Some Observations on the Question of Riba and the Challenges Facing "Islamic Banking"
Article from: TDM 0 (2003), in Roundup of Articles
For a long time now, I have been exposed to different aspects of the Islamic law, the civil law and the common law systems, especially with respect to economic and financial matters. This broad exposure allows me to compare the continuous advances in modern financial techniques and tools under contemporary systems with the virtual stagnation of Islamic jurisprudence in these and other fields. The stagnation of this previously rich jurisprudence came no doubt as a result of the closure of the door of ijtihâd (original thinking or independent reasoning, based on ...