Usury and Interest: A Comparative Economic Study (book): Difference between revisions
| Line 54: | Line 54: | ||
===The critique of the perspective of Rafiq Yunus Al-Masri by Muhammad Riyaz Abrash=== | ===The critique of the perspective of Rafiq Yunus Al-Masri by Muhammad Riyaz Abrash=== | ||
As an economist, Mohammad Riyaz Al-Abrash offers a detailed critique of Rafiq Yunus Al-Masri's viewpoints, presenting his own arguments in 22 distinct points that refute Al-Masri's theoretical framework (pp. 89 to 148). He believes that: | As an economist, Mohammad Riyaz Al-Abrash offers a detailed critique of Rafiq Yunus Al-Masri's viewpoints, presenting his own arguments in 22 distinct points that refute Al-Masri's theoretical framework (pp. 89 to 148). He believes that: | ||
Islamic thought has a traditional and broad-scope origin which often results in continuous proponents and opponents. In contrast, Western thought, unlike the monotheistic and dualistic religious ideologies such as Islam, Christianity, Judaism, and Buddhism, is consistently based on empirical experience. It is the latest human culture and civilization from ancient Greece to the present (neoliberalism) and may soon emerge as the dominant global culture. The differences between Islamic and Western thought reflect the same historical contrasts between Arab and Persian (Iranian) cultures. In general, there is a notable divergence and distinction between Islamic and Western civilizations. (pp. 91-93) The core issue is not merely the adaptation of Islam to economics, but rather an analysis of the Western viewpoint and an explanation of the nature and differences between usury and the current concept of interest (p. 96). | Islamic thought has a traditional and broad-scope origin which often results in continuous proponents and opponents. In contrast, Western thought, unlike the monotheistic and dualistic religious ideologies such as Islam, Christianity, Judaism, and Buddhism, is consistently based on empirical experience. It is the latest human culture and civilization from ancient Greece to the present (neoliberalism) and may soon emerge as the dominant global culture. The differences between Islamic and Western thought reflect the same historical contrasts between Arab and Persian (Iranian) cultures. In general, there is a notable divergence and distinction between Islamic and Western civilizations. (pp. 91-93) The core issue is not merely the adaptation of Islam to economics, but rather an analysis of the Western viewpoint and an explanation of the nature and differences between usury and the current concept of interest (p. 96). | ||
Abrash asserts that, as acknowledged by Al-Masri, the majority of Islamic jurists, if not all jurists opposing usury, base their arguments on the distinction between interest and usury. However, these jurists lack familiarity with modern economic concepts and should not extend Quranic texts and prophetic traditions, such as the prohibition of usury, from their historical context to the present day, which involves a complex market environment unlike the simple markets of seventh-century Medina and Mecca. Furthermore, there exists a divergence among scholars, and their jurisprudential opinions are often speculative and uncertain, particularly in specialized economic matters (p. 98). | Abrash asserts that, as acknowledged by Al-Masri, the majority of Islamic jurists, if not all jurists opposing usury, base their arguments on the distinction between interest and usury. However, these jurists lack familiarity with modern economic concepts and should not extend Quranic texts and prophetic traditions, such as the prohibition of usury, from their historical context to the present day, which involves a complex market environment unlike the simple markets of seventh-century Medina and Mecca. Furthermore, there exists a divergence among scholars, and their jurisprudential opinions are often speculative and uncertain, particularly in specialized economic matters (p. 98). | ||
According to Abrash, although economics and Islam are often viewed as distinct areas, there is room for their interaction and the absence of conflict. This is illustrated by the recognition of the difference between usury and interest (p. 110). The prohibition of usury is only applicable in cases where there is explicit textual support, with the general principle being one of permissibility. The ban on usury is relevant only in contexts where a clear and unequivocal analogy can be established, and it is restricted to specific transactions that pertain to the particular period of the verse's revelation (p. 102). | |||
According to Abrash, although economics and Islam are often viewed as distinct areas, there is room for their interaction and the absence of conflict. This is illustrated by the recognition of the difference between usury and interest (p. 110). The prohibition of usury is only applicable in cases where there is explicit textual support, with the general principle being one of permissibility. The ban on usury is relevant only in contexts where a clear and unequivocal analogy can be established, and it is restricted to specific transactions that pertain to the particular period of the verse's revelation (p. 102). | |||
==The second section of the book: Usury and Interest in Western Thought and Islam== | ==The second section of the book: Usury and Interest in Western Thought and Islam== | ||
The second section of the book, following the style of the "Dialogues for the New Century" series, features an independent article by Muhammad Riyaz Al-Abrash. This article examines the topics of interest and usury within the context of modern Western economics, followed by a critique and analysis of the article by Rafiq Yunus Masri. | The second section of the book, following the style of the "Dialogues for the New Century" series, features an independent article by Muhammad Riyaz Al-Abrash. This article examines the topics of interest and usury within the context of modern Western economics, followed by a critique and analysis of the article by Rafiq Yunus Masri. | ||