The literal meaning of Al-RIBA(Interest) as it is used in the Arabic language means to excess, increase or addition.In the Islamic terminology interest means effortless profit or that profit which comes free from compensation or that extra earning obtained that is free of exchange.
Shah Waliullah Dehlvi( a great islamic scholar ) has given a very concise and precise definition of interest. He says,
"Riba` is a loan with the condition that the borrower will return to the lender more than and better than the quantity borrowed."
Another Definition of Ribaa has been given as: Excess compensation without due consideration made conditional for either party to a contract.
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