Pronunciation: [ɹˈɪbən] (IPA) 
The spelling of the word "Riban" is pronounced as /rɪbən/. Notice that the letter "i" is pronounced as /ɪ/ like "ih" in "sit". The letter "a" is pronounced as /ə/ like the "u" in "but". Finally, the letter "b" is pronounced as /b/. The word "Riban" may have different meanings depending on the context, but it all boils down to proper pronunciation and correct spelling.
Riban is a term used in the context of Islamic finance and refers to the act of charging or paying interest on a loan or debt. Originating from Arabic, the word "riban" (also spelled as "riba") translates to "usury" or "interest" in English. In Islamic finance, riban is strictly prohibited and considered unethical and exploitative.
Islamic finance operates based on the principles of Sharia law, which discourages any forms of exploitation and promotes fairness and equity. As such, riban is viewed as morally wrong and detrimental to economic justice. It is believed that charging interest can lead to widening wealth inequities and financial instability, as the borrower might become trapped in a cycle of debt while the lender profits off their financial struggles.
To adhere to the principles of Islamic finance, financial contracts in Islamic banking must follow specific guidelines outlined by Sharia scholars. These guidelines promote alternative methods of financing that do not involve interest, such as profit-sharing agreements, leasing, or joint ventures. By avoiding riban, Islamic finance aims to foster economic stability, promote ethical transactions, and encourage responsible financial behavior.
In summary, riban refers to the charging or paying of interest in Islamic finance and is strongly prohibited due to its exploitative nature. Islamic banking and finance promote alternative methods that conform to the principles of Sharia law and aim to achieve economic justice and fairness.
