Academic literature on the topic 'Interest and usury (Islamic law)'
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Journal articles on the topic "Interest and usury (Islamic law)"
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Wahyuni, Sri. "ZAKAT HASIL BUNGA BANK DALAM PERSPEKTIF HUKUM ISLAM." Shar-E : Jurnal Kajian Ekonomi Hukum Syariah 7, no. 2 (December 30, 2021): 113–25. http://dx.doi.org/10.37567/shar-e.v7i2.861.
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This study aims to: (1) find out the views of Islamic law on bank interest and usury (2). Analyzing the perspective of Islamic law on zakat from bank interest results. This study uses a qualitative approach with the type of library research. Then the analysis uses descriptive analysis and content analysis. With this research, it was found that there were many differences of opinion between the scholars and the thoughts of the figures regarding usury and bank interest. Therefore, zakat from interest results depends on the understanding and stability of the person concerned with the law of bank interest. If he believes that bank interest is unlawful because it is equated with usury, then zakat on bank interest is unlawful. If you believe that bank interest is different from usury and the law is not haram, as long as there is no extortion, then zakat on bank interest is not haram. However, if you are in doubt and think that bank interest is doubtful (vague), then the law of zakat on bank interest is doubtful, and whoever is in the area of doubt is in a dangerous area and the law is unlawful.
As a material for reflection and consideration related to bank interest, the author is more inclined to bank interest which is not the same as usury. Riba all scholars forbid both small and large additions. Bank interest can be called usury, and also not usury.
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Supaino, Supaino. "Bunga Bank Konvensional Dan Pasar Modal Syariah Dalam Perspektif Hukum Islam." Jurnal Hukum Kaidah: Media Komunikasi dan Informasi Hukum dan Masyarakat 20, no. 2 (March 6, 2021): 179–92. http://dx.doi.org/10.30743/jhk.v20i2.3616.
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This paper aims to examine the problems of conventional bank interest and the Islamic capital market in the perspective of Islamic law. The debate regarding the concept of interest and usury against additional rewards (benefits) from conventional banking products and the Islamic capital market has become a polemic in the life of Indonesian Muslim communities. The opinion of the scholars in addressing interest in the context of conventional banking and usury has generated its own debate, as well as the capital market in the perspective of sharia. This research is a literature research using both classical and contemporary fiqh books, holy books and journals regarding conventional bank interest and Islamic capital markets which are analyzed descriptively. In conclusion, conventional bank interest is a part of a form of usury which is prohibited, although there are differences of opinion among scholars in it. Likewise, the capital market, while it related to the Islamic capital market, there are various opinions of Islamic law scholars and it has given birth to the decision of Majma 'Fiqh. Keywords: Conventional Bank, Sharia Capital Market, Islamic Law
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Buhari, A. Taufiq. "Penafsiran Riba Studi Komparatif Antara Kaum Modernis dan Neo-Revivalis." Syaikhuna: Jurnal Pendidikan dan Pranata Islam 9, no. 2 (October 26, 2018): 231–48. http://dx.doi.org/10.36835/syaikhuna.v9i2.3261.
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Interpretation of interest as applied to modern banking today, there are still differing views. Modernists view the prohibition of usury as being understood by emphasizing the rational aspect. Through this understanding, the element of injustice becomes a central issue for its prohibition. They seem to tolerate if their savings are based on the mudharabah system, because they can be found on the basis of their legitimacy. In addition, it is permissible if really forced (dharuri) or really needs (hajat). Also allows productive loan interest while consumptive loan interest is not allowed. While the Neo Revivalists were of the view that the prohibition of usury was understood legally formally as conceptualized in Islamic law. This view emphasizes the legal form of usury as expressed in Islamic law. They assert that the statement set out in the Qur'an must take its literal meaning, regardless of what was practiced in the pre-Islamic period. Whatever the circumstances, the lender does not have the right to receive additions to and exceed the principal
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Amin Azis, Muhammad, and Muhsin Hariyanto. "Comparative Study of Banks in The Perspective of Syafruddin Prawiranegara and M. Syafii Antonio." Journal of Islamic Economic and Business Research 1, no. 2 (December 30, 2021): 155–68. http://dx.doi.org/10.18196/jiebr.v1i2.24.
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The Law of Bank Interest is a complicated issue in Islamic economics because there are differences of opinion among Muslim scholars and intellectuals. This can not be separated from the observations of Indonesian Muslim economists such as Syafruddin Prawiranegara, who thinks bank interest is permissible, while M. Syafii Antonio believes bank interest is haram (forbidden in Islam). This research is entitled "Comparative Study of Banks in the Perspective of Syafruddin Prawiranegara and M. Syafii Antonio". This study aims to determine the views of Syafruddin Prawiranegara and M. Syafii Antonio regarding bank interest and examine the differences, similarities and backgrounds of their opinions. This type of research is library research with qualitative methods. The data analysis technique was carried out by means of deductive-comparative, in which this research first explains the arguments of the two figures regarding usury and bank interest then compared with the comparative method. The results of this study are 1. Syafruddin Prawiranegara believes Interest cannot be equated with usury. According to him, the difference of opinion regarding bank interest is due to a misinterpretation of the function of money. 2. M. Syafii Antonio is of the opinion that the law of bank interest is the same as usury. To stipulate the law on interest, it is necessary to comprehensively understand the stages of the derivation of the verses of usury. 3. The difference of opinion between the two is seen from the results of ijtihad (making a decision based on Islamic law) and the istinbath methods.
