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

• Superior document: Studies in Islamic Law and Society Series ; v.2
• Author: Saeed, A.
• Place / Publishing House: Boston : : BRILL,, 1999.; ©1996.
• Year of Publication: 1999
• Edition: 1st ed.
• Language: English
• Series: Studies in Islamic Law and Society Series
• Physical Description: 1 online resource (178 pages)

A critical study of the interpretation of riba in Islam, the attempts of Islamic banks to put the interpretation into practice, the problems associated with these attempts and an argument for rethinking the interpretation.

Table of Contents

Intro -- Title Page -- Copyright Page -- Table of Contents -- ACKNOWLEDGMENTS -- INTRODUCTION -- I. DEVELOPMENT OF ISLAMIC BANKS -- Islamic revivalism -- Modernism -- Neo-Revivalism -- Factors which led to the emergence of Islamic banks -- Growth of Islamic banks -- Concluding remarks -- II. RIBA IN THE QUR'AN, SUNNA AND FIQH -- Riba and the Qur'ān -- Riba and the sunna -- Riba and fiqh -- Concluding remarks -- III. INTERPRETATION OF RIBA IN THE MODERN PERIOD -- Modernist views on riba and interest -- The neo-Revivalist view on riba and interest -- IV. PROFIT AND LOSS SHARING: MUḌARABA AND MUSHARAKA -- Muḍāraba in fiqh literature -- Muḍāraba in Islamic banking -- Mushāraka in fiqh literature -- Mushāraka in Islamic banking -- Extent of the use of muḍāraba and mushāraka in Islamic banking -- Concluding remarks -- V. MURABAḤA FINANCING MECHANISM -- Murābaḥa in fiqh -- Murābaḥa in Islamic banking -- Higher credit price in murābaḥa -- The increase in credit price in murābaḥa -- Comparison between financing on the basis of murābaḥa and fixed interest -- The Islamic bank's role in murābaḥa is that of a financier not that of a seller -- Murābaḥa profit, interest and riba -- Concluding remarks -- VI. DEPOSITS AND DEPOSITORS -- Interest, deposits and Muslims -- Islamic banks and the depositor-bank relationship -- Concluding remarks -- VII. RELIGIOUS SUPERVISORY BOARDS AND ISLAMIC BANKING -- The Religious Supervisory Board (RSB) method -- Main characteristics of the RSB method -- Concluding remarks -- VIII. ISLAMICITY OF ISLAMIC BANKING: RIBA AND IJTIHĀD -- Critique of the neo-Revivalist interpretation of riba -- Determining the islamicity of banking practices and activities -- Concluding remarks -- CONCLUSION -- GLOSSARY -- BIBLIOGRAPHY -- INDEX.