An Economic Maxim to distinguish Sharīʿah Commercial debt financing from ribā Financing قاعدة اقتصادية لتمييز التمويل بالمُداينات الشرعية التجارية عن التمويل الربوي

Muhammad Anas Zarqa ()
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Muhammad Anas Zarqa: Senior Advisor, Shura Shar??ah Consultancy, Kuwait

Journal of King Abdulaziz University: Islamic Economics, 2022, vol. 35, issue 3, 29-49

Abstract: It would have been also correct but less clear to entitle this paper (an economic explication of the Quranic Verse “Allah has permitted trading and forbidden ribā”). A most prominent characteristic of Islam’s economic system is the prohibition of ribā while providing legitimate financing alternatives; one of which is financing integrated with sale for a deferred price. Here the seller as trader provides commercial financing that includes a profit as part of the deferred price which is a debt on the buyer. An age old question that is still alive today is : what is the difference between debts that include permissible profit to the providers of financing and debts that include prohibited ribā to financiers? The paper answers this question by providing a maxim derived from surveying detailed fiqh rulings. That maxim distinguishes the economic characteristics of permissible commercial (for profit) debt financing from ribā debt financing. This paper is addressed to economists, fiqh specialists and other interested parties including the educated public, so all concepts are simply explained. The suggested maxim is a restatement and development of what Dr Sami Al Suwailem has already written about and concluded since 1423 H/ 2002 G, in several writings. Ribā discussed in this paper is what fiqh specialists call “Ribā of debts” to which the above Quranic verse refers. This maxim is not meant to replace detailed fiqh rulings required to achieve validity of a given transaction. Rather, it is meant to highlight the common denominator that distinguishes permissible Debt-based Sharīʿah commercial transactions Debt-based from prohibited ribā financing . يُعد تحريم الربا من أبرز سمات النظام الاقتصادي الإسلامي الذي وفر بدائل حلالًا للتمويل، من أهمها التمويل المندمج بالبيع بثمنٍ مؤجلٍ، حيث يقدم فيها البائع للمشتري تمويلًا تجاريًا، أي تمويلًا فيه ربحٌ للبائع ضمن الثمن المؤجل الذي هو دين على المشتري. ويثور التساؤل من قديمٍ وفي هذا العصر حول الفرق بين مُداينات فيها ربح للمموِل أباحته الشريعة، ومُداينات فيها ربح ربوي محرم. ويجيب هذا البحث بتقديم قاعدة مستمدة من استقراء الأحكام الفقهية التفصيلية، تُميز بدقةٍ الخصائص الاقتصادية للتمويل بالمُداينات الشرعية التجارية عن التمويل الربوي. والبحث موجه في آن واحد للاقتصاديين والفقهاء وسواهم من ذوي العلاقة بالتمويل الإسلامي والمثقفين عمومًا، لذلك يشرح كل ما ورد فيه من مفاهيم فنية. والقاعدة المقترحة هي إعادة صياغة وتطوير لما سبق أن وصل إليه وكتب فيه سامي السويلم منذ عام 1423هــ/ 2002م. والربا محل هذا البحث هو المسمى فقهًا ربا الديون، والآية الكريمة تتعلق به.

Keywords: Riba; الربا (search for similar items in EconPapers)
JEL-codes: G20 G21 G29 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:abd:kauiea:v:35:y:2022:i:3:no:2:p:29-49

DOI: 10.4197/Islec.35-3.2

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