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Sari, Febrina, and Dahyul Daipon. "KONSEP RIBA DALAM KOMPILASI HUKUM EKONOMI SYARI’AH (Studi Analisis Teks Kompilasi Hukum Ekonomi Syari;ah Indonesia)." ALHURRIYAH: Jurnal Hukum Islam (ALHURRIYAH JOURNAL OF ISLAMIC LAW) 3, no. 2 (December 26, 2018): 203. http://dx.doi.org/10.30983/alhurriyah.v3i2.718.
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<p><em>Economic and financial issues such as trade (tijarah), rent (ijarah), mortgage (rahn), accounts payable (mudayanah), wages to pay (ujrah) and others related to the basic norms of economic transactions are arranged all in Islam . Allah has reduced sustenance to this world to be used by humans in a way that has been legalized by Allah SWT and is clean of all acts that contain usury. Usury is an additional requirement in a business transaction without the existence of iwadh (equivalent) which is justified by the shari'ah for the addition. Broadly speaking, usury is classified into two; usury of debt and usury debt buying and selling. Usury debt accounts are divided into two, namely; usury qiradh and usury jahiliyah, while usury selling and buying is also divided into two, namely usury fadhal and riba nasi'ah. The rules relating to usury are also widely discussed by the jurists in their books. KHES is the actual form of Islamic law in Indonesia related to Islamic economic activities. So that with the presence of KHES, economic business actors carried out according to shari'ah principles if a dispute occurs, it can be resolved with this KHES reference. KHES has been used as a guideline that replaces Islamic law, namely the Qur'an and hadith. KHES is a syari'ah principle guideline source for Judges in the Religious Court and also for the Syari'ah Arbitration Agency in terms of resolving sharia economic disputes. The problem is that none of the KHES articles deal with usury. The word "usury" is only a few that can be found in this book of KHES. This is due, among others; First, KHES discusses the contracts in mu'amalah. While usury is not a contract. Second, KHES adopts some of the books of Majallah al Ahkam al ‘Adliyyah of the Ottoman Turks so also there is no discussion regarding usury or interest. Third, avoiding usury is the principle of transactions / contracts in the Shari'ah. The position of usury is parallel with gharar, maisir and dharar which must also be avoided. Fourth, that in the treasury of Islamic law or fiqh it has been discussed / discussed in depth and wide, so that it is felt that there is no need to be raised (specifically discussed) in KHES.</em></p><p><em><br /></em></p>
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Umari, Zuul Fitriani. "Pemikiran Ekonomi Ibnu Al-Qayyim al-Jauziyyah." Jurnal BAABU AL-ILMI: Ekonomi dan Perbankan Syariah 4, no. 1 (April 9, 2019): 59. http://dx.doi.org/10.29300/ba.v4i1.1689.
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This article uses a review of the literature on medieval Arab professor/ economic thought Syamsuddin Abdullah Muhammad bin Abi Bakr Al Zar'i or known as Ibn Qayyim. An approach that focuses on explaining how the concept of usury is in the view of Ibn al-Qayyim al-jawziyyah. as a master of theology and translator of Islamic scriptures, he was one of the leading jurists from the Hambali school in four schools of Islamic law that emerged between the eighth and fourteenth centuries (after the other three, Hanafi, Maliki and Syafii, respectively, the names were pioneers ) There are economic ideas discussed, namely: Islamic economic philosophy, comparison and difference between wealth and poverty, economic interests of zakat, interest in usury al-fadl and riba al-nasi'ah, market mechanisms and the need for public sector intervention.
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Tohari, Chamim. "The Difference Opinions Analysis on Conventional Bank Interest Law According to Ushul Fiqh." Jurnal Ilmiah Al-Syir'ah 17, no. 1 (June 30, 2019): 1. http://dx.doi.org/10.30984/jis.v17i1.795.
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This research discussed conventional bank interest law according to the opinion of the Muslim scholars, which then will continue the discussion with the legal analysis based on the ushul fiqh theory to determine the strength of the conventional bank interest law. The most crucial problem examined in this research is how is prevailing bank interest law viewed from the perspective of usual fiqh? This research is library research. The approach used in this study is a conceptual approach considering the purpose to be achieved in this study is to produce one concept of Islamic legal thinking about bank interest law which is not bounded by existing views or opinions, but actually refers to the rules of Islamic law which is agreed upon by the majority of the muslim scholars. The results of this study are: The scholars have a different opinion on bank interest law. Those who forbid argued that bank interest has in common with usury, so it must be banned. As for those who justify bank interest explained that bank interest is not the same as usury, so its law is halal. As for those who consider it as a shubhat thing, because in their view the bank's interest besides having similarities with usury, also has a number of differences, so its law is shubhat. The bank interest law when viewed from the perspective of ushul fiqh, then both those that forbid, which justify, or those that consider syubhat, all of which do not originate from the qath'î, but zhannî propositions because they come from the results of ijtihad using the qiyâs method. Because of the absence of the qath 'argument, the author argues that the new direction to determine the halal-haram law of banking transactions with the interest system should be assessed from the large or small level of benefit (maslahah) and harm (mudharat) arising from the sale.
