Riba has the meaning assigned to it by Islamic law and jurisprudence as expounded by authoritative sources; in the context of banking business, the term refers to the receipt and payment of interest, including in the various types of lending and borrowing and in the exchange of currencies on forward basis. (Sec. 2(a)(7), An Act Providing for the Regulation and Organization of Islamic Banks, Republic Act No. 11439, August 22, 2019)