Seyed Abbas Mousavian - Revision history

M.zandi: /* Internal Links */

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Internal Links

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	== Internal Links ==		== Internal Links ==
	Summaries of several books by Seyed Abbas Mousavian have been written in the [[Encyclopedia of Contemporary Jurisprudence]]:		Summaries of several books by Seyed Abbas Mousavian have been written in the [[The Contemporary Jurisprudence Encyclopedia\|Encyclopedia of Contemporary Jurisprudence]]:

	* [[Foundations of Islamic Finance (book)\|Foundations of Islamic Finance]]		* [[Foundations of Islamic Finance (book)\|Foundations of Islamic Finance]]

M.zandi: /* Securities from Mousavian’s Perspective */

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Securities from Mousavian’s Perspective

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	== Securities from Mousavian’s Perspective ==		== Securities from Mousavian’s Perspective ==
	Abbas Mousavian ~~accepted~~ several financial instruments, ~~such as~~ [[qard al-hasan securities]],<ref>Mousavian, Islamic Financial Instruments, pp. 347-354.</ref> [[murabaha securities]] (in some ~~of their forms~~),<ref>Mousavian, Islamic Financial Instruments, pp. 359-361.</ref> and lease securities<ref>Mousavian, Islamic Financial Instruments, pp. 372-374.</ref> ~~as Islamic financial instruments.~~ He regarded these securities as ~~appropriate~~ alternatives to [[bonds]] and [[preferred shares]]~~—which~~ are ~~generally~~ based ~~on interest~~.<ref>Mousavian, Islamic Financial Instruments, p. 345.</ref>		Abbas Mousavian recognized several financial instruments as Islamic financial instruments, including [[qard al-hasan securities]],<ref>Mousavian, Islamic Financial Instruments, pp. 347-354.</ref> [[murabaha securities]] (in some types),<ref>Mousavian, Islamic Financial Instruments, pp. 359-361.</ref> and lease securities<ref>Mousavian, Islamic Financial Instruments, pp. 372-374.</ref> He regarded these securities as purposive alternatives to [[bonds]] and [[preferred shares]] which are typically interest-based.<ref>Mousavian, Islamic Financial Instruments, p. 345.</ref>

	=== Bonds ===		=== Bonds ===
	Abbas Mousavian divides bonds into four categories (interest-bearing bonds, income bonds, prize bonds, and discount bonds). ~~For each category, he reports and critiques~~ the ~~jurisprudential opinions of~~ jurists ~~and marjas~~, ~~with most of the discussion concerning~~ loans, usury, and the ~~foundations of~~ their prohibition.<ref>Mousavian, Islamic Capital Market, pp. 364-370.</ref> ~~According to~~ Mousavian, none of the ~~justifications for considering~~ various types of bonds ~~permissible possesses~~ a jurisprudential foundation; according to the definition of usury, every loan in which an increase is stipulated and the borrower undertakes to pay that increase constitutes usury and is prohibited.<ref>Mousavian, Islamic Capital Market, pp. 366-370.</ref>		Abbas Mousavian divides bonds into four categories: interest-bearing bonds, income bonds, prize bonds, and discount bonds. He provided a critical analysis of the jurists' perspectives on these categories, focusing primarily on loans, usury, and the underlying rationales for their prohibition.<ref>Mousavian, Islamic Capital Market, pp. 364-370.</ref> Mousavian maintained that none of the ideas offered to justify various types of bonds in terms of Sharia have a jurisprudential foundation; according to the definition of usury, every loan in which an increase is stipulated and the borrower undertakes to pay that increase constitutes usury and is prohibited.<ref>Mousavian, Islamic Capital Market, pp. 366-370.</ref>

