Prohibition Of Usury Research Articles

KONTEKSTUALITAS TAFSIR AL-MIZAN FI TAFSIR AL-QUR'AN KARYA SAYYID MUHAMMAD HUSAIN TABATABA'I

Mizan exegesis is a set of book explained many different aspects such as worship, legal social, history, philosophy, and political leadership. Each of this topic described based on contextual approach and methodology. The author of this book attempted to respond the social phenomenon that developed from materialism of western scholarship. Within this problem, this essay will answer the following main questions: to what extent does Al­ Mizan has a contextual legal implication toward usury?. How does Al-Mizan contextualize the marriage verses, slavery, and politics (siyasah Syar'iyyah)? This research is library research that is qualitative, and to analyze the data there are methods that will be employed such as ijmali, tahlili, muwarran (comparative), and maudhui.The conclusion notified that the usury prohibition implied social problem among people, the one who gets benefits and the other doesn't get any, this problem arise a social enry, therefore usury is prohibited. The verses related to marriage lies on the problem of polygamy, those verses contextualized that it is allowed yet must be founded by fairness. Third, the author's of Al-Mizan explained that slavery verses goes along with the prohibition of human slavery, because all human being must treated equally, and the last the politics contextualized with the obligation of obeying the leader in many ways.Keywords: exegesis, contextuality, Tabatabia'i

From credit to debt: A political history of English sovereign finance and money from the seventh century to the seventeenth

AbstractThis article provides a new perspective on sovereign finance and money in England from pre-modern to early modern times. Re-reading the literature on sovereign fiscality through the lens of sovereign jurisdictions and religious authority, it describes two distinct forms of sovereign finance: the rise and fall of sovereign credit from the seventh to eleventh century, followed by sovereign debt developing from the eleventh century into ‘modern’ sovereign debt from the seventeenth century onwards. In the early Anglo Saxon period, sovereign credit was given and received in non-monetised forms. It was when sovereign jurisdictions became too wide for labour and bulky produce to travel that tax was monetised. However, the monetisation of credit undermined the very sovereign-subject relation on which sovereign credit was based. After the introduction of short-term sovereign debt by the Normans, for the next five hundred years, the two distinct fiscal mechanisms of sovereign credit and sovereign debt ran in parallel, although the latter was restrained by the church's prohibition of usury. In the seventeenth century, sovereign credit and sovereign debt became conjoined elements within one fiscal system, rather than separate mechanisms.

Penafsiran Riba Studi Komparatif Antara Kaum Modernis dan Neo-Revivalis

Interpretation of interest as applied to modern banking today, there are still differing views. Modernists view the prohibition of usury as being understood by emphasizing the rational aspect. Through this understanding, the element of injustice becomes a central issue for its prohibition. They seem to tolerate if their savings are based on the mudharabah system, because they can be found on the basis of their legitimacy. In addition, it is permissible if really forced (dharuri) or really needs (hajat). Also allows productive loan interest while consumptive loan interest is not allowed. While the Neo Revivalists were of the view that the prohibition of usury was understood legally formally as conceptualized in Islamic law. This view emphasizes the legal form of usury as expressed in Islamic law. They assert that the statement set out in the Qur'an must take its literal meaning, regardless of what was practiced in the pre-Islamic period. Whatever the circumstances, the lender does not have the right to receive additions to and exceed the principal

PEMIKIRAN EKONOMI ISLAM MUHAMMAD SYAFI’I ANTONIO (ANALISIS TERHADAP PERBANKAN SYARIAH DI INDONESIA) Muhammad Syafi’i Antonio’s Islamic Economic Thought (An Analysis Towards Sharia Banking In Indonesia)

Muhammad Syafi’i Antonio is a popular figure in the development of sharia banking in Indonesia. This study is intended to examine and describe specifically his thoughts on sharia banking in Indonesia. The approach used is library study whose primary source is derived from his monumental works. The findings of this study show that his thoughts on sharia banking in Indonesia are based on his thinking that bank interest will make miserable and destroy society because there is an injustice element (dzulmun), besides its prohibition of usury (riba) in al-Quran. In contrast to the usury (riba) system, the sharia economic system has the main characteristic of profit sharing financing (profit sharing (mudhârabah) and joint venture (musyârakah) which includes profit sharing and loss sharing shared by the capital provider and entrepreneur. The practice of sharia bank has a high risk because it manages the large amount of public money. Therefore, it is required a strict supervision both from internal and external parties to maintain trust in society. The sharia supervisory board is a clear evidence of the bank’s supervisor to always apply the principles of sharia in all its activities.