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Sarono, Agus. "MENGKRITISI MAKNA HUKUM RIBA BUNGA BANK." HUMANIKA 21, no. 1 (January 4, 2015): 75. http://dx.doi.org/10.14710/humanika.21.1.75-85.
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Bank interest is considered usury. One is to be scrutinized if the bank interest as usury, because usury is often mentioned in the texts is characterized oppress and torment the community. As with the conventional bank interest, how many small and medium enterprises which helped because Free Master in conventional banks. Problems found in the writing of this paper is; Why people ignore the MUI fatwa on usury interest as knife analysis; Unger critical legal theory, theory of responsiveness Nonet Sezlnick, the theory of legal culture Lawrence M Friedman progressive Satjipto Rahardjo and Usul Fiqh used to find alternative meanings of texts relating to usury From search and review of the problems concluded that after the birth of four Imam Muslim schools stuck in the mindset of the four Imams Madzhab and afraid to ijtihad. Therefore, the Muslims thought of usury is not far from what has been inferred by the four Imam mazdhab. Finally Islamic law really can not answer the development of society. Bank interest is equated with usury which both born differ in the time span, the different communities of the background, a different effect. Therefore interest rates clearly differ from usury and should not be equated with riba. That is why people ignore the MUI fatwa in business transactions. Should the scholars 'move from positivistic Jurisprudence to understanding Sociological Jurisprudence positivistic Jurisprudence.Oleh Hence the scholars can use the legal pluralisme approach in defining legal meaning.
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Thamrin, Dzaky Adam, and Fauzul Hanif Noor Athief. "The Use Of Conventional Banks By Sharia Economic Law Students: Practice, Factors, And Laws." Dinar : Jurnal Ekonomi dan Keuangan Islam 7, no. 2 (August 3, 2021): 36–44. http://dx.doi.org/10.21107/dinar.v7i2.9150.
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This study aims to reveal the factors and reasons behind the large number of Islamic Economic Law students using conventional banks which are then analysed with an Islamic law approach.The method used in this study is descriptive quantitative and qualitative study. Data collection by survey and interview methods. The data analysis used descriptive and deductive analysis approach.The results of this study found that most students use conventional banks, although half of them are aware of the concern of usury on interest. Nevertheless, in practice, only a small percentage of them separate bank interest from their savings. The majority of the reasons they use conventional banks are based on facilities, family and work. Under Islamic law, the use of conventional banks is haram, although there are cases where it is permissible under Islamic law.
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Ihsan, Fanani Mafatikul, Ridan Muhtadi, and Moh Subhan. "HISTORIOGRAFI KAUSA LEGAL BUNGA (RIBA) DI INDONESIA." Ulumuna: Jurnal Studi Keislaman 6, no. 1 (June 15, 2020): 1–12. http://dx.doi.org/10.36420/ju.v6i1.3955.
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The discourse on interest can be said to be a "classic" problem both in the development of Islamic thought or in the history of human civilization. Because interest can not be separated from the economic activities of humanity. In Indonesia, interest has become transactions in the economic field in general. Until now interest collection still occurs in various commercial activities, both in the sale and purchase activities, accounts payable and other transactions. In Islamic teachings, economic activities carried out by humans have some rules and ethics or morality in Islamic law. However, the stipulation of interest as usury still needs an in-depth study, especially in terms of the history of legality stipulated in a fatwa in Indonesia.
Dissertations / Theses on the topic "Interest and usury (Islamic law)"
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Althabity, Mohammad M. "Enforceability of arbitral awards containing interest : a comparative study between Sharia law and positive laws." Thesis, University of Stirling, 2016. http://hdl.handle.net/1893/23090.
