Issues of Possession in Murabaha Financing

Usmani, Mufti Hassan Ashraf; Usmani, Ali; Usmani, Mufti Uzair Ashraf; Ali, Hassan

doi:10.26652/cjif.4201925

Cited by 4 publications

(6 citation statements)

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“…Both the conservatives and realists have given detailed answers to the assimilative school of thought in explaining that why and how Riba includes conventional banking interest (Maududi, 1960; Usmani, 1993, 2004a).…”

Section: Schools Of Thoughts In Understanding Of Riba and Riba-free F...mentioning

confidence: 99%

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Some observations on contemporary financial proposals

Shaikh¹

2022

IJOES

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Purpose This paper aims to discuss the views of scholarship in South Asia regarding Riba and Riba-free finance, including the conservative and realist schools in mainstream thought and the assimilative and interpretive schools in liberal thought. Design/methodology/approach The paper uses textual analysis to critically review the writings of scholars in South Asia on contemporary issues regarding Riba and Riba-free finance. It provides a critical review in the light of Islamic jurisprudence and extant Islamic economics literature. Findings There are several characteristics in conventional banking and finance products that do not comply with Islamic teachings. In this scenario, Islamic banking is comparatively a better alternative to conventional banking and finance products to achieve Shari’ah compliance and avoid indulging in Riba. Practical implications Voluntary financial exclusion to avoid Riba is significant in Muslim-majority countries. Increased penetration of Islamic finance requires clarity on what is Riba and confidence in Riba-free alternatives. Outreach efforts of Islamic financial institutions use conventional banking as a frame of reference to provide a critique of interest-based banking. However, the apprehensions within the Islamic finance literature also need to be answered to change perception and enhance people’s willingness to use Islamic banking. Doing this can expedite the process of financial inclusion as well as help in the transformation of the economy on Riba-free foundations in a reasonably quick timeframe. Originality/value This is the first study to critically evaluate the financial proposals presented and propagated by the contemporary interpretive school in South Asia.

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Section: Schools Of Thoughts In Understanding Of Riba and Riba-free F...mentioning

confidence: 99%

“…Usmani (1993) mentions that in Arab, tribes used to take loans from other tribes for business purposes. Such trading and financial relationships were reciprocal.…”

Section: Mainstream Viewpoint On Issues In Contemporary Discourse On ...mentioning

confidence: 99%

Some observations on contemporary financial proposals

Shaikh¹

2022

IJOES

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“…They argue that it was revealed when the Prophet (PBUH) conquered Makkah and took the keys of Ka'aba from Usman Bin Talha, the incharge of the gates of Ka'aba, who once had refused to hand over the keys of Makkah to the Prophet (PBUH) and the Prophet (PBUH) had said that O Usman! May be one day you will see these keys in my hands and I will have the authority to hand over it to any one whom I would want, 51 and went in to Ka'aba and when the Prophet came out, he was reciting this verse and handed over the keys back to Usman. This verse nevertheless, in general, means that all the governmental positions are a trust and it should be handed over to those who are qualified for that.…”

Section: Theoretical Debatementioning

confidence: 99%

ENGLISH: Islamizing Pakistan: The concept of Islamic Constitution Theory and Practice

Essa

Khan

2021

rahat

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Pakistan after independence faced many problems ranging from the settlement of refugees to the fragile economy and unsteady defence. One of the major issues was the framing of constitution as immediately after separation from India, Pakistan faced a severe challenge of unity. Pakistan was a diverse country with two geographically separated wings, different cultures, divergent languages and separate provinces. The Constituent Assembly which was set up under Indian Independence Act 1947 faced this huge responsibility to provide a document on which the country could be run. Regarding character of the state of Pakistan; the religio-political Parties, Jamiat Ulama-i-Islam (JUI) and Jamat-i-Islami (JI) argued that Pakistan means the land of pure; therefore, in order to bring purity, Pakistan should be made an Islamic state. In it, the affairs of the government should be run according to Quran and Sunnah. In this way the constitution of this newly created state of Muslims should be Islamic in its nature. The rationale put forward was twofold i.e. they (Muslims) achieved Pakistan in the name of Islam and Muhammad Ali Jinnah, the founder of Pakistan, had promised that an Islamic system would be introduced in the newly established state. Secondly, according to them, Islam provides a complete code of life and it had laid basic principles in each aspect of life including the basic guidance for formulating an Islamic Constitution. This article deals with the theoretical and practical aspects of the Islamic Constitution propounded by the scholars of JUI, JI and comparative analysis has been drawn in this regard.

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“…Your death gathered us together for it, so these verses were revealed to him at that time. 19 Allah Almighty says in Quran:…”

Section: Warn Your Relativesmentioning

confidence: 99%

Da'wah in the early era of Islam: A review of the Prophet's Da'wah Strategies

Jaffar

Khan

2021

ihya

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The life of Holy Prophet (PBUH) is a beacon of light not only for Muslims but for all of humanity. There is no such aspect of life for which we do not have guidance from the life of Holy Prophet (PBUH). Whether it is personal life or social life. One of these aspects is the Da'wah strategy of the Holy Prophet (PBUH) in Makki era. This article elaborates the Holy Prophet’s (PBUH) strategies adopted for the preaching of the Islam during the Makki era. The basic elements of his missionary strategies such as the way of argumentations, parlance and dialects are made the subject of discussion. It highlights the diverse and distinct communication strategies to make the message of Islam intelligible to the common people even, which include: common values, courtesy, non-violence, intellectual stature of the audience, evolutionary process, the psychological intelligibility of addressee, sense of responsibility and proportionality, capacity to perform missionary activity, intimacy with newly converts, concealment of the faith, migration, and strong assertion of faith. The methodology deployed in construing this discourse is descriptive-cum-analytical.

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Issues of Possession in Murabaha Financing

Cited by 4 publications

References 0 publications

Some observations on contemporary financial proposals

Some observations on contemporary financial proposals

ENGLISH: Islamizing Pakistan: The concept of Islamic Constitution Theory and Practice

Da'wah in the early era of Islam: A review of the Prophet's Da'wah Strategies

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