In this research, the author (Prof. Dr. Ali Muhiuddin Al-Qaradaghi) discusses the fatwa legalizing bank interest, which was issued in 2002 by the Islamic Research Academy and was based on the fatwa of the Grand Mufti of Egypt (Dr. Muhammad Al-Tantawi), who first issued a fatwa allowing interest in classical banks in 1989.
The author's discussion is a scientific, jurisprudential, economic, and realistic one, focusing on responding to and refuting the jurisprudential foundations upon which the fatwa is based, all according to the Fiqh of Balance (Fiqh al-Mizan).
Initially, Dr. Ali identifies the four pillars upon which the fatwa stands and then refutes each of them according to the Fiqh of Balance. These are:
The bank invests the money.
The bank invests it in its permissible transactions.
The bank distributes profits.
The profit is determined in advance by agreement with the client.
In the continuation of his research, Dr. Ali dispels doubts surrounding the questions that arise concerning interest in financial transactions and refutes them entirely.
In the second part of his book, the author discusses the relationship between interest and inflation, and shows the negative effects of interest in this regard. He also uses the statements of non-Muslim Western economists and the reality of the West and America as support and evidence for his arguments, proving that interest is not a solution to inflation but rather a cause. He then elaborates on the solution to inflation and the stance of Islamic economics.
In the final part of his book, the author discusses the reasons for the depreciation of the Turkish Lira, its effects, and then its solutions.
Key details about the book include:
Language: Arabic
Author: Ali Muhiuddin Al-Qaradaghi
Number of pages: 174
Year of publication: 2023
