Sayyid Abu al-Hasan Musawi Isfahani: Difference between revisions
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== Jurisprudential Views == | == Jurisprudential Views == | ||
=== | === Non-usury Banking and Permissibility of Insurance Contracts === | ||
In Wasilat al-Najat, usurious transactions of banks | In Wasilat al-Najat, Isfahani explicitly declared that the usurious transactions of banks were forbidden (haram). Nevertheless, he proposed that the banking activities are legitimate if they correspond with Islamic contracts such as Mudaraba (profit-sharing), Ju'ala (reward contract), or Qard al-Hasana (interest-free loan).<ref>Isfahani, Wasilat al-Najat, pp. 235–240.</ref> He considered [[Insurance|insurance]] acceptable as a new contract, and adaptable to the contract of guarantee (Daman) or conciliation (Sulh) as long as there is no uncertainty (gharar) about it and it does not cause any harm (darar).<ref>Isfahani, Wasilat al-Najat, p. 245.</ref> | ||
=== Credible and Documentary Financial Value of Paper Money === | === Credible and Documentary Financial Value of Paper Money === | ||
Based on the interpretation of certain fatwas of Sayyid Abu al-Hasan Isfahani in Wasilat al-Najat, it has been stated that he did not consider fiat money, such as banknotes, to possess independent financial value (Maliyyat); rather, he perceived them as documents representing dirhams and dinars, acting as representatives of gold and silver. Hence, he did not consider the credit transaction (Nasi'a) of this type of money permissible, because they lack intrinsic financial value and have only gained validity backed by precious metals. It has been said that this view is rooted in traditional jurisprudential foundations, which consider financial value to be dependent on tangibility ('Ayniyyat) and consumability.<ref>Davoudi, Naqsh-e Foqaha-ye Shi'eh dar Hall-e Masa'il-e Mustahdatha, p. 211.</ref> | Based on the interpretation of certain fatwas of Sayyid Abu al-Hasan Isfahani in Wasilat al-Najat, it has been stated that he did not consider fiat money, such as banknotes, to possess independent financial value (Maliyyat); rather, he perceived them as documents representing dirhams and dinars, acting as representatives of gold and silver. Hence, he did not consider the credit transaction (Nasi'a) of this type of money permissible, because they lack intrinsic financial value and have only gained validity backed by precious metals. It has been said that this view is rooted in traditional jurisprudential foundations, which consider financial value to be dependent on tangibility ('Ayniyyat) and consumability.<ref>Davoudi, Naqsh-e Foqaha-ye Shi'eh dar Hall-e Masa'il-e Mustahdatha, p. 211.</ref> | ||