Analysing the Present State and Future Agenda
Studies in Islamic Finance, Accounting and Governance series
Chapter 15: Practice of interest-based finance among Muslims
Orthodox scholars claim a complete consensus (ijma’) about commercial interest being a form of riba. Farooq (2006-d) has quoted from a sample of 10 scholars who claim the consensus. Included in this list are Abu al-‘Ala Mawdudi (1903–79), Yusuf al-Qardawi, Wahba Zuhayli, Tariq Talib al-Anjari, Thanvir Ahmed, Mabid al-Jarhi, M.N. Siddiqi, M.U. Chapra, Munawar Iqbal and Imran Ahsan Khan Nyazee. To refute the claim of consensus, he has given another list of scholars, which includes Syed Ahmad Khan (1819–98), Muhammad Abduh (1849–1905), Rashid Rida (1865–1935), Abdullah Yusufali (1872–1953), Abd al-Razzaq al-Sanhuri (1895–1971), Muhammad Asad (1900–92), Fazlur Rahman (1911–88), Mahmud Shaltut (1893–1963), Abdel Wahab Khallaf (1888–1956) and Ibrahim Shihata (1937–2001). Besides, some of the contemporary Islamic scholars hold similar views. Examples are Fathi Osman, Nawab Haider Naqvi, Salim Rashid, Imad al-Din Ahmed, Omar Afzal, Raquibuzzaman, Abdulaziz Sachedina, Abdullah Saeed, Mahmud El-Gamal and Mohammad Fadel.
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