person, the CEO and vision is the central concept of this school. Vision is the mental representation of a leader and it outlines what the organization wants to be or how it wants the world in which it operates to be. It is a long term view and concentrates on the future. It can be emotive and source of inspiration. It serves as a guiding idea and often tends to be a kind of image than a fully clear plan. Visions are often flexible so that the leaders can change them as they like.......

Words: 4483 - Pages: 18

Free Essay

Swing from a Different Perspective

...Alexander Francis ENG 200 November 4, 2013 Prof. Hamann, Erika Thesis: WWII was critical to the degree at which swing influenced the development of American identity; not only through recognition of social inequalities, but furthering the development of a musical identity that still influences the modern sounds of our ever-changing culture. Why Swing Swung What separates you from others can appropriately be deemed as a series of conflict’s, conflict is critical to the development of identity; without conflict the unconscious perception of us, them, we or they would not exist. Humans being naturally prone to argument create a cultural identity designed around the conflicts in which a number of people are affected, in turn allowing people to identify with each other through common grounds; unintentionally creating a communication barrier between them and us. This model although small demonstrates how groups are formed, and can be projected upon the development of a musical identity within America during the Second World War. Possibly seen as the largest conflict in recorded history, World War II set the boundaries for numerous identities; creating a conscious affiliation of differences, people now identified themselves through stereotypes that otherwise would not have developed. Most of these conflicts or stereotypes would happen to be woven inside the United States due to propaganda: a necessary war tool developed to instill a feeling of pride and ensure a feeling......

Words: 1525 - Pages: 7

Free Essay

Riba

...The Prohibition of Riba in The Holy Qur’an & Hadith Definition of Riba • Lexical: ‫دة‬ • Legal: ‫ ا‬excess, increase or addition excess compensation without due consideration made conditional for either party to a contract 2 Types of Riba 1. Riba al-Nase’ah – ‫ر ا‬ • To charge a specified increase or profit on a specific amount lent for a given period • Also known as: • • 2. Riba al-Jahiliyyah Riba al-Qur’an Riba al-Fadhl – ‫ر ا ه‬ • Excess that is taken in the exchange of homogenous ( ) commodities and is encountered in their hand to hand purchase and sale • Also known as: • • Riba al-Bey‘ Riba al-Hadith Historical Analysis - Verse 1 [ ] (39) And that which you give in riba for increase through the property of [other] people, will have no increase with Allah. But that which you give in charity seeking the countenance of Allah, it is these who will get a recompense multiplied. [30:39] • • • Revealed in Makkah Not prohibitive in nature According to the majority of exegetes, refers to the gift that is extended to another with the intention that the latter will return it with a better gift Historical Analysis - Verse 2 [ ] (161) That they took riba, though they were forbidden … [4:161] • • • • • • Enumeration of the iniquity and wickedness of the Jews Exact time of revelation is uncertain Context indicates before 4th year AH as most Jews had by the departed Madinah According to......

Words: 1125 - Pages: 5

Free Essay

Aboortion from a Christian Perspective

...Robin Cypress CWV 101 April 26, 2015 Professor Bob Greene Abortion – From A Christian’s Perspective The ability to bring a life into the world after having carried and nurtured it in your womb for a woman is considered a gift and blessing to most, however there are times when the decision to bring a life into the world is clouded by another issue such as rape or fetal abnormalities at which point it becomes an ethical dilemma as to whether to bring that life into the world or to end the pregnancy and the life of the child. This paper will address the ethical dilemma, core beliefs, resolution, evaluation and comparison from the Christian perspective that should be considered during this process. Living life is a gift that God has given each of us and regardless of the circumstances to how we came here or what will be faced along our journey, until God decides to end it, He is the only one who should be capable of making that choice. Ethical Dilemma From the moment that a pregnancy is confirmed, feeling of the first movements, hearing the heartbeat, seeing them waving from the sonogram, to the actual birth, bringing a child into the world for many is an exceptional experience. It is not until you are faced with the possibility that something is wrong with the child such as a lifelong medical condition that you face a difficult decision as to whether to keep the child or terminate the pregnancy. For some the decision is an easy one because they feel......

Words: 1368 - Pages: 6

Premium Essay

My Personality from Three Perspectives

...Individual Assignment: My personality from Three Perspectives Individual Assignment: My personality from Three Perspectives It seems the most fascinating question of all among life’s big questions would be: “Who am I?” This question, recently, has been becoming one of the most topic that people keep talking about. “Be yourself”, “Understand yourself and you will understand others”, “What others think about you is not important as what you think about yourself”… they are some of the most popular quotes that have been shared among the social network recently. The bottom line question is, why people start to care about that topic. Actually it is not new that people ask themselves such these question, but before it was challenging to find the answer due to lack of knowledge or direction. Fortunately, thanks to all the theories developed by respected psychologists, we can use those theories as a guideline in order to analyses about ourselves. I, as a mortal, always wonder who I am and why I think, feel and behave like I do every day. Basically, I want know what make me a unique individual and how I differentiate from the others. In psychology, they call it “personality”. There are variety of perspectives to explain one’s personality; and in this essay, I will analyses my own personality based on three different theories of three psychologist: Adler, Eysenck and Kelly. Adler’s Individual Psychology I remember since I was a kid, I have always felt inferior to my peers......

Words: 1778 - Pages: 8

Premium Essay

Major Schools of Thought in Psychology

...Major School of Thoughts in Psychology Adel Pena PSY/300 December 07, 2011 Dr. Delvida Long Major School of Thoughts in Psychology A realm of thought and emotions researched since the 1870s by many, in clinical studies, through science and technology is Psychology. Psychology is often known as “the scientific investigation of mental processes (thinking, remembering, feeling, etc.) and behavior. Understanding a person requires attention to the individual’s biology, psychological experiences, and cultural context.” (Kowalski & Westen, 2009, p.3) This paper will indulge into the foundation of psychology and the assumptions attributed with it. The two major schools of thought in psychology are known as structuralism and functionalism. Other schools of thought are also behaviorism, psychodynamic, and cognitive. Now in regard to the two major schools, structuralism is known as the first school of psychology and can be attributed to Edward Titchener and Wilhelm Wundt. They were interested in studying the structure of consciousness and wanted to compose a chart similar to the periodic table to illustrate the elements of human consciousness. Structuralism is supposed to break down the mental process in its simplest of forms and also through introspection. Titchener believed that experimentation was the only way to develop a method of psychology that did not apply too much......

Words: 700 - Pages: 3

For Samsung Galaxy S7 Marble Design Hybrid Armor Case Protective Phone Cover | Knowing Brother Episode 34 | White Boy Rick