13 islamic banking sources of shariah quranic verses

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13 Islamic Banking
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Sources of Shariah: Quranic Verses on Riba Surah Al-i- Imran: (3:130) In Surah Al-i-'Imran the prohibition of riba is laid down in the following words: "O those who believe do not eat up riba doubled and redoubled." *Al‐ i ‐' Imran 3:130] This verse is estimated to have been revealed sometime in the 2nd year after Hijra, because the context of the preceding and succeeding verses refers to the battle of Uhud which took place in the 2nd year after Hijra. This verse contains a clear prohibition for the Muslims and it can safely be said that it is the first verse of the Holy Qur'an through which the practice of riba was forbidden for the Muslims in express terms. 14 Islamic Banking
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Sources of Shariah: Quranic Verses on Riba Surah Baqarah: (2:275-281) The following set of verses is found in the Surah Al-Baqarah in the following words: "Those who take interest will not stand but as stands whom the demon has driven crazy by his touch. That is because they have said: 'Trading is but like riba'. And Allah has permitted trading and prohibited riba. So, whoever receives an advice from his Lord and stops, he is allowed what has passed, and his matter is up to Allah. And the ones who revert back, those are the people of Fire. There they remain forever. 15 Islamic Banking
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Sources of Shariah: Quranic Verses on Riba Surah Baqarah: (2:275-281) The following set of verses is found in the Surah Al-Baqarah in the following words: Allah destroys riba and nourishes charities. And Allah does not like any sinful disbeliever. Surely those who believe and do good deeds, establish Salah and pay Zakah, have their reward with their Lord, and there is no fear for them, nor shall they grieve. 16 Islamic Banking
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Sources of Shariah: Quranic Verses on Riba Surah Baqarah: (2:275-281) O those who believe, fear Allah and give up what still remains of the riba if you are believers. But if you do not, then listen to the declaration of war from Allah and His Messenger. And if you repent, yours is your principal. Neither you wrong, nor be wronged. And if there be one in misery, then deferment till ease. And that you leave it as alms is far better for you, if you really know. And be fearful of a day when you shall be returned to Allah, then everybody shall be paid, in full, what he has earned. And they shall not be wronged." *Al‐ Baqarah 2:275‐281+ 17 Islamic Banking
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Sources of Shariah: Quranic Verses on Riba Surah Baqarah: (2:275-281) The fourth set of verses is contained in Surah Al-Baqarah where the severity of the prohibition of riba has been elaborated in detail. The background of the revelation of these verses is that after the conquest of Makkah, the Holy Prophet, Sall-Allahu alayhi wa sallam, had declared as void all the amounts of riba that were due at that time.
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