This study sheds light on the question of usury (ribā) and the attempts made to harmonise it with Sharīʿah principles in the Muslim world. Special reference is made to the 20th century works of al-Sanhūrī. A descriptive, analytic methodology is adopted to explain the arguments advanced for admissibility of contemporary interest-based banking systems and to evaluate the excuses put forward for application of interest in the Muslim world. This study concludes that the array of excuses advanced during the 20th century for the admissibility of interest was not precisely founded on the principles of Islamic jurisprudence.
Irfan Ul-HaqEconomic Doctrines of Islam: A Study in the Doctrines of Islam and Their Implications for Proverty Employment and Economic Growth (Virginia: International Institute of Islamic Thought1996) 131-132.