Riba: Transaksi Kotor Dalam Ekonomi

In conducting various economic activities, Muslim society is often faced with the problem of usury. Seen to be a problem because usury is a normative thing that is forbidden religion and applicative apparently detrimental to certain parties. In Islam, levying usury or obtaining profit in the form of borrowing usury is haram. Prohibition of usury in various transactions of economic activity, presents the consequence that all economic activities should be clean and free from the element of usury. The writing of this article aims to reveal the nature of usury, the type of usury, the cause of prohibition of usury and the negative side or adverse effects of usury in economic activities. The author concludes, among other things: the negative impact of usury is causing discord and dissatisfaction among society and resulted in economic instability. Keywords: Riba, Islamic Law, Islamic Economics

Vom Seedarlehen zur Versicherung in der mittelalterlichen Rechtswissenschaft

Abstract The Evolution from Sea Loans to Insurance in the Medieval Legal Discourse. In medieval law sea loan contracts are faced with the canon law prohibition of usury. The lender thus may not claim any interest on the loan. Moreover, by the decretal Naviganti the lender is also charged with usury when asking for a compensation for taking over the risk of transport by ship. The article considers the question of how and on which basis jurists subsequently justified the legitimacy of such a premium for the adoption of risk and how thereby the insurance contract originated as a spin-off of the sea loan.

Cambium non est mutuum: exchange and interest rates in medieval Europe

A major gap in our understanding of the medieval economy concerns interest rates, especially relating to commercial credit. Although direct evidence about interest rates is scattered and anecdotal, there is much more surviving information about exchange rates. Since both contemporaries and historians have suggested that exchange and rechange transactions could be used to disguise the charging of interest in order to circumvent the usury prohibition, it should be possible to back out implied interest rates from exchange rates. The analysis presented in this article is based on a new dataset of medieval exchange rates collected from commercial correspondence in the archive of Francesco di Marco Datini of Prato, c. 1383–1411. It demonstrates that the time value of money was consistently incorporated into market exchange rates. Moreover, these implicit interest rates are broadly comparable to those received from other types of commercial loan and investment. Although on average profitable, the return on any individual exchange and rechange transaction did involve a degree of uncertainty that may have justified their non‐usurious nature. However, there were also practical reasons why medieval merchants may have used foreign exchange transactions as a means of extending credit.

LARANGAN RIBA DALAM TEKS DAN KONTEKS (Studi Atas Hadits Riwayat Muslim Tentang Pelaknatan Riba)

Usury is additions which hinted at by people who have treasure to those who borrow their wealth (money) because of postponement payment promise by the borrower of a predetermined time. Usury is divided into two kinds of Nasi’ah usury and Fadhl usury. Threats to the behavior of usury is likened to a drunken man who can not stand but as stands one whom possessed devil because (madness), will be incorporated into the fires of hell and eternal forever, people who do not leave usury will be fought by Allah and His messenger It will be categorized as infidels, get anathema Prophet. Lessons of usury restriction can made man like helping each other, closing the door on the action of disconnecting good relationship fellow men, glorifies work, and do not harm those who are in distress. Allah and the Prophet cursed anyone who involved in such practices without exception. Usury behavioral contexts that society do today which include banking transactions primarily conventional banking, insurance transactions, sale and purchase transactions on credit, and much more. Keywords: Hadith, the prohibition of usury, text and context

ADH-DHARUURAH WA AL-HAAJJAH DALAM RIBA (Studi Analisis Pemikiran Dr. Wahbah Az-Zuhhailii)

Abstract World economic system theoretically there are three classifi cations of the global capitalist economy, a socialist economic system and the economic system of Islam. Empirically third of the economic system is the role of fi nancial institutions either banks or non-bank much earlier unknown in Islam systematically. Domination of banking institutions that can be felt has penetrated into the fi eld of business and corporate, political, social, educational and cultural. So unwittingly activities of human life as if controlled by a banking institution. In its operation there is one thing that is often a debate among Muslim scholars that the application of interest in the world banking system. Legality rate system which is still considered debatable spawned two views are contradictory. On the one hand, the system considers different interest with usury, while others looked the same interest as usury. The majority of Muslim scholars regard the laws of usury is forbidden. However, the prohibition of usury in the view-modernist Muslim groups understood rationally. In this case the element of injustice became a central issue on the prohibition of usury. While the neo-revivalist Muslim group to understand the legal prohibition of riba-formal. This raises the logical consequence that the legal system of interest applied in the banking world have the same portion as usury. Az-Zuhaili seem to have the same view with the neo-revivalist. For Az-standing interest in law Zuhaili same as usury. However Az-Zuhaili look at the prohibition of usury is not absolute and not ‘set in stone’. The prohibition of riba can be correlated with the principle of al-dlaruurah wa al-haajah. According usury when faced with conditions very pushy and the urgent need can be allowed with certain restrictions. Az-Zuhaili view that the constituent requires a more in-depth study. As mentioned in the economics of human needs have no limits (red, human needs are endless). In addition the capacity of necessity one can not be measured with standard capabilities someone else. Giving rise to different legal consequences. This has become an important issue in the study of al-dlaruurah wa al-haajah. This study is a library (library research) that is descriptiveanalytic and normative sociological-historical-philosophical. This study used qualitative data analysis in the form of rationalization of deductive and inductive coherently. Defi nitively al-dlaruurah implies a state of danger or diffi culty excessive and sudden lifethreatening human. While al-haajah may imply a need to be realized spontaneously, so that when the need is not met then it would appear negative consequences. The issue of usury in economic activity, which is still being debated, if communicated with the concept of al-dlaruurah wa al-haajah as mentioned Az-Zuhaili memililiki space and capacity of its own. So it can become a legal usury law. Keyword: Adh-Dharuurah, Al Haajjah, Riba

