Legal Concept of Interest


Abstract in English

Majority of Muslim scholar forbid interest by considering it as usury and minority of them allow it. In the Syrian law there is a huge confusing in the concept of "interest". Most of the jurists think that it is a simple compensation although that the interest has two large concepts: civil and commercial. The interest in accordance with the civil concept is a compensation for damages. The law provides three different methods to fix the value of interest as compensation: - interest rate to be fixed by the courts. - Interest rate to be fixed by agreement of the contracting parties - And interest rate to be fixed by law.

References used

ابن منظور: "لسان العرب" دار المعارف- القاهرة، 1981 ، المجلد الخامس
أحمد بن حنبل، مسند الإمام أحمد، دار الكتب العلمية- بيروت، 2008 ، الجزء التاسع
د. رفيق يونس المصري: "الجامع في أصول الربا" دار القلم- دمشق 2001

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