Riba(Usury):Permissible or forbidden in Islam?

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Riba is on monetary transaction relating to “loans” and “credits”. A simple example of loan is when Lender gives $1000 to a Debtor with an agreement that Debtor will return $1200 on specified date. Hence, the Lender will receive extra $200 (either as his service fee, rent, income, or reward for lending money for stated time period). This extra $200 is absolute form of Riba in Islamic Shariah.