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The dynamics of our globalised world open the way for international trade and transactions between different countries; this may lead to conflicts in laws where transactions and trade may be subject to different legal systems. One of the biggest issues in international commercial law is disputes over the charging of interest, for example with regard to late payment, interest-based loans, or compensation for damages. Interest disputes are considered to be a complex area of law and even more complex in the international field. At the international level, interest claims may be connected to many areas of commerce and thus governed by various laws, which are different from one country to another; moreover, each country has its own interest rate and such rates are changeable according to the nature of law and economics under some jurisdictions. Furthermore, the concept of interest itself is affected by influences such as religious beliefs and economic, political and cultural trends. Interest can be treated as a substantive or a procedural matter. The settlement of these disputes therefore faces difficulties. Arbitration, as a method for settlement of disputes, is characterised by special features that assist in resolving these issues; but it faces some obstructions, especially in international commercial arbitration. The practices of arbitral tribunals and national courts in this regard are different. The results of different interpretations, approaches, and theories with regard to arbitration, at the pre-arbitration, during arbitration and post-arbitration stages, may also differ widely due to the diversity of financial and legal systems such as Common Law, Civil Law and the Islamic legal system – Sharia Law – across different countries. Each legal system has a different methodology and theories, even within an individual country under one legal system, and a state within a federal system has its own laws, which may have different interpretations in this respect. The New York Convention of 1958 on enforcing foreign arbitral awards was established in favour of arbitral awards and for the purpose of unifying international rules of arbitration. This Convention provides some procedural and substantive rules for the enforcement of foreign arbitral awards, but also provides some grounds for refusal. These rules have been affected by different interpretations under different jurisdictions and legal systems, which lead to different perspectives on the matter of charging interest and settlement by arbitration. The outcome of applying the NYC under these interpretations often has the opposite of its intended effect: the rejection of foreign arbitral awards. Due to such ambiguities, courts occasionally intervene in arbitration in all its stages. The interventions of national courts occur in three stages: enforcement of the arbitration agreement, enforcement of the contract under the applicable law to the agreement, and enforcement of the foreign arbitral award. The confusion between substantive and procedural laws also creates confusion with respect to public policy, non-arbitrability and enforceability. In addition, there may be a lack of clarity on the scope of arbitration with respect to the parties’ agreement, whether or not the parties have agreed to the interest rates and periods and whether or not they have agreed to the authority of the arbitrator. These issues affect the enforceability of an arbitration agreement, the law applicable to the disputed contract, the freedom of parties, the authority of the arbitrators and the enforceability of the awarded interest. The thesis studies how arbitral awards containing interest have been interpreted across the three aforementioned legal systems under the NYC 1958 in Saudi Arabia, Egypt, the UAE, England, France, and the US and the enforceability of such awards.
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Ismail, Muhammed Imran. "Legal stratagems (hiyal) and usury in Islamic commercial law." Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/1325/.
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This thesis investigates the subject of legal stratagems \((hiyal)\) in Islamic jurisprudence, in general and more particularly the \(hiyal\) used to evade the usury \((ribā) \)prohibition. The context of this thesis is the nascent Islamic finance industry in which these \(hiyal\) play a leading role. The \(hiyal\) have been appropriated from the classical Islamic legal corpus without appreciating their historical contextual framework. This thesis seeks to explicate that framework and clarify the purpose and role of those \(hiyal\) as envisaged in the discourse of the classical Islamic jurists. The \(hiyal\) are shown to be premised upon a teleology which demarcates them as normative exits, \(makhārij\). The \(makhārij\) are conditioned by the systematic reasoning of the Ḥanafī jurists, which both justifies their utility and circumscribes their juridical remit. The \(hiyal\) of \(ribā\) are demonstrated to have been utilised primarily as substitutes for philanthropy, and not in the commercial sector. The commercial sector relied on the Islamic prescriptions for equity investment partnerships which precluded the need for interest based loans. Although the jurists sanctioned the \(hiyal\) of \(ribā\) for the poor, they did so at the expense of systematic consistency. This means that these \(hiyal\), as opposed to the \(makhārij\), are not regarded as normative exits, but rather, as transitory concessions. The use of these \(hiyal\) as financial norms is therefore unwarranted. The substantive repercussions of this juridical reassessment were demonstrated using the historical experience of the Ottomans, where the long term use of the \(hiyal\) of \(ribā\) resulted in the negative socio-economic conditions generally associated with usurious economies.
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Subhani, Azeemuddin. "Divine law of ribā and bay' : new critical theory." Thesis, McGill University, 2006. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=102847.
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The notion of usury/interest, subsumed under the Arabic term riba and Hebraic neshekh/marbit, has been the center of human attention throughout recorded history, but only as an exclusive economic paradigm subject to toleration, limitation or prohibition. Yet, in a clearly disproportionate treatment, all pristine major world religions consider this "economic act" as the greatest of sins, which, in Islam, additionally attracts the most graphic other-worldly punishments at the extremes of the spectrum. Economic usurpation of greater severity, e.g., theft by stealth and robbery by force do not attract as severe a Scriptural punishment as does "interest-taking" by consent, clearly implying, both scripturally and linguistically, that this seemingly exclusive "economic act" is in fact a sin of greater theological proportions. Yet, casuistry and a non-philosophical approach have so far prevented the extant Judaic, Christian and Islamic scholarship from assessing the depth and breadth of the theology at stake here. Utilizing a semiotic methodology and a philosophical/theological approach, and drawing out the glaring deficiencies of the current scholarship, this work posits that the Arabic riba /Hebraic marbit (growth), by virtue of its intrinsic characteristic of intra-activity as against its binary opposite of inter-activity inherent in bay' (exchange), causes self-emanation, self-subsistence and ex-nihilo creation, which, being exclusive Divine attributes, not only render marbit/riba an act of idolatry/polytheism (Arabic: shirk), but also thereby extend it to all spheres of human action. This diagnosis not only harmonizes the severe ordained punishment with the gravity of the sin, it also bestows perfect hermeneutical calibration to the whole riba paradigm for all monotheist religions, identifying the universal divine law: intra-activity (riba) ---lack of dependence---for the Master (Rabb) and inter-activity (bay')---dependence---for the servant ('abd). This yields the new critical theory of normative human behavior prescribed by "Islam"---the din al-fiṭra, which calls for total human conformity to the design and purpose of human creation in pairs (tathniya: duality), reserving riba (tawḥid : singularity) for the One whose divine attribute it is.
