My COMPLAIN with Islamic scholars is that they seem to disagree on this very important issue.
CAN SOMEONE DEFINE 'RIBA' AND 'BAIE' IN LIGHT OF QURANIC VERSE 2:275? Can Muslim ulama agree on this? Once I was reading Karen Armstrong's views on Interest in Islam. As you might know that Karen Armstrong has great regard for Islam and last prophet pbuh though she is catholic. According to her interest that became double upon non payment and compounded to make it absolutely impossible for a lender to free from loan is Haram. And that was the reason for the verses.
When Quran says Riba is Haram and Baie is halal. Can anyone define both words?
Thanks for your contributions.