Seyed Abbas Mousavian: Difference between revisions
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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 riba === | ||
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: | |||
# | # 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 | # 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 | # 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> | ||
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''' === | ||