Is there an Ijma (consensus)? (ten)
Dr Feisal Abdul Rauf
Founder and CEO of the American Society for Muslim Advancement (ASMA Society) and Imam of Masjid Al-Farah in New York. Among his books are: Islam: a search for meaning, and Islam: a sacred law(what every Muslim should know about Sharia) and What’s Right with Islam: A New Vision for Muslims and the West.
In his book What’s Right With Islam: A New Vision for Muslims and the West, Dr Rauf analyzed the issue of riba, usury and interest and explained how the rejection of interest and the slow adoption by society, based on the feature of limited liability, has had a negative impact. on the economic development of Muslim countries.
Dr Khaleel Mohammed
Dr Mohammed, also known as Abu Yusuf Khaleel Al-Corentini, studied Islam (majoring in law) in Saudi Arabia, Syria and Yemen according to the Sunni, Shiite, and Zaydi madhaahib respectively. His doctorate is in Islamic law (Sharia) from McGill University. His scholarly works include writings on eschatology, Islamic belief and practice, and translations of religious literature by other scholars. He is currently Professor of Religious Studies at San Diego State University.
In response to a question put to him, he wrote:
“The Quran orders that we should not consume riba “Several times” (3: 130). This expression is due to the fact that, according to the mufassirs, when someone borrowed money in the pre-Islamic period and promised to pay it off within one year, at the end of that period he would be asked for the amount owed by him. If he couldn’t pay it, he would get a one-year extension, but the amount owed to him would be doubled – “da’fMeans “to double,” hence verse 3: 130. And if at the end of that second year he could not pay, the amount owed would be doubled again, meaning that the amount of the amortization would have been, in many cases, exponentially several times the principal amount of the loan. ready. It was this practice that was known as “riba“, and which can, in today’s terms, mean usurp or usurp credit.” [For the complete question and answer]
Maher Hathout, Uzma Jamil, Gasser Hathout and Nayyer Ali
In a book In pursuit of justice: the jurisprudence of human rights in Islam, the above authors argue:
“We maintain that the Qur’an does not impose equity on debt financing and allows transactions that are mutually beneficial. The Usury Verse is not the only verse in the Quran on business. Much more important in the Quran is the command to engage in honest affairs, especially to give full measure. More specifically, the Koran says: Woe to those who cheat; those who, when they are to receive by measure from men, demand the full measure – but when they are to give by measure or weight to men, give less than they are due (Quran 83: 1-3). This order requires that both parties to any business transaction pay the full and fair value of what they purchase. Failure to do so is a profound violation of Quranic business principles. Debt financing, when carried out in accordance with this principle, is permitted. When the lender gets more than he is entitled to, he commits the sin of usury. When he gets less, he engages in charity. But charity is a voluntary act, not an obligatory act in commercial transactions. “
This essay is under development. More to add, and the above entries would be updated again. If you have any additional information, please contact me.
There are many scholars, experts and professionals in the field of Islamic economics and finance, IMHO, do not believe in riba-equation of interest. For example, read the book Islamic Finance in the Global Economy [Edinburgh University Press, 2000] by Ibrahim Warde, and see if his personal position on the issue of riba-the equation of interest can be determined. There are also many non-Muslim scholars and experts working in this field. As examples, we can read the work of Clement Henry and Rodney Wilson, Philip Molyneux, et al. (their works are cited in the bibliography), and, again, see if their personal position on the riba-the equation of interest can be determined. A close friend of mine is a professor of finance, author of several books and nearly a dozen refereed publications on Islamic finance, and frequently attends relevant conferences around the world. Almost a year ago I asked him that I had read most of your books, but nowhere could I determine your position on the riba-interest equation. What he explained was interesting. He mentioned that he mainly does empirical work, where he does not need to take or state his own position on such a fundamental issue. He also pointed out what has happened to other scholars who have publicly taken a position at odds with the Orthodox position. I also know closely another senior finance professor, who at one time was chairman of the economics group of the Association of Muslim Social Scientists (AMSS) in the United States. He is one of the most prolific contributors in the field. However, due to its position of non-equivalence, it no longer receives invitations to any of these funded conferences.
Anyway, as illustrated above, far from having unanimous agreement or Ijma, there is considerable disagreement in this regard. Wider agreement would be found in previous work before the emergence of the modern banking system. At that time, the discourse revolved around Riba and its different types. However, as the discourse has shifted towards assimilating the general interest in Riba over the past several centuries, there is still less agreement, and even less unanimity, on banning the interest in all its forms. It should be noted that those who disagree with a simple Riba-Interest equation may not have a uniform view or explanation as to why they disagree with the equation. However, a common thread for critics is that unless the financial transactions are abusive, i.e. usurious, the mutually agreed upon transactions or contracts are valid and lawful from an Islamic point of view.
The limited purpose of this essay was not to deal with the question of whether or not interest is prohibited from an Islamic point of view. The objective here is rather to establish concretely that there is no unanimous agreement or ijma about riba-Equation of interest.