WEEK #3 - Murabaha as Interest Free or Free Interest Public Class

Sunday, April 03 2011 | 8:00 PM (Greenwich Standard Time)

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Price:
Free
Duration:
180 minutes
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About the Class

if you have any questions please contact us at islampolicy@gmail.com

Murabaha contracts represent between 60-90 percent of the contracts of the shariah-compliant finance industry. During this session Readings will cover the fatawa that have authorized these “mark-up” sales and the equivalency they represent with ribaa or fixed interest contracts will be revealed. Thereafter, we will discuss the implications this reality has on preventing Shariah-compliant finance from presenting a paradigmatic challenge to the dominant order.

Readings:

• A Comparative Study of Islamic Banking Practices. Harun, Sudin. Journal of King AbdulAziz University. Islamic Economics, Vol. 10 pp.23-50. (p29, sec 4 especially)

• Murabaha Financing Versus Lending on Interest: A Thin Line Making a Big Difference in the Understanding of Ribaa. Irfan, Qazi. Islamabad, Pakistan, hazariba.com. July 22, 2008.
• Shariah Opinions (Fatwa) on Murabaha. Al-Baraka Banking Group, Department of Research and Development. 2008.

Language of instruction: English

Keywords: islam, finance, economics, islamic finance, islamic economics

Attendees in the class (14)

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About Younus Abdullah Muhammad
(Teacher)

  • Younus Abdullah Muhammad
    Younus Abdullah Muhammad
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Profile Summary

The following is a list of the topics and readings that insha’Allah will serve as the basis for a ten week course covering the contemporary Shariah Compliant Banking Industry and critically analyzing its present state, ultimately questioning if, in fact, it presently embodies the Islamic Economic ideology. Drawing from an array of sources, lecturing and through question and answer participants will gain a dynamic understanding of the industry itself and the social, religious, political and historical forces that pull on the industry today. Students are asked to engage in as many of the readings as possible each week. Page numbers can be found in bold at the end of the citation and these are the sections that will be included in the lectures. Classes will be held every other week and will be recorded and posted on islampolicy.com for those that miss the live sessions. Al materials, all e-books, pdf’s and reading material will be provided to registrants free of charge. Participants will however be asked to produce some form of multimedia (articles, videos, audios, graphic design, etcetera) in order to better promote the ideas and concepts covered in the course as an assignment, but ultimately we seek to engage in this most important topic in a way that promotes depth of comprehension, stimulates conversation, and challenges Muslims to utilize Islamic principles and concepts in working for justice and peace. We hope you may join us; for more information email islampolicy@gmail.com

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