riba
- Riba is an Arabic term that refers to interest or usury, which is the practice of making unethical or immoral monetary loans that unfairly enrich the lender. In Islamic finance, riba is prohibited as it is considered exploitative. nounThe bank's loan terms were scrutinized to ensure they did not involve riba, in accordance with Islamic financial principles.Many Muslims seek Sharia-compliant financial products to avoid engaging in riba.
- In a broader sense, riba can also refer to any form of unjust, exploitative gains in trade or business under Islamic law. nounThe business deal was restructured to eliminate any elements of riba, ensuring fairness for all parties involved.Islamic scholars often debate the nuances of what constitutes riba in modern financial transactions.