The Terminology of Literal and Conceptual Definition of Riba in Islam and West: the Comparative Approach

In this paper, an attempt is made to investigate the comprehensive terminology of Riba in context to its prevailing literal and conceptual definition in Fiqh and Islamic Jurisprudence and compare it with etymology of terms usury and interest rate in the western literature, pro rata. For this purpose, we have applied the Analytical-Descriptive Methodology to construe the issue thereto. The results prima facie, indicate that in typology, the phenomenon of Riba could be manifested both in the Islamic jurisprudence and western texts, but it carries de facto unakin epiphany in Qard and non-Qard contracts in toto. Second, in Islamic treatise, Riba consists per se, the utter excessiveness in terms of modicum or soaring rates, while, in western exposition, it denotes significant and mere excess acceleration of rate, de jure and hence the low rates are designated as interest rates and are quite permissible sine die. Third, in Islamic Fiqh, the high or low rate does not make any difference on realization of Riba, while, in western conventional manuscripts, it does matter Sine qua non. Finally the insinuation of usury or interest rate as cognominated Riba in Islamic jurisprudence is sheer dereliction and erratic, due to the fact that the Riba, usury and interest rate are subject to logical relation of General and Particular, Sui generis.