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A type of interest. Taking something of superior quality in exchange for the same kind of thing of poorer quality. Allah Subhana wa Ta'ala has strictly prohibited any kind of Riba and has warned of severe punishment for those who have any association with it. See the Holy Qur' an, Surah Al-Baqara (2):275-280
Property susceptible of riba.
Nis'a (Riba al)()
A type of interest. Taking interest on loaned money. An act which Haram. See the Holy Qur'an, Al-Baqara (2):275-280 and Aali'imran(3):13O.
Increase, addition, expansion or growth. However, not every increase or growth is prohibited by Islam. Under the Shari'ah, Riba technically refers to the premium that must be paid without any consideration. According to the jurists of Islam, this definition covers the two types of Riba, namely Riba Al Fadhl and Riba Al Nasi'ah.
Example 1 of Riba: If A sells $100 to B with $110. The premium of $10 is without any consideration or compensation. Therefore, this amount of $10 will be Riba.
Example 2 of Riba:If A lends $100 to B (a borrower) with a condition that B shall return him $110 after one month. In this case, the premium paid that must be paid by the borrower to the lender along with the price is Riba because the premium of $10 is without any consideration.
An extension of Riba to trade because while trade is allowed, not everything in trade is permissible. The prohibition of Ribaal-fadl closes all back doors to Riba through trade; unlawful excess in the exchange of two counter-values, where the excess is measurable through weight or measure. According to some Ahadith, (Sayings of the Holy Prophet) if six things i.e. gold, silver, wheat, barley, dates and salt are exchanged against themselves, they should be spot and be equal and been specified. If these conditions are not found, this transaction will become Riba Al Fadhl.
This involves any discrepancy in quantity in an exchange, for example, an exchange of goods of superior quality for more of the same kind of goods of inferior quality, e.g., dates of superior quality for dates of inferior quality in greater amount. this is forbidden.
This involves a gap in time in an exchange of two quantities, even if they match in quantity and quality, for example, interest on lent money.
It refers to the 'premium' that must be paid by the borrower to the lender along with the principal amount as a condition for the loan or an extension in its maturity. It is thus equivalent to interest. The 'addition' of the 'premium' which is paid to the lender in return for his waiting as a condition for the loan and is technically the same as interest.