Lending, the Poor, and Islamic Scripture: Islamic Finance versus Welfare Islam
This paper contributes to Islamic studies literature by exploring why many Islamic scholars believe that Islam bans conventional lending and mandates Islamic finance, and how the scriptural injunction against ribā is redefined when we consider the features of modern economic systems. The article adv...
| Main Author: | |
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| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Journals Online & Print: | Drawer...
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| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Published: |
Oxford University Press
[2019]
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| In: |
Journal of the American Academy of Religion
Year: 2019, Volume: 87, Issue: 2, Pages: 460-482 |
| Standardized Subjects / Keyword chains: | B
Islam
/ Credit system
/ Charitable works
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| IxTheo Classification: | AD Sociology of religion; religious policy AG Religious life; material religion BJ Islam NCC Social ethics |
| Online Access: |
Volltext (Resolving-System) Volltext (doi) |
| Summary: | This paper contributes to Islamic studies literature by exploring why many Islamic scholars believe that Islam bans conventional lending and mandates Islamic finance, and how the scriptural injunction against ribā is redefined when we consider the features of modern economic systems. The article advocates the view that ribā and charity are inextricably linked and must therefore be considered together. The latter emphasizes helping the poor and the former prevents exploiting them. Islamic finance, however, has been incepted by juxtaposing trade with lending. The study also discusses the fallacies raised by many Islamic scholars against conventional lending. This manuscript demonstrates the necessity of modernizing our religious understanding to accelerate poverty reduction in the Muslim world. |
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| ISSN: | 1477-4585 |
| Contains: | Enthalten in: American Academy of Religion, Journal of the American Academy of Religion
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| Persistent identifiers: | DOI: 10.1093/jaarel/lfz017 |