This article attributes the prime reason for the underdevelopment of the Arab and Muslim world to the lack of advancement of their financial intermediation systems. We instigate the employment of hybrid financial instruments to re-invigorate their financial architecture. Not only does this solution satisfy the economic efficiency prerequisites, it is also in congruent with uṣūl al-fiqh (principles of Islamic jurisprudence).
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Raymond W. Goldsmith, Financial Structure and Development (New Haven: Yale University Press, 1969) 390.
Mahmoud A. El-Gamal, Islamic Finance: Law, Economics and Practice (Cambridge: Cambridge University Press, 2006).
Abdul Hamid Siddiqui, Sahih Muslim-Translation (New Delhi: Kitab Bhavan, 1986), iv: 1259–60 (Ḥadīth No. 5831).
Salleh et al. (2013) extends the studies of Iqbal (2010) and Harasani (2013). (Salleh et al., Ibid. Muhammad Mazhar Iqbal, ‟Prohibition of Interest and Economic Rationalityˮ, Arab Law Quart. 24 (2010): 293–308. Hamid Harasani, ‟Analysing the Islamic Prohibition on Ribā: A Prohibition on Substance or Form?ˮ, Arab Law Quart. 27 (2013): 289–296.)
Fazlur Rahman, Islam and Modernity: Transformation of an Intellectual Tradition (Chicago: University of Chicago Press, 1982).
Taqī al-Dīn Ibn Taymiyya, Majmūʿ al-Fatāwā (37 vols.) (Beirut: Dār al-Kutub al-ʿIlmiyya, 2000), xvii: 65.
Muslim, Ḥadīth No. 1112.
Ibn Qayyim Al-Jawziyyah, Islām al-Muwaqqiʿīn ʿan Rabb al-ʿĀlamīn (Cairo: Maktabah al-Kulliyyat al-Azhariyyah, 1968), i: 344.
See Kamali (2002) for other views on the issue; Mohammad Hashim Kamali, Islamic Commercial Law: An Analysis of Futures and Options (Selangor, Malaysia: ‛Ilmiah Publ. Sdn Bhd., 2002) 66–83.
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This article attributes the prime reason for the underdevelopment of the Arab and Muslim world to the lack of advancement of their financial intermediation systems. We instigate the employment of hybrid financial instruments to re-invigorate their financial architecture. Not only does this solution satisfy the economic efficiency prerequisites, it is also in congruent with uṣūl al-fiqh (principles of Islamic jurisprudence).
All Time | Past 365 days | Past 30 Days | |
---|---|---|---|
Abstract Views | 444 | 88 | 39 |
Full Text Views | 192 | 4 | 1 |
PDF Views & Downloads | 44 | 9 | 2 |