Archive for the ‘Finance & Economics’ Category

PAPER MONEY

June 7, 2009

PAPER MONEY – Islamic Legal Analysis

Selected excerpts translated from the book, which is a discussion & analysis by Sheikh Abdullah b. Sulayman b. Mani’, now a member of the Council of Senior Islamic Scholars (Lajnah Kibar al-‘Ulama’) of Saudi Arabia.  The version I’ve used is the author’s original Master’s thesis – this was later expanded into a bigger book.

With the current chaos in the financial markets, it is especially urgent in our times to re-evaluate our financial, monetary and banking systems.  A critique of fiat money, token money, paper money and electronic money is long overdue.  This text may be helpful in providing Islamic viewpoints to the discussion.  Other resources I recommend are The Creature from Jekyll Island by Edward Griffin (a gripping read!), Tarek el-Diwany’s The Problem with Interest and his website Islamic Finance (www.islamic-finance.com), and the cartoon film Money as Debt.

Fatwas for and against mortgages for buying homes

June 7, 2009

The ECFR’s fatwa on mortgages for home-purchasing with Dr. Salah al-Sawi’s detailed response.  Includes analysis of classical fiqh and usul including Hanafi positions on riba in Dar al-Harb (“the Abode of War”), and Imam al-Haramayn Juwayni’s text al-Ghiyathiyyah.

Analysis of Fatwas on Mortgages