Takaful,Islamic Insurance,Islamic Banking,Riba,Interest Free,Shariah,Koran,Quran | Glossary of Terms

Glossary of Terms

Riba - Usury, interest which is unlawful in the Islamic shariah. It is therefore, unjustified or uncompensated excess in the exchange of counter values in the transaction of exchange when the excess revealed either through weight or measure or through benefit arising from delayed delivery. Today most of the commercial transactions under coventional economy revolve around the elements of riba.

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