Interest: Legal Consequences and Penal Aspects in Sharia

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As Sharia law deals with what is lawful and unlawful or permitted and prohibited acts pertaining to all the major aspects of life – and that includes commercial law covering businesses and private transactions, riba (interest)[1] has been one of the most widely known and discussed subjects. This paper, without going into the core subject of what constitutes interest, will directly engage with the penal aspect of riba in Islam, i.e., the penal consequences and what type of punishments it may carry or has been prescribed by Sharia.

There has been extensive discussion on the topic of interest or usury known as riba in Sharia, yet little has been discussed, at least outside the academic context...