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Subhani, Azeemuddin. "The Islamic doctrine of ribā prohibition : a modular hermeneutical examination." Thesis, McGill University, 2001. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=33932.
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The Islamic prohibition of riba is unequivocal but textually not explicit. The traditional and liberal theological, juridical and philosophical hermeneutical effort has addressed it comprehensively but not conclusively. This inconclusiveness is due to the absence of the identification of the distinctive characteristic of riba, resulting from the use of limited scope pre-defined juridical and economic paradigms employing a contextual exoteric approach, excluding the broader esoteric content. This promotes an internal hermeneutical imbalance between the variables of meaning, application, rationale, underlying cause and consequence of riba, preventing the full convergence and congruence of these narrowly defined paradigms with the broadly implied paradigm in the Qur'an and the Sunna, and obstructing the promulgation of the prohibition. The resolution of this hermeneutical gridlock, predicated upon the discovery of the distinctive rationale and the derivation of the underlying cause of riba prohibition, has a direct bearing on the expansion of scope and unreserved acceptance of the prohibition.
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Baamir, Abdulrahman. "Saudi law and judicial practice in commercial and banking arbitration." Thesis, Brunel University, 2009. http://bura.brunel.ac.uk/handle/2438/6599.
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This thesis examines various issues of arbitration law and practice in relation to the Islamic Shari’a law and the law of Saudi Arabia in general, and for arbitration in conventional banking disputes in particular. The thesis found that the Shari’a regulates arbitration tightly compared to other contemporary developments as no fundamental differences were found to exist between the classical Shari’a arbitration rules and the Saudi arbitration regulations, which represent the codification of the Hanbali law of arbitration. Unlike other arbitration laws, almost all kinds of disputes can be settled by arbitration in Saudi Arabia, and these include family and some criminal disputes such as murder and personal injuries. Moreover, this thesis demonstrates the difference between Islamic law and Saudi law. The latter is more comprehensive as it includes Islamic law and the borrowed Codes and Acts of the laws of other nations. The legal status of banking interest under the Saudi law is not clearly defined and it is not clear whether riba contradicts with the public policy of Saudi Arabia or not. This uncertainty has an impact on arbitration related to banking disputes and has led me to conclude that arbitration is not the best method for settling disputes involving domestic conventional banking business. Although resorting to the Committee for the Settlement of Banking Disputes of SAMA might provide a better solution, the decisions of the Committee are not “strong” enough to be fully enforced and the payment of interest continues to be an avoidable obligation in Saudi Arabia; therefore, the thesis examined the alternative remedies for both domestic and international banking arbitration. The thesis also found that if the enforcement of an international arbitration award is sought in Saudi Arabia, the award will be subject to the mandatory application of Shari’a law, which in addition to the imposition of interest, prohibits also certain kinds of commercial contracts.
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Legnani, Nicole Delia. "Love Interest: Figures and Fictions of Venture Capital and the Law in Conquista." Thesis, Harvard University, 2014. http://dissertations.umi.com/gsas.harvard:11471.
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Inspired by the visual allegory ("Conquista, embarcáronse a las Indias" fol. 73 of the Nueva corónica), Legnani contends that the development of the laws of peoples (jus gentium) by 16th century Spanish jurists should be analyzed within the corpus of commercial law (lex mercatoria) employed by sea merchants, bankers and mercenaries throughout the 15th and 16th centuries. This dissertation explores the movement from figure to fiction in discourses of capital and violence.Romance Languages and Literatures
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Mahfuz, Mahfuz. "A research to develop English insurance law to accommodate Islamic principles." Thesis, University of Manchester, 2013. https://www.research.manchester.ac.uk/portal/en/theses/a-research-to-develop-english-insurance-law-to-accommodate-islamic-principles(ba9df8a6-58e2-4506-b62e-431238740e73).html.
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In recent years the popularity of Islamic insurance policies has grown rapidly with many companies across the world providing this service. London is said to be the hub for Islamic finance. It is well known for welcoming innovative financial methods. The FSA have already authorised the insurance company Salaam Halal to provide policies based on Shariah principles. The FSA, however, announced that they must operate within the same legal framework as all other insurance policies. Consequently English law has to be applied in Islamic policies taken in this country. However, in many aspects, Shariah principles contradict English insurance law. This thesis aims to discover how they contradict and recommend how the Islamic insurance policies can be applied in English law without breaking Shariah principles. As Shariah principles merely provide a wide boundary within which any law can be applied, this thesis analyses English insurance law first, and then discusses how Islamic insurance policies can operate within the English framework. In many cases, English insurance law crosses the boundary of Shairah principles due to its unfair consequences. Consequently making English insurance law fairer could be the best solution to allow the use of Islamic insurance policies under English law. Pragmatically, the thesis focuses mainly on problems within current English insurance law and recommends possible solutions. In many cases, the solutions suggested by the Law Commission are found to be incapable of establishing fairness. The majority part of this thesis is spent trying to establish a fairer framework for English insurance law. This fairer English insurance law is found to be Shariah compliant in most cases. In some cases it is not complaint due to operational differences between the two legal systems. In these cases, the thesis recommends that the Islamic insurer should incorporate certain terms to make policies Shariah compliant without breaching English insurance law.
