Deferment of both counter values in financial transactions Maqasid analysis and its impact on money exchanges

Other Title(s)

التحليل المقاصدي لمسألة تأجيل البدلين في المعاوضات و أثره في الحكم على عقود الصرف

Author

Abu Zayd, Abd al-Azim

Source

Bait al-Mashura Journal

Issue

Vol. 2021, Issue 16 (31 Oct. 2021), pp.223-243, 21 p.

Publisher

Bait al-Mashura Finance Consultations

Publication Date

2021-10-31

Country of Publication

Qatar

No. of Pages

21

Main Subjects

Islamic Studies

Abstract EN

Shariah texts forbid deferment of both counter values in the commutative transactions.

However, it is obvious that contemporary juristic opinions abide by this prohibition without appreciating its Shariah objectives.

This is evident as some of these opinions unjustifiably differentiate between similar applications, or they violate the prohibition by allowing stratagems that eventually lead to having both values deferred.

The paper comes to analyze the Shariah objectives of the prohibition of such transactions, and then to investigate the contemporary applications that relate to this prohibition particularly to money exchanges.

Based on the identified Shariah objectives, and based on the extent of the contemporary need to these applications, the paper goes then to use that as criteria to determine the acceptable and the unacceptable applications of money exchange, indicating their positive or negative effects.

The study primarily indicates that while some transactions pertaining to the point of discussion can with conditions be validated in view of various considerations, the Shariah for riba and gharar reasons cannot condone some other transactions.

The paper recommends that the Shariah scholars collaborate with the Muslim economists and financial experts to reexamine the excising structures of Islamic financial law on Maqasid basis, in order to remove unnecessary rigidity and achieve genuine observance of the applicable Shariah rules.

American Psychological Association (APA)

Abu Zayd, Abd al-Azim. 2021. Deferment of both counter values in financial transactions Maqasid analysis and its impact on money exchanges. Bait al-Mashura Journal،Vol. 2021, no. 16, pp.223-243.
https://search.emarefa.net/detail/BIM-1307878

Modern Language Association (MLA)

Abu Zayd, Abd al-Azim. Deferment of both counter values in financial transactions Maqasid analysis and its impact on money exchanges. Bait al-Mashura Journal No. 16 (Oct. 2021), pp.223-243.
https://search.emarefa.net/detail/BIM-1307878

American Medical Association (AMA)

Abu Zayd, Abd al-Azim. Deferment of both counter values in financial transactions Maqasid analysis and its impact on money exchanges. Bait al-Mashura Journal. 2021. Vol. 2021, no. 16, pp.223-243.
https://search.emarefa.net/detail/BIM-1307878

Data Type

Journal Articles

Language

English

Notes

Includes bibliographical references : p. 223

Record ID

BIM-1307878