This study sheds light on the question of usury ( ribā ) and the attempts made to harmonise it with Sharīʿah principles in the Muslim world. Special reference is made to the 20th century works of al-Sanhūrī. A descriptive, analytic methodology is adopted to explain the arguments advanced for admissibility of contemporary interest-based banking systems and to evaluate the excuses put forward for application of interest in the Muslim world. This study concludes that the array of excuses advanced during the 20th century for the admissibility of interest was not precisely founded on the principles of Islamic jurisprudence.
Arab Law Quarterly – Brill
Published: Nov 27, 2016
Keywords: usury; Islamic law; principles of jurisprudence; al-Sanhūrī’s Civil Codes; harmonization attempts
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