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Pinheiro, Ivan Nogueira. "Juros e usura no direito brasileiro: uma reflexão sob a perspectiva Tomista." Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/2/2131/tde-29102012-155620/.
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O presente estudo propõe uma análise sobre o tema da usura no pensamento de São Tomás de Aquino de forma a determinar sua aplicabilidade à questão dos juros remuneratórios tal qual se apresenta hodiernamente no Direito Brasileiro. Inicialmente a concepção de Aquino é avaliada à luz da tríplice base que a compõe: a Lei Natural, segundo a qual se considera a esterilidade do dinheiro e a justiça natural; a Lei Humana, tida aqui como o Direito Romano, do qual se absorve a noção de fungibilidade do dinheiro e a conceituação dos contratos de mútuo; e a Lei Divina, tomada por São Tomás de forma a corroborar aquilo que se depreende das demais leis. Na sequencia, a problemática dos juros e da sua extrapolação usurária é avaliada no âmbito do ordenamento jurídico pátrio, tanto sob o prisma de sua evolução histórica quanto das discussões que envolvem a matéria em nossos dias. Finalmente, partindo de uma conceituação de juros e usura compatível com o pensamento do Doutor Angélico, avaliaremos o que viria a determinar o preço justo nos contratos de mútuo financeiro com vistas a estabelecer parâmetros indicativos para a limitação das taxas de juros no Direito Brasileiro, tanto nas operações praticadas no âmbito civil quanto naquelas contratadas junto ao Sistema Financeiro NacionalThis study proposes an analysis of the theme of usury in the thinking of St. Thomas Aquinas to determine its applicability to the question of compensatory interest as it is now understood under Brazilian Law. Initially Aquinass concept is evaluated in the light of its triple base: Natural Law, which considers the sterility ofmoney and natural justice; Human Law, seen here as Roman Law, from which the notion offungibility of money and the conceptualization of mutuum agreements are derived; and Divine Law, taken by St. Thomas as a means of corroborating what is deduced from the other laws.Next, the critical issues involving interest and their usurious extrapolation are evaluated in the sphere of our national legal system, from both the perspectives of its historical evolution and of the discussions that involve the subject today. And finally, beginning with an appraisal of interest and usury compatible with the thinking of the Angelic Doctor, we will evaluate what woulddetermine the just price in mutuum contracts,seeking to establish parameters for an eventual limitation ofinterest rates in Brazilian Law, both in transactions involving non-banking entities and in those contracted within the National Financial System.
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Khan, Omar Mahomed. "An investigation into the establishment of an Islamic banking enterprise in the Tshwane and surrounding areas / Omar Mahomed Khan." Thesis, North-West University, 2013. http://hdl.handle.net/10394/10167.
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Muslims in South Africa live within the framework of a Western economy in which the notion of interest plays a pivotal role. This system does not seem to comply with the strict interpretation of Islamic law, since the Quran prohibits any dealings on the basis of interest and strongly condemns those who continue to deal in interest-based transactions, warning them of a “notice of war from Allah and His Apostle”. Muslims are therefore faced with the dilemma of either participating in the current prevailing economic system and thereby violating the Quranic injunctions prohibiting interest or Riba, or completely withdrawing from participation in this system and conducting their business transactions in accordance with Islamic injunctions. This study is an attempt to examine whether an Islamic banking enterprise within the greater Tshwane area could survive and even flourish in the long term if it were operating within the parameters of Islamic law, thus in the absence of the interest factor. The research methodology employed was that of qualitative research, and the study consists of both a literature and an empirical study. It became evident from the literature review that a bank’s survival within the Western economic order depends on the confidence that its depositors have in it. In an Islamic economic system the ethical and legal components distinguish it from other systems. The most striking feature of the Islamic banking environment is the so-called profit and loss sharing system (PLS). The literature study was complemented by an empirical study. Respondents were interviewed in three categories: Muslim businessmen, Islamic bankers and Islamic religious leaders. An analysis of data from the respondents revealed that they were of the opinion that there was a need for an Islamic bank in order to avoid any interest-based dealings and to operate strictly in accordance with Islamic law and principles. Based on the literature and field study a simple model of an Islamic banking enterprise was constructed which could function within the greater Tshwane area and within the South African economic context, but which would be based on Islamic Shariah principles. In constructing this model due cognisance was taken of the fact that it would prove to be a very difficult task to amend existing banking laws to provide for the easy entry and functioning of an Islamic bank. Based on the literature and empirical study it was concluded that to provide for the easy entry and functioning of an Islamic banking enterprise, it should not be structured or named as a bank but rather as a finance company which would then be able to offer most of the services that are offered by traditional banks but without having to comply with the strict regulations as applicable to traditional banks. The dissertation’s final conclusion and recommendation was thus that an Islamic bank should operate not as a bank but as a finance company, thereby accomplishing its pivotal role to enable Muslims to use these indispensable services successfully while complying wholly with Islamic Shariah law.PhD (Business Management), North-West University, Vaal Triangle Campus, 2013
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Ben, Amira Mustapha. "The concept of interest in the Western and Middle Eastern society." CSUSB ScholarWorks, 2003. https://scholarworks.lib.csusb.edu/etd-project/2351.