	=== Murabaha Securities ===		=== Murabaha Securities ===
	According to Mousavian, murabaha is a type of sale (purchase and sale) that~~, when structured as~~ securities, represents the owner’s debt to the holder of the security.<ref>Mousavian, Islamic Financial Instruments (Sukuk), p. 355.</ref> Mousavian regards murabaha as legitimate in Imami jurisprudence ~~and~~ based on a ~~narration from~~ the sixth Imam of the Shia.<ref>Mousavian, “The Application of Murabaha in Interest-Free Banking,” p. 38; Kulayni, al-Kafi, 1407 AH, vol. 5, p. 201.</ref> According to Mousavian, trading murabaha securities includes transactions other than the murabaha sale; ~~after examination, it appears that~~ Shia jurists ~~have regarded the purchase and sale~~ of these securities as valid ~~under certain assumptions~~.<ref>Mousavian, Islamic Financial Instruments (Sukuk), pp. 359-360.</ref>		According to Mousavian, murabaha is a type of sale (purchase and sale) that in form of securities represents the owner’s debt to the holder of the security.<ref>Mousavian, Islamic Financial Instruments (Sukuk), p. 355.</ref> Mousavian regards murabaha as legitimate in Imami jurisprudence that based on a hadith of the sixth Imam of the Shia.<ref>Mousavian, “The Application of Murabaha in Interest-Free Banking,” p. 38; Kulayni, al-Kafi, 1407 AH, vol. 5, p. 201.</ref> According to Mousavian, trading murabaha securities includes transactions other than the murabaha sale; Shia jurists seem to consider certain transactions of these securities to be valid.<ref>Mousavian, Islamic Financial Instruments (Sukuk), pp. 359-360.</ref>

	=== Ordinary Shares ===		=== Ordinary Shares ===
	According to Mousavian, shares are a new phenomenon with no precedent in jurisprudential texts and constitute one of the newly ~~arising~~ issues.<ref>Mousavian, Islamic Capital Market, pp. 387-399.</ref> Mousavian maintains that~~, provided~~ the ~~activities~~ of public ~~joint-stock companies concern legitimate subjects and are conducted in accordance with religious standards, the establishment of such~~ companies and their ~~operation~~ within the framework of specific laws and regulations ~~present~~ no jurisprudential ~~problem~~.<ref>Mousavian, Islamic Capital Market, p. 399.</ref>		According to Mousavian, shares are a new phenomenon with no precedent in jurisprudential texts and constitute one of the newly emerged issues.<ref>Mousavian, Islamic Capital Market, pp. 387-399.</ref> Mousavian maintains that the establishment of public companies and their activities within the framework of specific laws and regulations have no jurisprudential prohibition provided their activities concern legitimate subjects and are conducted in accordance with religious standards.<ref>Mousavian, Islamic Capital Market, p. 399.</ref>

	=== Preferred Shares ===		=== Preferred Shares ===
	Seyed Abbas Mousavian maintains that certain preferred shares ~~present~~ no jurisprudential ~~problem~~, while others are prohibited. ~~He regards~~ “non-cumulative fixed-dividend preferred shares” and “non-cumulative participating preferred shares” as permissible, ~~while considering~~ “cumulative fixed-dividend preferred shares,” “cumulative participating preferred shares,” and “floating-rate preferred shares” ~~to be~~ instances of impermissible stratagems and usury.<ref>Mousavian, Islamic Capital Market, p. 415.</ref>		Seyed Abbas Mousavian maintains that certain preferred shares have no jurisprudential prohibition, while others are prohibited. According to him, “non-cumulative fixed-dividend preferred shares” and “non-cumulative participating preferred shares” are permissible, but “cumulative fixed-dividend preferred shares,” “cumulative participating preferred shares,” and “floating-rate preferred shares” are instances of impermissible stratagems and usury.<ref>Mousavian, Islamic Capital Market, p. 415.</ref>

	== Internal Links ==		== Internal Links ==

M.zandi: /* Distinguishing Permissible and Impermissible Stratagems for Circumventing Usury */

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Distinguishing Permissible and Impermissible Stratagems for Circumventing Usury

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	Rejecting these theories, Mousavian maintains that the principal means of earning profit is genuine transactions and that any new transactions resulting from the expansion of the banking system must be rigorously scrutinized to ensure they are free from usury, whether in the form of loans or trade.<ref>Mousavian, Financial Instruments, pp. 150-164.</ref>		Rejecting these theories, Mousavian maintains that the principal means of earning profit is genuine transactions and that any new transactions resulting from the expansion of the banking system must be rigorously scrutinized to ensure they are free from usury, whether in the form of loans or trade.<ref>Mousavian, Financial Instruments, pp. 150-164.</ref>

