'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective

The validity of banking transactions based on īnah remains a hotly contested issue by Islamic scholars the world over. While many of them consider such financing essentially similar to that of conventional banks, those involved in the practice produce in their defence the recognition of the legal va...

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Main Authors:	Sadique, Muhammad Abdurrahman, Ansari, Abdul Haseeb
Format:	Article
Language:	English
Published:	Serials Publications New Delhi 2017
Subjects:	KBP1 Islamic law.Shariah.Fiqh KBP425 Uṣūl al-fiqh. Jurisprudence and theory of law. Science of legal reasoning. KBP639 Muʻāmalāt
Online Access:	http://irep.iium.edu.my/58064/ http://irep.iium.edu.my/58064/16/58064-%27Inah%20as%20a%20mode%20of%20financing.pdf

id	iium-58064
recordtype	eprints
spelling	iium-580642018-01-12T10:14:12Z http://irep.iium.edu.my/58064/ 'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective Sadique, Muhammad Abdurrahman Ansari, Abdul Haseeb KBP1 Islamic law.Shariah.Fiqh KBP425 Uṣūl al-fiqh. Jurisprudence and theory of law. Science of legal reasoning. KBP639 Muʻāmalāt The validity of banking transactions based on īnah remains a hotly contested issue by Islamic scholars the world over. While many of them consider such financing essentially similar to that of conventional banks, those involved in the practice produce in their defence the recognition of the legal validity of īnah by jurists of the Shāfi'i school. Imām al-Shāfi'i has generally upheld the validity of sales inclusive of a similar transaction in his famous al-Umm without referring to the term īnah. Other jurists of his school have referred to it by using this term and have upheld its validity in some of its forms, frequently categorising it under offensive types of sale. Critics contest the appropriateness of adhering to the position upheld by Shāfi'i jurists in the context of today’s bank financing where this could be an easy means of dealing in interest, and refute the possibility of the conditions necessitated for the permissibility of īnah even under that school being realisable in a banking facility. The discussion of īnah in this paper attempts to analyse the nature of the transaction referred to as īnah according to different schools of Islamic law and their ruling on īnah and related transactions, scrutinising the arguments for and against the validity of īnah. It examines the nature of recognition awarded to īnah by the Shāfi i jurists, and explores whether īnah as conceived by Shāfi'i jurists is suitable for adoption as a mode of financing by Islamic banks. Serials Publications New Delhi 2017-06 Article PeerReviewed application/pdf en http://irep.iium.edu.my/58064/16/58064-%27Inah%20as%20a%20mode%20of%20financing.pdf Sadique, Muhammad Abdurrahman and Ansari, Abdul Haseeb (2017) 'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective. Journal of Islamic Law Review, 13 (1 (January-June)). pp. 33-68. ISSN 0973-2918
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP1 Islamic law.Shariah.Fiqh KBP425 Uṣūl al-fiqh. Jurisprudence and theory of law. Science of legal reasoning. KBP639 Muʻāmalāt
spellingShingle	KBP1 Islamic law.Shariah.Fiqh KBP425 Uṣūl al-fiqh. Jurisprudence and theory of law. Science of legal reasoning. KBP639 Muʻāmalāt Sadique, Muhammad Abdurrahman Ansari, Abdul Haseeb 'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective
description	The validity of banking transactions based on īnah remains a hotly contested issue by Islamic scholars the world over. While many of them consider such financing essentially similar to that of conventional banks, those involved in the practice produce in their defence the recognition of the legal validity of īnah by jurists of the Shāfi'i school. Imām al-Shāfi'i has generally upheld the validity of sales inclusive of a similar transaction in his famous al-Umm without referring to the term īnah. Other jurists of his school have referred to it by using this term and have upheld its validity in some of its forms, frequently categorising it under offensive types of sale. Critics contest the appropriateness of adhering to the position upheld by Shāfi'i jurists in the context of today’s bank financing where this could be an easy means of dealing in interest, and refute the possibility of the conditions necessitated for the permissibility of īnah even under that school being realisable in a banking facility. The discussion of īnah in this paper attempts to analyse the nature of the transaction referred to as īnah according to different schools of Islamic law and their ruling on īnah and related transactions, scrutinising the arguments for and against the validity of īnah. It examines the nature of recognition awarded to īnah by the Shāfi i jurists, and explores whether īnah as conceived by Shāfi'i jurists is suitable for adoption as a mode of financing by Islamic banks.
format	Article
author	Sadique, Muhammad Abdurrahman Ansari, Abdul Haseeb
author_facet	Sadique, Muhammad Abdurrahman Ansari, Abdul Haseeb
author_sort	Sadique, Muhammad Abdurrahman
title	'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective
title_short	'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective
title_full	'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective
title_fullStr	'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective
title_full_unstemmed	'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective
title_sort	'inah as a mode of financing: an analysis of its validity and viability from an islamic legal perspective
publisher	Serials Publications New Delhi
publishDate	2017
url	http://irep.iium.edu.my/58064/ http://irep.iium.edu.my/58064/16/58064-%27Inah%20as%20a%20mode%20of%20financing.pdf
first_indexed	2023-09-18T21:22:05Z
last_indexed	2023-09-18T21:22:05Z
_version_	1777411949408026624

'Inah as a mode of financing: An analysis of its validity and viability from an Islamic legal perspective

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