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The entire banking systems in the western societies is based on the use of interest. The bank charges the borowers interest on its loans and pays its depositors interest on their deposits. On the other hand, the Middle Eastern banking system is an interest free system that prohibits the use of interest, either in receipt or in payment.
Books on the topic "Interest and usury (Islamic law)"
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Ali, Mir Ahmed. Prohibition of usury: Islamic and Jewish practices. Denver, Colo: Outskirts Press, 2009.
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al-Ribā bayna al-nuṣūṣ wa-tafsīrihā wa-bayna mā āl ilayhi al-tanẓīr wa-al-mumārasah. al-Rabāṭ: Dār Nashr al-Maʻrifah, 2010.
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al-Sharāʼiʻ al-samāwīyah tuḥarrimu al-ribā: Fī al-iqrāḍ wa-al-iqtirāḍ wa-al-muʻāmalāt al-tijārīyah wa-al-maṣrifīyah. [Casablanca?]: Markaz al-Turāth al-Thaqāfī, 2009.
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Court, Pakistan Federal Shariat. Federal Shariat Court judgment on interest (riba): Dr. Mahmood-ur-Rahman Faisal and others, petitioners, versus Secretary, Ministry of Law, Justice, and Parliamentary Affairs, Government of Pakistan, Islamabad, and others, respondents. Lahore: P.L.D. Publishers, 1992.
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ʻAshmāwī, Muḥammad Saʻīd. al- Ribā wa-al-fāʾidah fī al-Islām. al-Qāhirah: Sīnā lil-Nashr, 1987.
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Ḥusayn ʻAbd al-Majīd Ḥusayn Abū al-ʻIlā. Fiqh al-ribā wa-ahamm shabah al-qāʼilīn bi-ḥall baʻḍ ṣuwarih wa-al-radd ʻalayhā: Dirāsah fiqhīyah muqāranah. [Cairo: s.n.], 1989.
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ʻĀlim, Yūsuf Ḥāmid. Ḥikmat al-tashrīʻ al-Islāmī fī taḥrīm al-ribā wa-manhaj al-Qurʼān fī al-qaḍāʼ ʻalá ẓāhirat al-ribā fī al-mujtamaʻ al-jāhilī al-awwal. al-Qāhirah: Dār al-Ṣaḥwah, 1987.
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Abū ʻAbd Allāh Fayṣal ibn Muḥammad al-Salafī Maghribī. Qāʻidah fī taḥqīq ḥadīth al-ribā: Wa-hūwa al-ḥadīth al-marwī ʻan Nabīyīnā. Bayrūt: Dār al-Kutub al-ʻIlmīyah, 2009.
Find full textBook chapters on the topic "Interest and usury (Islamic law)"
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Bhatti, Maria. "Interest on arbitral awards and the prohibition against riba." In Islamic Law and International Commercial Arbitration, 169–201. Abingdon, Oxon ; New York, NY : Routledge, 2019. | Based on author’s thesis (doctoral – Monash University, 2017) issued under title: The application of shari°a in contemporary international commercial arbitration.: Routledge, 2018. http://dx.doi.org/10.4324/9780429468612-7.
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Malacka, Michal. "Sharia – Conflict of Law and Culture in the European Context." In Universal, Regional, National – Ways of the Development of Private International Law in 21st Century, 54–80. Brno: Masaryk University Press, 2019. http://dx.doi.org/10.5817/cz.muni.p210-9497-2019-3.
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Sharia and its conflict with the private law within the EU is one of the most current problems in the conflict of laws. In accordance with the doctrine of ordre public, a foreign law that is otherwise applicable is disregarded if its application would violate some fundamental interest, basic policy, general principle of justice, or prevailing concept of good morals in the forum state. This doctrine is used and followed by judicial procedures not only at “the old continent” but also in Islamic countries. This article shows the basic aspects of Sharia, Islamic legal tradition and the reflection of all the connected aspects in European Union private law and legislation. Some selected chapters analyse the most important differences in the legislation and judicial practice in the EU member states.
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Baderin, Mashood A. "6. Law of financial transactions." In Islamic Law: A Very Short Introduction, 92–101. Oxford University Press, 2021. http://dx.doi.org/10.1093/actrade/9780199665594.003.0006.
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‘Law of financial transactions’ studies the Islamic law of financial transactions. Islamic banking and finance is based on the general rules of contract and commerce as regulated by relevant provisions of the sharīʻah. Its fundamental principles are based on the legality of trade but prohibition of usury/interest (ribā), predatory/speculative transactions (gharar), gambling (maysir), and dealing in unlawful goods and services under the sharīʻah. Other relevant rules include the principles of partnership and agency, which are employed in devising different ‘sharīʻah-compliant’ products in contemporary Islamic banking and finance. The three main forms of ‘sharīʻah-compliant’ contracts are: the murābahah (‘cost-plus’ sale), mushārakah (equitable partnership), and mudārabah (silent partnership).
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Sachedina, Abdulaziz. "The Issue of Riba in Islamic Faith and Law." In Spiritual Goods Faith Traditions and the Practice of Business, 325–43. Philosophy Documentation Center, 2001. http://dx.doi.org/10.5840/spiritgds200128.