	=== ~~'''~~Distinguishing Permissible and Impermissible Stratagems for Circumventing Usury~~'''~~ ===		=== Distinguishing Permissible and Impermissible Stratagems for Circumventing Usury ===
	Mousavian divided stratagems for circumventing usury into permissible and impermissible ~~stratagems~~. According to him, the criterion for impermissible ~~stratagems~~ is ~~the absence of a~~ genuine intention to undertake the alternative transaction or the ~~applicability of~~ usury to the ~~stratagem despite the existence of~~ a genuine intention. He maintained that this distinction depends ~~largely~~ on the parties’ intentions. In contrast, he classified spot and deferred sales, as well as the leasing of fixed assets, among permissible stratagems. ~~He maintained that, in~~ many transactions, ~~because of the prohibition of usury~~, the parties genuinely intend to ~~enter into~~ permissible transactions.<ref>Mousavian, Financial Instruments, pp. 164-187.</ref>		Mousavian divided stratagems for circumventing usury into permissible and impermissible. According to him, the criterion for stratagems are impermissible where there is no genuine intention to undertake the alternative transaction or the circumventing act is really usury though the parties have a genuine intention. He maintained that this distinction depends mainly on the parties’ intentions. In contrast, he classified spot and deferred sales, as well as the leasing of fixed assets, among permissible stratagems. In many transactions, he believed, the parties genuinely intend to make permissible transactions to avoid prohibited usury.<ref>Mousavian, Financial Instruments, pp. 164-187.</ref>

	== Securities from Mousavian’s Perspective ==		== Securities from Mousavian’s Perspective ==

M.zandi: /* No Distinction between Bank Interest and Usury */

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No Distinction between Bank Interest and Usury

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	The superiority of the Islam-based method over the Fiqh-based method lies in the fact that Fiqh does not encompass all various Islamic teachings in all areas, because there is no necessary correspondence between jurisprudential knowledge and the Preserved Tablet, as jurisprudential deduction is a process based on conjecture and ijtihad. Accordingly, a model involving financial institutions and instruments may not conflict with jurisprudential teachings but still contradicting the core foundations of Sharia, such as justice, security, and freedom.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Fiqh-based Method to the Islam-based Method,” p. 63.</ref>		The superiority of the Islam-based method over the Fiqh-based method lies in the fact that Fiqh does not encompass all various Islamic teachings in all areas, because there is no necessary correspondence between jurisprudential knowledge and the Preserved Tablet, as jurisprudential deduction is a process based on conjecture and ijtihad. Accordingly, a model involving financial institutions and instruments may not conflict with jurisprudential teachings but still contradicting the core foundations of Sharia, such as justice, security, and freedom.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Fiqh-based Method to the Islam-based Method,” p. 63.</ref>

	=== ~~'''~~No Distinction between Bank Interest and ~~Usury'''~~ ===		=== No Distinction between Bank Interest and riba ===
	~~By equating~~ [[bank interest]] ~~with usury~~, ~~Mousavian regarded views distinguishing between~~ the ~~two as incorrect and invalid~~.<ref>Mousavian and Meysami, “A Critique and Examination of New Views concerning Usury and Bank Interest,” p. 7.</ref> Mousavian ~~refers to several such views~~:		Mousavian consideres the distinction between [[bank interest]] and riba to be invalid, arguing that these are the same thing.<ref>Mousavian and Meysami, “A Critique and Examination of New Views concerning Usury and Bank Interest,” p. 7.</ref> Mousavian points out some things:

