The nature and significance of the medieval and modern interpretation of riba

The transition of the Pakistani economy from its feudal origins to a modern and industry-based setup has been marked by opposition from the more traditional and conservative segments of society, with the focal point being perceived violation of the ban on riba. This origins of this issue can be traced to the changing interpretations of Riba from the medieval to the modern times. A comprehensive definition of the term would therefore be vital to the establishment and development of Islamic economies.