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16.5.09

New Theories of Riba I

Dr Azeemuddin Subhani has, in the relatively short period of time since his masterpiece came out, made a significant impression on the Islamic Finance community. But rather than to rehash his contributions, below we give a link to his New Horizon Interview of 2008, and in coming weeks, Insh'Allah, we will have the pleasure of providing links to his very delving works.

Interview: A New Take On Riba, New Horizon, July 2008.

Dr Azeemuddin Subhani spent nearly three decades working as a financial advisor in the Saudi oil ministry. Though he worked in a conventional financial environment, he nevertheless harboured a passion for Islamic finance and law. When he retired in 1999, he took the opportunity to study it at McGill University in Canada. He finished a PhD in Islamic Law and Finance in April 2007. He has since presented his thesis, in which he provides a new definition of the concept of riba, at Harvard Law School in the US, where it is currently being edited for publication. Dr Subhani has been publicising it for a couple of months now, in which time Sheikh Nizam Yaqubi, a prominent Shari’ah scholar, has offered to translate it into Arabic and distribute it to libraries across the Arabic world. Others have offered to translate it into Turkish and Urdu. Here, Dr Subhani explains to NewHorizon what he thinks the true meaning of riba is all about.


Please stay tuned for more by Dr Subhani.


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