	# ~~Usury~~ as an ~~economic necessity~~ of the ~~present age~~: ~~According~~ to this theory, bank interest or ~~usury~~ is necessary for economic development ~~in the present age~~ and plays an effective role; pursuant to the maxim “necessities permit prohibitions” (al-darurat tubih al-mahzurat), rulings are relaxed in circumstances of harm.<ref>Mousavian, Financial Instruments, pp. 162-163.</ref>		# Riba as an necessary component of the economy of today's world: nowadays, according to this theory, bank interest or riba is necessary for economic development and plays an effective role, therefore pursuant to the maxim “necessities permit prohibitions” (al-darurat tubih al-mahzurat), rulings are relaxed in circumstances of harm.<ref>Mousavian, Financial Instruments, pp. 162-163.</ref>
	# Restricting ~~usury~~ to interest charged by private banks: On this basis, bank interest constitutes usury and is prohibited only when it relates to private banks, not state-owned banks, because state-owned banks are not exploitative institutions and have not been established to generate profits. Abbas Mousavian attributes this theory to [[Mohammad Hadi Marefat]].<ref>Mousavian, Financial Instruments, p. 160.</ref>		# Restricting riba to interest charged by private banks: On this basis, bank interest constitutes usury and is prohibited only when it relates to private banks, not state-owned banks, because state-owned banks are not exploitative institutions and have not been established to generate profits. Abbas Mousavian attributes this theory to [[Mohammad Hadi Marefat]].<ref>Mousavian, Financial Instruments, p. 160.</ref>
	# Restricting ~~usury~~ to ~~an increase charged for extending~~ the ~~term~~: According to this view, prohibited usury is money paid to a lender in return for extending the repayment period of a loan. Mohammad Rashid Rida expressed this view in “Tafsir al-Manar” under Verse 130 of Sura Al Imran and in the ~~“book al~~-Riba wa-l-Mu‘amalat fi al-Islam.” Interest charged in modern banking does not ~~possess~~ this ~~characteristic~~.<ref>Mousavian, Financial Instruments, pp. 150-164.</ref>		# Restricting riba to instances where the repayment period is extended: According to this view, prohibited usury is money paid to a lender in return for extending the repayment period of a loan. Mohammad Rashid Rida expressed this view in “Tafsir al-Manar” under Verse 130 of Sura Al Imran and in the book “al-Riba wa-l-Mu‘amalat fi al-Islam.” Interest charged in modern banking does not fall under this category.<ref>Mousavian, Financial Instruments, pp. 150-164.</ref>

	~~In rejecting~~ these theories, Mousavian maintains that ~~engagement in genuine transactions must be regarded as~~ the principal means of earning profit and that new transactions ~~arising~~ from the expansion of the banking system must be ~~carefully examined~~ to ensure ~~that~~ they are free ~~of every~~ form of ~~loan-based and transactional usury~~.<ref>Mousavian, Financial Instruments, pp. 150-164.</ref>		Rejecting these theories, Mousavian maintains that the principal means of earning profit is genuine transactions and that any new transactions resulting from the expansion of the banking system must be rigorously scrutinized to ensure they are free from usury, whether in the form of loans or trade.<ref>Mousavian, Financial Instruments, pp. 150-164.</ref>

	=== '''Distinguishing Permissible and Impermissible Stratagems for Circumventing Usury''' ===		=== '''Distinguishing Permissible and Impermissible Stratagems for Circumventing Usury''' ===

M.zandi: /* Explanation of the Islam-based Method and Its Superiority */

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Explanation of the Islam-based Method and Its Superiority

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	==== Explanation of the Islam-based Method and Its Superiority ====		==== Explanation of the Islam-based Method and Its Superiority ====
	Islam-~~centered~~ method uses all Islamic sources instead of being content with Fiqh alone; the Islamic sources includ moral judgments, jurisprudence, divine traditions, and the objectives and principles of Islam. Ghafouri and Mirmoezzi, researchers in Islamic jurisprudence, state that a study of Mousavian’s works shows that he considered ethical principles or divine traditions in constructing an economic system. They cited the article “Religion and Economics” and the article “Introduction the Islamic Economic System” for ~~this~~ calim.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the ~~Jurisprudence~~-~~Centered~~ Method to the Islam-~~Centered~~ Method,” p. 58.</ref>		Islam-based method uses all Islamic sources instead of being content with Fiqh alone; the Islamic sources includ moral judgments, jurisprudence, divine traditions, and the objectives and principles of Islam. Ghafouri and Mirmoezzi, researchers in Islamic jurisprudence, state that a study of Mousavian’s works shows that he considered ethical principles or divine traditions in constructing an economic system. They cited the article “Religion and Economics” and the article “Introduction the Islamic Economic System” for their calim.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Fiqh-based Method to the Islam-based Method,” p. 58.</ref>