Vom Seedarlehen zur Versicherung in der mittelalterlichen Rechtswissenschaft

AbstractThe Evolution from Sea Loans to Insurance in the Medieval Legal Discourse. In medieval law sea loan contracts are faced with the canon law prohibition of usury. The lender thus may not claim any interest on the loan. Moreover, by the decretal Naviganti the lender is also charged with usury when asking for a compensation for taking over the risk of transport by ship. The article considers the question of how and on which basis jurists subsequently justified the legitimacy of such a premium for the adoption of risk and how thereby the insurance contract originated as a spin-off of the sea loan.

ASPECTS OF ECONOMIC PRODUCTION IN MALAY CLASSICAL LITERATURE ACCORDING TO SHEIKH DAUD AL-FATANI

Sheikh Daud bin ‘Abdullah al-Fatani (1131-1265AH/1718-1847CE) is a Malay scholar who appears on the transition period to 18M and 19M century. He was known as a productive scholar and prolific book, which can be viewed from various aspects. Therefore, this article attempts to analyze his views on aspects of production as discussed in his masterpiece Furu‘al-Masa’il and specifically referred to in chapter transaction. This article uses content analysis methods through a thematic approach in identifying the aspects of production. This article identifies at least nine aspects contained in the production of the work of priority in economic aspect, the aspect of work/effort, capital, profit-generating aspect, the aspect of profit distribution, aspects of joint agricultural projects, exploring aspects of soil, aspect prohibition of usury and aspects of the general offer. This finding indirectly indicates that the views of Sheikh Daud al-Fatani presented in the book furu‘ al-Masa’il are an ever green that is a deep insight into and remain relevant from the past, present and future. Key Words: Economic, Production, Malay, Daud Al-Fatani

Principles of Economic Ibn Taymiyyah (Moral Analysis)

This paper discusses the economic principles of Ibn Taymiyyah with moral analysis. The purpose of this paper is to reveal the position of morality in economic principles of Ibn Taymiyyah. There are two issues to be answered in this paper are: how is the economic principles of Ibn Taymiyyah, and how is the moral position in the economic principles of Ibn Taymiyyah. This research was found: principles of Ibn Taymiyyah's economy include: the principle of balance, fairness, sharia, cooperation, consultation and the prohibition of usury. Moral position in the economic principles of Ibn Taymiyyah is the basis and foundation of the economy which is essentially based on justice as a moral parent intended to protect the public from a variety of exploitative actions.

The Buying and Selling of Money for Timee: Foreign Exchange and Interest Rates in Medieval Europe

This paper will show how the relatively voluminous surviving records about exchange rates in the middle ages can help to illuminate the much murkier question of medieval interest rates. We will first explain how the medieval FX market operated and its links to the money market. Next, we will set out the sources of our data on medieval exchange rates, the methodology for calculating interest rates from these exchange rates and provide our results for some key financial centres. These will be used to answer two fundamental questions: first, did the relationship between exchange rates include an element of interest and could FX transactions therefore be used to circumvent the usury prohibition? Second, what were the levels of interest charged on commercial loans in the Middle Ages and how did these compare to rates on government debt and consumer credit? We will also explore some distinctive seasonal patterns in these interest rates at different financial centres and show how these relate to wider trade flows. Finally, we will consider the significance of our findings for the current debate over whether there was a long-term halving of the risk-free interest rate after c.1350.

The governance of religion and law: Insights from the prohibition of usury

Religion and law are often portrayed as belonging to different, isolated spheres and as conflicting with each other, especially with regard to the process of governing today's global economic and political affairs. The portrayal and handling of such conflicts are especially reflected in media reports and are ultimately part of the public debates that precede legislative action dealing with a great variety of legal issues, including, but not limited to, sumptuary laws, the wearing of the headscarf and other apparel in public, the acceptance and application of a cultural defense in criminal law, and the exclusion of various cultural products, such as food, beverages, or motion pictures, from international trade. This article argues against this dominant perception, positing that religion and law are instead complementary and merely operate at different levels of perception, effectively pursuing the same purpose. Therefore, it is advocated that greater caution or a so-called “precautionary principle of incom...

