Shari'ah and Islamic Economics: ‘ Permissibility of Uses-of-Funds Contracts
Paper presented to the International Seminar on Islamic Econotnics organised by I.I.U., Malaysia at Kuala Lumpur in July 1987. The paperis a write-up of the author’s remarks as chairperson of a session. Argues that the financing being done by Islamic banks on the basis of contracts which bring in a fixed yield on the principal, is covered by the Shari'a. At the same time the oft—argued consensus on mudaraba and two-tier mudaraba is not universally accepted by all jurists. The paper refers to 8 appendices available with the present version. Descriptive. For jurists and bankers. Partly documented.
Shari’ah and Islamic Economics: Permissibility of Uses-of-Funds Contracts
Monetary and Financial Theory and Institutions