	~~According to~~ these researchers, in this method Mousavian, as in the ~~jurisprudence~~-~~centered~~ method~~, proceeded through two stages in economics~~: Islamization and Islamic ~~establishment~~. Islamization means examining and reconstructing the conventional economic ~~model~~ on the basis of all Islamic ~~data~~, including ~~ethical rulings~~, jurisprudence, divine traditions, and the objectives and principles of Islam. The ~~Islamic~~ establishment ~~method likewise~~ means presenting a new economic model based on these criteria.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the ~~Jurisprudence~~-~~Centered~~ Method to the Islam-~~Centered~~ Method,” p. 59.</ref>		As these researchers state, this method also Mousavian posits two stages just as in the Fiqh-based method: Islamization and establishment of an Islamic entity or institution. Islamization means examining and reconstructing the conventional economic models on the basis of all Islamic sources, including moral judgment, jurisprudence, divine traditions, and the objectives and principles of Islam. The establishment stage means presenting a new economic model based on these criteria.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Fiqh-based Method to the Islam-based Method,” p. 59.</ref>

	The superiority of the Islam-~~centered~~ method over the ~~jurisprudence~~-~~centered~~ method lies in the fact that ~~jurisprudence~~ does not encompass all Islamic teachings in ~~every respect~~, because jurisprudential knowledge ~~does not necessarily correspond to~~ the Preserved Tablet ~~and~~ is a ~~conjectural~~ and ~~ijtihadi process~~. Accordingly, a model ~~concerning~~ financial institutions and instruments may not conflict with ~~jurisprudence~~ but ~~may nevertheless contradict~~ the ~~principal~~ foundations of ~~the~~ Sharia, such as justice, security, and freedom.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the ~~Jurisprudence~~-~~Centered~~ Method to the Islam-~~Centered~~ Method,” p. 63.</ref>		The superiority of the Islam-based method over the Fiqh-based method lies in the fact that Fiqh does not encompass all various Islamic teachings in all areas, because there is no necessary correspondence between jurisprudential knowledge and the Preserved Tablet, as jurisprudential deduction is a process based on conjecture and ijtihad. Accordingly, a model involving financial institutions and instruments may not conflict with jurisprudential teachings but still contradicting the core foundations of Sharia, such as justice, security, and freedom.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Fiqh-based Method to the Islam-based Method,” p. 63.</ref>

	=== '''No Distinction between Bank Interest and Usury''' ===		=== '''No Distinction between Bank Interest and Usury''' ===

M.zandi: /* Explanation of the Islam-Centered Method and Its Superiority */

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Explanation of the Islam-Centered Method and Its Superiority

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	Fiqh-based method has two stages: jurisprudential analysis of an issue (it may be called jurisprudentialization) and establishment of a jurisprudential entity or institution; therefore the conformity with Fiqh is established as a criterion for Islamic banking. Mousavian maintained that, at the jurisprudential analysis stage, financial institutions are evaluated and reconstructed on the basis of Islamic jurisprudence through an approach based on the [[presumption of validity]]. According to Mousavian, at the establishment stage, a new model based on Shia jurisprudence is presented or reproduced for financial institutions and instruments that have no precedent in conventional economics.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Fiqh-based Method to the Islam-Centered Method,” pp. 48-55.</ref>		Fiqh-based method has two stages: jurisprudential analysis of an issue (it may be called jurisprudentialization) and establishment of a jurisprudential entity or institution; therefore the conformity with Fiqh is established as a criterion for Islamic banking. Mousavian maintained that, at the jurisprudential analysis stage, financial institutions are evaluated and reconstructed on the basis of Islamic jurisprudence through an approach based on the [[presumption of validity]]. According to Mousavian, at the establishment stage, a new model based on Shia jurisprudence is presented or reproduced for financial institutions and instruments that have no precedent in conventional economics.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Fiqh-based Method to the Islam-Centered Method,” pp. 48-55.</ref>

