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RIBA (INTEREST) AND ITS TYPES

The Arabic word riba literally means “increase in” or “addition to” anything So Riba means any excess compensation over and above the principal which is without due consideration (consideration does not include time value of money). It’s a premium paid to the lender for his waiting as a condition for a loan.

Types Of Riba :
There are two types of Riba, namely :
1.Riba An Nasiyah or Riba- ul-Jahilya
2.Riba Al Fadl or Riba-al-Bai.

1. Riba An Nasiyah: Riba An Nasiyah means the excess, which results from predetermined interest (sood) which a lender receives over and above the principle. This type of interest is widely used in our current commercial banking system. This is actually the real and primary form of riba in which premium is paid to the lender for his waiting for the predetermined time period. This type of interest is charged on money loans.

2.Riba Al Fadl : Riba Al Fadl means the excess compensation without any consideration resulting from a sale of goods Or excess taken in exchange of specific commodities which are homogeneous. This type of interest is charged in barter transactions of commodities.

During the dark ages, only the first form (Riba An Nasiyah) was considered to be Riba. However the Holy Prophet S.A.W also classified the second form (Riba Al Fadl) as Riba.
The meaning of Riba has been clarified in the following verses of Quran:
“O those who believe, fear Allah and give up what still remains of the Riba if you are believers. But if you do not do so, then be warned of war from Allah and His Messenger. If you repent even now, you have the right of the return of your capital; neither will you do wrong nor will you be wronged.” Al Baqarah 2:278
These verses clearly indicate that the term Riba means any excess compensation over and above the principal which is without due consideration. However, the Quran has not altogether forbidden all types of excess; as it is present in trade as well, which is permissible. The excess that has been rendered haram in Quran is a special type termed as Riba. In the dark ages, the Arabs used to accept Riba as a type of sale, which unfortunately is also being understood at the present times. Islam has categorically made a clear distinction between the excess in capital resulting from sale and excess resulting from interest. The first type of excess is permissible but the second type is forbidden and rendered Haram.
“Seized in this state they say: ‘Buying and selling is but a kind of interest’, even though Allah has made buying and selling lawful, and interest unlawful.” Al Baqarah 2:275

Riba al Nasiah is further classified in two types:-

1.Sood-e-Mufrad( Simple Interest)
Under this form of interest the provider of the capital money charges interest only on the initial investment from the borrower it’s a one time fixed interest which the borrower have to pay to the lender in the fixed pre-determined time.

2.Sood-e-Murakkab(Compound Interest)
Under this form of interest the interest is calculated on the principle amount plus the interest already due which means interest is added into the principle amount and then interest is charged on the whole amount. In other words there is reinvestment of each interest payment on money invested to earn more interest.
The following are the other forms of interest which are now widely being used in our society:

1)Tijarti Sood(Commercial interest)
This form of interest is paid on commercial loans taken by the business persons and the industrialists so that they can invest in their businesses for productive and profitable purpose

2) Sarfi Sood (Usury)
This form of interest is paid on personal loans which are taken to fulfill the one’s personal need and expenses. It includes home loan, car loan, home appliances loan e.t.c

By: Arslan Ziad

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