Publication:
Bay' al-dayn wa-atharuhu fi al-aswaq al-maliyah
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Date
2011
SDG:
Abstract
The sale of debt is part of the jurisprudence of Islamic financial transactions that is used by people for a long time; however, it has become more prevalent in the present day. It is among the features of the modern era that an individual is either creditor or debtor, rather modern day institutions are based on debt transactions such as financial markets. A great number of people and institutions are dealing with debt- based transactions in all its forms and types without knowing whether this kind of transaction is halal (permissible) or haram (prohibited); this negligence is pointed out in the Prophetic tradition that states: "A time will come when a man doesn't mind if he is earning halal or haram money". In addition to that all types and forms of the sale of debt have significant impact on the deterioration of the traditional financial markets all over the world; it has become in the present day the anchor of financial markets which handle thousands of billions of dollars. Today, the world is drowning in debt at the level of individuals, companies, governments and international.
Keywords
Debt , sale of debt , The financial markets , Halal , Haram
Citation
Soualhi, Younes and Muhammad Sharif, Awali. (2011). Bay' al-dayn wa-atharuhu fi al-aswaq al-maliyah. Journal of Islam in Asia, Special issue (4), pp. 247-268.
Publisher
IIUM