	==== Explanation of the Islam-~~Centered~~ Method and Its Superiority ====		==== Explanation of the Islam-based Method and Its Superiority ====
	~~Rather than restricting itself to jurisprudence, the~~ Islam-centered method uses all Islamic ~~data—including ethical rulings~~, jurisprudence, divine traditions, and the objectives and principles of ~~Islam—in constructing the economic system~~. Ghafouri and Mirmoezzi, researchers in jurisprudence, state that a study of Mousavian’s works ~~demonstrates~~ that~~, in some of them,~~ he considered ethical principles or divine traditions ~~when~~ constructing an economic system. They ~~identify~~ the ~~“article Religion~~ and Economics” and the ~~“book General Principles of~~ the Islamic Economic System” ~~as among Mousavian’s works in~~ this ~~field~~.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Jurisprudence-Centered Method to the Islam-Centered Method,” p. 58.</ref>		Islam-centered method uses all Islamic sources instead of being content with Fiqh alone; the Islamic sources includ moral judgments, jurisprudence, divine traditions, and the objectives and principles of Islam. Ghafouri and Mirmoezzi, researchers in Islamic jurisprudence, state that a study of Mousavian’s works shows that he considered ethical principles or divine traditions in constructing an economic system. They cited the article “Religion and Economics” and the article “Introduction the Islamic Economic System” for this calim.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Jurisprudence-Centered Method to the Islam-Centered Method,” p. 58.</ref>

	According to these researchers, in this method Mousavian, as in the jurisprudence-centered method, proceeded through two stages in economics: Islamization and Islamic establishment. Islamization means examining and reconstructing the conventional economic model on the basis of all Islamic data, including ethical rulings, jurisprudence, divine traditions, and the objectives and principles of Islam. The Islamic establishment method likewise means presenting a new economic model based on these criteria.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Jurisprudence-Centered Method to the Islam-Centered Method,” p. 59.</ref>		According to these researchers, in this method Mousavian, as in the jurisprudence-centered method, proceeded through two stages in economics: Islamization and Islamic establishment. Islamization means examining and reconstructing the conventional economic model on the basis of all Islamic data, including ethical rulings, jurisprudence, divine traditions, and the objectives and principles of Islam. The Islamic establishment method likewise means presenting a new economic model based on these criteria.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Jurisprudence-Centered Method to the Islam-Centered Method,” p. 59.</ref>

M.zandi: /* Explanation of the Jurisprudence-Centered Method */

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Explanation of the Jurisprudence-Centered Method

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	Banking issues and financial instruments could be evaluated by Fiqh-based method. This method aims to ensure that banking methods or financial instruments do not conflict with Islamic jurisprudential rulings. On the other hand, Mousavian proposed Islam-based instead of Fiqh-based method. Islam-based method adopts a systemic and multidimensional approach to human conduct and interactions. Some researchers in economic Fiqh have regarded Mousavian’s theory as a movement toward the development of knowledge in this field.<ref name=":0">Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Intellectual Method: From the Jurisprudence-Centered Method to the Islam-Centered Method,” pp. 40-58.</ref>		Banking issues and financial instruments could be evaluated by Fiqh-based method. This method aims to ensure that banking methods or financial instruments do not conflict with Islamic jurisprudential rulings. On the other hand, Mousavian proposed Islam-based instead of Fiqh-based method. Islam-based method adopts a systemic and multidimensional approach to human conduct and interactions. Some researchers in economic Fiqh have regarded Mousavian’s theory as a movement toward the development of knowledge in this field.<ref name=":0">Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Intellectual Method: From the Jurisprudence-Centered Method to the Islam-Centered Method,” pp. 40-58.</ref>

