Rainer Kessler

Debt has been a central concern of human societies for the last 5,000 years, to paraphrase the title of David Graeber’s inspiring book, “Debt: the First 5,000 Years”. 1 Debt is also a central concern of biblical texts. 2 In this article, I would like to demonstrate that the question of debt is

Lyndon Drake

1 Introduction The forgiveness petition of the Lord’s Prayer includes the condition that the petitioner must forgive their own “debtors.” I will argue that the historical Jesus chose the terminology of debt in order to enjoin his followers to forgive monetary debts, as well as sins, and that

Yanni Kotsonis

make the swindle work. In Chapter 5 we see how kinship and family networks overlapped with credit transactions (in that period, family and business were almost the same thing), be it as mutual reinforcement or as rupture as bonds of family were broken by debt. Chapter 6 is more directly focused on

Heinzpeter Znoj

, the commercial search for rattan in the newly-established Kerinci-Seb- lat National Park in south-western Sumatra relied on debt bondage as a means of labour con- trol. In a village at the fringes of the park, land and water were ample and free resources but labour power was scarce. Since their land

Lê Thu Huong

eventually lead to a status of subordinate and immobilised guest work- ers in Malaysia. The interrelations between debt and contracts play here a central role. Encour- aged by the promising messages of local recruiters and the official support for migration, candidate workers readily consent to sign the


Towards Constructing an Education-Debt Apparatus Lexicon


Jason Thomas Wozniak

Introduction: Teaching as the Genesis of Education Debt Theory In the spring of 2017 I designed and taught an elective course in San José State University’s Humanities Department titled “The Indebted Life.” The main objective of the course was to engage undergrad students in a critical examination

Jackson, Sherman A.

A financial obligation due to another. The qurʾānic expression for debt is the Arabic word dayndayn i, 514b iii, 66a . Two places in the Qurʾān, both Medinan chapters, deal with the matter of debts. At q 2:282, the longest verse in the Qurʾān, detailed instructions are given for the actual handling

The Negotiability of Debt in Islamic Finance

An Analytical and Critical Study


Abdulaziz Ahmed Almezeini

The challenges posed by the non-liquidity and non-diversity of the Islamic debts market make the market an inefficient tool on contributing to Muslim economic growth. Islamic scholars and experts created sukuk as an Islamic debt instrument to avoid riba (usury), but the sukuk market (especially in the Gulf) still struggles with the prohibition of the trade of debt due to the prohibition of the two Fiqh Academies.
Trading and securitizing debts should be permitted in Islamic law, with one condition, that the debt should be considered low risk. This new rule, the permissibility of trading debts, is supported by three Islamic legal bases, istishab, qiyas, and maslaha, which are recognized by all four Islamic schools of legal thought. Furthermore, permitting the trading of debts is more consistent with the principles and theories of Islamic law than is forbidding it. It is consistent with the obligations theory that debt is a personal right. It is consistent with the mal (property) theory that debt may be sold according to the three Islamic schools of legal thought, all of which consider debt as property. It is consistent with other modern Islamic financial transactions that are permitted by the two Fiqh Academies, such as tawarruq and murabaha.

James Gallen

* Lecturer, School of Law and Government, Dublin City University. 1 Introduction Since the invasion of Iraq in 2003, odious debt has emerged from obscurity to become a popular academic proposal to alleviate the financial difficulties facing societies emerging from conflict or authoritarian

Paine’s Debt to Hume?

On the Origins of Paine’s “Decline and Fall of the English System of Finance” (1796)

Allan Potofsky

defended. His financial prowess was demonstrated once again in his successful engagement to secure French loans to fund the war effort in 1780 and 1781. While unsystematic in his prognoses, one theme emerges as a leitmotif in Paine’s economic reflections: the meaning, impact, and solutions to public debt