Islamic Banking and Interest: A Study of the Prohibition of Riba and Its Contemporary Interpretation

By Abdullah Saeed | Go to book overview
TABLE OF CONTENTS
ACKNOWLEDGMENTSvii
INTRODUCTION1
I. DEVELOPMENT OF ISLAMIC BANKS5
              Islamic revivalism5
              Modernism6
              Neo-Revivalism7
              Factors which led to the emergence of Islamic banks8
              Growth of Islamic banks14
              Concluding remarks15
II. RIBA IN THE QUR'ĀN, SUNNA AND FIQH17
              Riba and the Qur'ān17
              Riba and the sunna30
              Riba and fiqh34
              Concluding remarks39
III. INTERPRETATION OF RIBA IN THE MODERN PERIOD41
              Modernist views on riba and interest41
              The neo-Revivalist view on riba and interest49
              IV. PROFIT AND LOSS SHARING: MUḌĀRABA AND MUSHĀRAKA51
              Muḍāraba in fiqh literature51
              Muḍāraba in Islamic banking55
              Mushāraka in fiqh literature59
              Mushāraka in Islamic banking62
              Extent of the use of muḍāraba and mushāraka in Islamic banking69
              Concluding remarks74
V. MURĀBAḤA FINANCING MECHANISM76
              Murābaḥa in fiqh76
              Murābaḥa in Islamic banking77
              Higher credit price in murābaḥa78

-v-

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