Does Islam Assign Any Valuel Weight to Time Factor in Economic and inancial Transactions?
Argues forcefully that Islam does not assign any weight to time in financial transactions. Such a weight is tantamount to riba. The difference between cash price and credit price of the sale article is also riba. Cash discounts and higher charges for performing the same service in a shorter time also involve riba. Forward transactions in foreign exchange and commodities are un—Islamic. The prevalent practice of instalment sales involves riba. It is absurd to distinguish between credit created by lending cash or selling goods on the basis of deferred payments. In both cases any addition to the original sum would be riba. A highly valuable article which dispels a number of ambiguities found in the literature. For economists and jurists. Based on primary sources. Documented.
al-Murabaha in Theory and Practice
Explains the theory of murabaha in the light of early juridical texts. The concept of murabaha being used by Islamic banks (esp. of Qatar) involves riba as the bank adds a mark-up on the sale price as price of time. The alternative for sale of durable consumer goods is to assign profit and loss to the income (or gain)'from the asset and this should be shared by the bank and the purchaser in proportion to the extent of their respective ownership. The theory of Sami Hasan Hamofi d on instalment sales also entails riba.An original contribution but the presentation and documentation is poor. For Muslim economists.
Organisation of the Credit Operations under the Islamic Banking System
Gives a theoretical model of interest-free banking. Lays down mechanistically the proportion of profit and loss to be shared among the depositors, bankers and entrepreneurs. A variant of mudaraba-based banking. Elementary and simplistic. For laymen. Undocumented.
Islamisation of Credit Card Business
Monetary and Financial Theory and Institutions
Organisation of the Credit Operations under the Islamic Banking System
Monetary and Financial Theory and Institutions
Is Discounting Lawful?
Discounting of bills and cash discounts in trade is unlawful as they involve interest. Examines in detail some ahadith which have been presented by some in support of discounting of debt. Brings in fresh evidence to prove that discounting is not allowed in any case. A valuable article. Based on primary sources. Undocumented.
The Development of Credit Operations: A Historical Survey
Traces the history of credit instruments and operations from the barter age to the present. Points out the contribution of Islam in the development of credit instruments. An informative article with historical bias. For Muslim economists; Based on primairy sources. Documented.
Investment Leading to Ownership
Monetary and Financial Theory and Institutions