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With the growth of Muslim economies, both at the national and international levels, the issue of riba (interest, usury) poses great difficulties. The charging or receiving of riba has been forbidden in Islam, which presents a major problem to financial institutions that charge interest. Muslim legal scholars belonging to all schools of legal thought have reinterpreted scriptural sources to accommodate drastic economic changes; practical considerations have forced Muslim groups, both of Sunni and Shi'ite persuasion, to justify interest-based banking and other institutions of finance. As a matter of religion, the status of interest is far from resolved. However, within the legal tradition, there are ethical principles like maslahah (public good) and la darar wa la dirar (no harm, no harassment) that will determine the future direction of a Muslim search for a morally responsible economy.
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"Ribā, Interest and Usury." In Economics of an Islamic Economy, 279–338. BRILL, 2010. http://dx.doi.org/10.1163/9789047441724_010.
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"Chapter Nine. Ribā, Interest and Usury." In Economics of an Islamic Economy, 279–338. BRILL, 2010. http://dx.doi.org/10.1163/ej.9789004179370.i-470.38.
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Kia, Amir. "Positive Interest Rate, Stationary Economy, and Inefficiency." In Handbook of Research on Theory and Practice of Global Islamic Finance, 1–17. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-0218-1.ch001.
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This chapter analyses the direct impact of a positive rate of interest (usury) on the production possibility curve. Usury under a stationary state creates inefficiency in the sense that the marginal rate of transformation is not equal to the price ratio. Over the short run Pareto efficiency appears when a transition period is considered and the rate of return moving from one state to another is endogenous and equals the rate of investment. In a non-stationary economy, when a positive rate of return (interest) is equal to the growth rate of the economy, there will be a Pareto-efficient equilibrium. But if the interest rate is exogenous to the system, usury exists, and then Pareto efficiency cannot be achieved under any state, either stationary or non-stationary.
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Noorzoy, M. Siddieq. "Islamic Laws on Riba (Interest) and their Economic Implications." In Issues in Islamic Law, 303–17. Routledge, 2017. http://dx.doi.org/10.4324/9781315092386-18.
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Suprijanto, Trisiladi. "The Role of Profit Rate in Islamic Monetary Policy." In Research Anthology on Macroeconomics and the Achievement of Global Stability, 531–50. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-6684-7460-0.ch029.
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Extensive research has been done regarding the Islamic pricing benchmark, both in terms of the Islamic jurisprudence (Fiqh) and Islamic economic perspectives. However, there is no in-depth study on the substitution of the interest rate concept to date in the application on the Islamic banking pricing product. This chapter will initiate the difference between the concepts of rate of profit, rate of interest, and practice in the field. Some jurists from the Middle East allow the use of a benchmark rate, such as the London Inter-bank Offered Rate (LIBOR), as a measure of Islamic financial asset prices. They equate the concept of rate of interest with the concept of rate of profit. This is the core reason (raison d'être) for the replacement of usury as instructed in the Qur'an. This study will discuss a financial asset pricing methodology in accordance with the core principles of Islam.
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Suprijanto, Trisiladi. "The Role of Profit Rate in Islamic Monetary Policy." In Handbook of Research on Theory and Practice of Global Islamic Finance, 18–37. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-0218-1.ch002.
Full textAbstract:
Extensive research has been done regarding the Islamic pricing benchmark, both in terms of the Islamic jurisprudence (Fiqh) and Islamic economic perspectives. However, there is no in-depth study on the substitution of the interest rate concept to date in the application on the Islamic banking pricing product. This chapter will initiate the difference between the concepts of rate of profit, rate of interest, and practice in the field. Some jurists from the Middle East allow the use of a benchmark rate, such as the London Inter-bank Offered Rate (LIBOR), as a measure of Islamic financial asset prices. They equate the concept of rate of interest with the concept of rate of profit. This is the core reason (raison d'être) for the replacement of usury as instructed in the Qur'an. This study will discuss a financial asset pricing methodology in accordance with the core principles of Islam.
Conference papers on the topic "Interest and usury (Islamic law)"
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Tálos, Lívia, Gyöngyi Bánkuti, and Jozsef Varga. "The Analysis of the Turkish Islamic Banking System Between 2005 and 2014." In International Conference on Eurasian Economies. Eurasian Economists Association, 2016. http://dx.doi.org/10.36880/c07.01803.
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Islamic banking is a banking system that is based on the principles of sharia or Islamic law. The principles of Islamic finance forbid interest - this is commonly known as riba - charity (zakat), forbid high risk (gharar), forbid some transactions like gambling, and are based on PLS (Profit-Loss Share). The most important concept is that both charging and receiving interest are strictly forbidden; money may not generate profits. Islamic banks have largely survived the global economic crisis intact and they offer a safer operation than conventional banks. CAMEL analysis is a supervisory rating system to classify a bank's overall condition according to Capital (C), Assets (A), Management (M), Earnings (E) and Liquidity (L). In the analysis a variety of indicators were calculated based on data from the annual reports. The results of the four banks were averaged separately, then classified (1 = good, 2 = adequate, 3 = satisfactory, 4 = acceptable, 5 = unacceptable) according to the desired criteria, the changes over the years and the relative values of the four banks.