Riba and interest

Riba is referred to more than once in al-Qur'an. An analysis of the references to the term leads one to understand that pre-Islamic riba was an institution through which principal of a loan was multiplied in re-payment. While trade and profit-seeking are allowed in al-Qur'an, riba is unjust and is reflective of profiteering. What is promoted in al-Qur'an, rather than pure revenue-seeking, is cooperation. There is some disagreement as to whether interest in that age was charged only after a certain payment deadline was missed or charged on the loan from the deal's outset. Muslims ought to live in a society of mutual consideration. Such a society, when established, is one in which bank interest is not needed. Until a society is an Islamic one, to abolish interest would be bad for the economy and against the spirit of al-Qur'an and the Sunnah. In line with the ideas of 'graduation' and 'the easing of the way' in Islamic law, the unfair institution of feudalism and other such prac