	==== Explanation of the ~~Jurisprudence~~-~~Centered~~ Method ====		==== Explanation of the Fiqh-based Method ====
	~~In the jurisprudence~~-~~centered~~ method, two ~~stages—jurisprudentialization~~ and jurisprudential ~~establishment—are discussed so that~~ conformity with ~~jurisprudence becomes~~ a criterion for Islamic banking. Mousavian maintained that, at the ~~jurisprudentialization~~ stage, financial institutions are evaluated and reconstructed on the basis of Islamic jurisprudence through an approach based on the [[presumption of validity]]. According to Mousavian, at the ~~jurisprudential~~ establishment stage, a new model based on Shia jurisprudence ~~must be~~ presented or reproduced for financial institutions and instruments that have no precedent in conventional economics.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the ~~Jurisprudence~~-~~Centered~~ Method to the Islam-Centered Method,” pp. 48-55.</ref>		Fiqh-based method has two stages: jurisprudential analysis of an issue (it may be called jurisprudentialization) and establishment of a jurisprudential entity or institution; therefore the conformity with Fiqh is established as a criterion for Islamic banking. Mousavian maintained that, at the jurisprudential analysis stage, financial institutions are evaluated and reconstructed on the basis of Islamic jurisprudence through an approach based on the [[presumption of validity]]. According to Mousavian, at the establishment stage, a new model based on Shia jurisprudence is presented or reproduced for financial institutions and instruments that have no precedent in conventional economics.<ref>Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Scientific Method from the Fiqh-based Method to the Islam-Centered Method,” pp. 48-55.</ref>

	==== Explanation of the Islam-Centered Method and Its Superiority ====		==== Explanation of the Islam-Centered Method and Its Superiority ====

M.zandi: /* Superiority of the Islam-Centered Method over the Jurisprudence-Centered Method */

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Superiority of the Islam-Centered Method over the Jurisprudence-Centered Method

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	According to Seyed Abbas Mousavian, [[delayed payment penalty]] is a means of reducing losses resulting from delayed payment of debts. He maintains that failure to pay debts on time leads to a reduction in deferred transactions, the erosion of public trust, a reduction in qard al-hasan (benevolent lending), Increasing the burden of bail and guarantees, and a decrease in financial exchanges.<ref>Mousavian, “A Jurisprudential-Legal Examination of Laws concerning Penalties and Compensation for Delayed Payment in Iran,” p. 12.</ref>		According to Seyed Abbas Mousavian, [[delayed payment penalty]] is a means of reducing losses resulting from delayed payment of debts. He maintains that failure to pay debts on time leads to a reduction in deferred transactions, the erosion of public trust, a reduction in qard al-hasan (benevolent lending), Increasing the burden of bail and guarantees, and a decrease in financial exchanges.<ref>Mousavian, “A Jurisprudential-Legal Examination of Laws concerning Penalties and Compensation for Delayed Payment in Iran,” p. 12.</ref>

	=== Superiority of the Islam-~~Centered~~ Method over the ~~Jurisprudence~~-~~Centered~~ Method ===		=== Superiority of the Islam-based Method over the Fiqh-based Method ===
	~~One method for assessing banking matters~~ and financial instruments ~~is the jurisprudence~~-~~centered~~ method; that ~~is,~~ banking methods or financial instruments ~~must~~ not conflict with ~~jurisprudence~~. ~~Moving beyond this view~~, Mousavian ~~advocated replacing the jurisprudence~~-~~centered method with an Islam~~-~~centered~~ method. ~~The~~ Islam-~~centered~~ method adopts a systemic and multidimensional approach to human conduct and interactions. Some researchers in economic ~~jurisprudence~~ have regarded Mousavian’s theory as a movement toward the development of knowledge in this field.<ref name=":0">Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Intellectual Method: From the Jurisprudence-Centered Method to the Islam-Centered Method,” pp. 40-58.</ref>		Banking issues and financial instruments could be evaluated by Fiqh-based method. This method aims to ensure that banking methods or financial instruments do not conflict with Islamic jurisprudential rulings. On the other hand, Mousavian proposed Islam-based instead of Fiqh-based method. Islam-based method adopts a systemic and multidimensional approach to human conduct and interactions. Some researchers in economic Fiqh have regarded Mousavian’s theory as a movement toward the development of knowledge in this field.<ref name=":0">Mirmoezzi and Ghafouri, “The Development of Professor Mousavian’s Intellectual Method: From the Jurisprudence-Centered Method to the Islam-Centered Method,” pp. 40-58.</ref>