The Ancient Roots of Modern Financial Innovation: The Early History of Regulatory Arbitrage

Recent years have seen an explosion of financial innovation. Much of this innovation seeks to exploit inconsistencies in the regulatory environment, and one of the most popular techniques for doing so uses put-call parity. Nonetheless, regulatory arbitrage using put-call parity is not a new phenomenon, as is frequently suggested. This Essay traces the use of put-call parity to avoid the usury prohibition back to Ancient Israel. It also describes the important role that put-call parity played in developing the equity of redemption, the defining characteristic of a modern mortgage, in Medieval England. In addition, this Essay describes how Muslims living in the West are using mortgage substitutes based on put-call parity to avoid Islam's prohibition on paying interest.

BUNGA PINJAMAN DALAM PERSPEKTIF KEADILAN (Studi Kasus Bunga Pinjaman di KPRI Nusantara IAIN Walisongo)

The subject matter of this study motivated several considerations. The first is that justice is the main major Islamic mission, including social and economic justice. The opponent of justice, namely zhulm (injustice), according to the modernist is raison d'etre of usury prohibition, and be decisive for usury legal issues. Second, that since 1990 up to the present system of Shari'ah financial institutions more firmly and growing rapidly with the issuance of Law number 21, 2008 On Islamic Banking and the issuance Minister of Cooperative Regulation 91, 2004 On Guidelines for the Implementation of Activities Cooperative Business Financial Services Shariah. While the savings and loan business unit in KPRI ‘Nusantara’ since its establishment, in 1973, untill now still running a conventional loan system. In this study, primary data, the loan system and the pattern of calculating interest on savings and loans unit KPRI Nusantara, collected using three methods: participant observation, and interviews with the management and documentat.By using the concept of social justice of John Rawls, the concept maqashid al-Sharia, and the concept of Islamic financial cooperative systems, researchers discuss the issue through three aspects of justice, namely the aspect of contract, the consistency aspect of interest, and justice aspects of cooperatives. Two discussion of this study conclude the absence of justice, namely the aspects of the contract and consistency aspects of interest. The final discussion concludes that there is justice, which is the aspect justice cooperatives.

Some issues on Murabahah practices in Iran and Malaysian Islamic banks

The purpose of this paper was to analyze the nature of Murabahah contract in the fully grounded Islamic banking system that is, Iran and Malaysia. The approach taken was descriptive. Although, the main principle of Islamic financial institutions is prohibition of usury, it is surprising to see that Islamic financial institutions are still practicing usury in their transaction as evidenced in Iran. In the case of Malaysia however, BBA home financing is used by Islamic financial institutions and the profit rate is still dependent on the market interest rate due to arbitrage activities. There is no transparent framework for Murabahah contracts in Islamic banks. Indeed there is a need for the banking standard regulators to set a clear and disciplined framework for this type of banking contract. There are currently, Murabahah security (Sukuk) for finance, Murabahah security (Sukuk) for liquidity, companies Murabahah security (Sukuk) and mortgage Murabahah security (Sukuk) products in the Islamic niche of the financial market. A combination of Murabahah Security for Finance and Mortgage Murabahah Security has been the underlying Murabahah instrument. The study hopes to improve the overall competency and reliability of the Islamic banking system in the world. The finding of this study will be a basis for further research in Murabaha with respect to the regulatory environment and Shari’ah compliance.

Evading the Taint of Usury

The development of capital markets in medieval Europe was shaped for centuries by the religious ban on lending money at interest. This paper examines how this prohibition developed as the outcome of strategic behavior by religious, commercial and political elites. A model is developed to analyze this hypothesis and to examine how the usury prohibition developed over time. It suggests that an important reason for the persistence of the ban was that it created a barrier to entry that enabled secular rulers, the Church, and a small number of merchant-bankers to earn monopoly rents.

Evading the ‘Taint of Usury’: The usury prohibition as a barrier to entry

The development of capital markets in medieval Europe was shaped for centuries by the religious ban on lending money at interest. This paper examines how this prohibition developed as the outcome of strategic behavior by religious, commercial and political elites. A model is developed to analyze this hypothesis and to examine how the usury prohibition developed over time. It suggests that an important reason for the persistence of the ban was that it created a barrier to entry that enabled secular rulers, the Church, and a small number of merchant-bankers to earn monopoly rents.

The Usury Prohibition and Natural Law: A Reappraisal

The Usury Prohibition and Natural Law: A Reappraisal