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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS
JUNE 2011
VOL 3, NO 2
movement. At the sometime some other publications were also issued, for example Masla-e-
Saud Aur Muslamanou Ka Mustaqbil, Jawaz-e-Saud Ma Fatawa & Masla-e-Riba Aur Tejarati
Saud Ki Bahus, etc.
2. Contribution of This Movement:
The basic objective of this movement was to improve the overall economic and social status
of Muslim community of India, Molvi Muhammad Ikram (1927). This movement was mainly
focused on improvement of economic conditions of Muslims in the Sub-Continent. It was a very
crucial time for Indian Muslims. Their share in the commerce and trade was rapidly decreasing.
In Indian civil service the share of Muslims was much less than their size of population. The
overall conditions for them were very poor. One of the big reasons of this economic
backwardness was that Muslims as a community were disgust from new economic set up
established by British Government, due to the presence of interest in it.
Since riba (interest) is completely prohibited in Islam, hence they were quite wavering from
it. It was the time when thinkers of this movement decided to bring Muslims close to new
economic system. Definitely presence of interest was the main barrier in this regard. This is the
reason that they started a campaign against traditional concept of riba (interest). For this purpose
they put some basic questions about the nature, background and prohibition of riba (interest),
e.g.
i. What is the definition of riba?
ii. Are the limits of riba can be determined?
iii. Due to which reason riba (interest) was prohibited and what is the demand of this reason now
a day?
iv. Is riba (interest) completely banned or there may be some exceptions in it?, Molvi
Muhammad Ikram (1927).
Since these questions were raised from the platform of this movement, hence it was
indispensable for them that, they provide the answers of these questions. They have done the
same, and in the regard they had created a separate school of thought, which is still alive and in
many discussions the resumption of their arguments is still present. Hence it can be said that, this
movement is alive in the form of their arguments, about riba. Mulana Iqbal Ahemd has answered
these questions in such a manner, the Quranic term riba (interest) is a particular type of
increment and there is not any explanation of this increment in Qur’an and Sunnah both.
Moreover in the early period of Islam there was not any consonance on this term, even upto the
time of uima situation was quite same. On this basis he concluded that, there is not any hard &
fast rule in this regard. Due to this reason it is advised to Muslims that, they will leave anything
about which they are doubtful about riba (interest), and take rest of the items, Mulana Iqbal
Ahmed (1927).
In his opinion Riba-al-Fadal is just applicable in barter system and cannot be used in cash or
credit transactions. Moreover exchange of money transactions also does not have any chance of
riba (interest). Hence according to him concept of riba (interest) is just applicable on a particular
type of credit transaction which is called as deferred sales. Except for this rest of the transactions
are free from riba (interest). The nature of this transaction is that, buyer made a down payment to
seller for the future delivery of goods or crops. If the seller provided the same within specified
time, this transaction was completed and no extra charge was paid by the seller. But on the other
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