Interest

Meaning:
In simple words interest is price of money. When you buy something you pay its price. Just like other commodities that we trade, money is also a commodity that can be traded (banks do this business) so when you take money from a lender you have to pay price for it. This price is known as interest.
According to the Encyclopaedia Americana
"Interest is the charge for the use of money"
According to New Encyclopaedia Britannica
"Interest is the price paid for the use of credit or money"
It is agreed that word "interest" by and large has the same meaning as "Riba".
It may be worth noticing here that any sum or amount can be called interest when it fulfils following two characteristics:

• It has been calculated on the pre-determined rate.

• It has no relationship with the risk of profit or loss that an enterprise ordinarily faces.