	==== Explanation of the Jurisprudence-Centered Method ====		==== Explanation of the Jurisprudence-Centered Method ====

M.zandi: /* The Importance of Reciprocal Contracts in Islamic Banking Compared with Partnership Contracts */

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The Importance of Reciprocal Contracts in Islamic Banking Compared with Partnership Contracts

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	Mousavian held several views on Islamic banking, including:		Mousavian held several views on Islamic banking, including:

	=== The Importance of ~~Reciprocal~~ Contracts in Islamic Banking Compared with Partnership Contracts ===		=== The Importance of Trade-based Contracts in Islamic Banking Compared with Equity-based Partnership Contracts ===
	It is said that Mousavian emphasized the application of [[~~banking~~ partnership contracts]] (contracts without a fixed rate of return and based on profit and loss) in his earlier thought,<ref>Ghafourzadeh, “An Examination of the Development of Professor Mousavian’s Thought concerning the Position of ~~Exchange~~-~~Based~~ and Partnership Contracts in Resource Allocation,” p. 87.</ref> but later (for example, in the book “Islamic Banking” that is one of his latest books) he regarded [[~~reciprocal~~ contracts]], such as [[murabaha contract\|murabaha]], as contracts supported strongly by hadiths and being effective in Islamic banking which are more useful than partnership contracts.<ref>Ghafourzadeh, “An Examination of the Development of Professor Mousavian’s Thought concerning the Position of ~~Exchange~~-~~Based~~ and Partnership Contracts in Resource Allocation,” p. 88.</ref>		It is said that Mousavian emphasized the application of [[equity-based partnership contracts]] (contracts without a fixed rate of return and based on profit and loss) in his earlier thought,<ref>Ghafourzadeh, “An Examination of the Development of Professor Mousavian’s Thought concerning the Position of Trade-based and Equity-based Partnership Contracts in Resource Allocation,” p. 87.</ref> but later (for example, in the book “Islamic Banking” that is one of his latest books) he regarded [[trade-based contracts]], such as [[murabaha contract\|murabaha]], as contracts supported strongly by hadiths and being effective in Islamic banking which are more useful than partnership contracts.<ref>Ghafourzadeh, “An Examination of the Development of Professor Mousavian’s Thought concerning the Position of Trade-based and Equity-based Partnership Contracts in Resource Allocation,” p. 88.</ref>

	=== Permissibility of Penalties for Delayed Payment ===		=== Permissibility of Penalties for Delayed Payment ===

M.zandi: /* Permissibility of Penalties for Delayed Payment */

2026-10-14T18:44:06Z

Permissibility of Penalties for Delayed Payment

← Older revision		Revision as of 18:44, 14 October 2026
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	=== Permissibility of Penalties for Delayed Payment ===		=== Permissibility of Penalties for Delayed Payment ===
	According to Seyed Abbas Mousavian, a [[~~penalty for~~ delayed payment]] is a means of reducing losses resulting from delayed payment of debts. He maintains that failure to pay debts on time leads to a reduction in deferred transactions, the erosion of public trust, a reduction in qard al-hasan ~~loans~~, the ~~imposition~~ of ~~heavier collateral~~ and guarantees, and a decrease in ~~the volume of~~ financial exchanges.<ref>Mousavian, “A Jurisprudential-Legal Examination of Laws concerning Penalties and Compensation for Delayed Payment in Iran,” p. 12.</ref>		According to Seyed Abbas Mousavian, [[delayed payment penalty]] is a means of reducing losses resulting from delayed payment of debts. He maintains that failure to pay debts on time leads to a reduction in deferred transactions, the erosion of public trust, a reduction in qard al-hasan (benevolent lending), Increasing the burden of bail and guarantees, and a decrease in financial exchanges.<ref>Mousavian, “A Jurisprudential-Legal Examination of Laws concerning Penalties and Compensation for Delayed Payment in Iran,” p. 12.</ref>

	=== Superiority of the Islam-Centered Method over the Jurisprudence-Centered Method ===		=== Superiority of the Islam-Centered Method over the Jurisprudence-Centered Method ===