Just money and interest: moving beyond Islamic banking by reframing discourses

Latif, Jibril (2016). Just money and interest: moving beyond Islamic banking by reframing discourses. University of Birmingham. Ph.D.

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Abstract

Enlightenment discourse advanced an idiosyncratic cognitive framework and epistemology that rationalized the overturning of usury laws. Under capitalism, money innately changed as banks gained the institutional right to create credit and lend it into existence at interest. The implicit ideologies of this discourse instantiated a reframing of traditional conceptions about money and interest worldwide. In contradistinction, Islam prohibits riba, a term approximated as usury/interest, presenting ethical problems to banking practice. This conflict has yielded Islamic banking and finance (IBF), bolstered by a small cadre of Shariah scholars, even though it continues to fail in its stated social justice imperatives. IBF evidently charges what is commensurate to interest while declaring it does not, promoting its products as ‘Shariah compliant’ – a term producing different meanings to different interpreters. This study adopts an Islamic maqasid methodology and analyzes discourses in reframing how such an industry emerged, how its practice departed from its claims, how it sustains itself, and asks why Muslims have not moved beyond it towards alternatives that procure greater possibilities for social and environmental justice. It reexamines discourses connected to the historical and contextual reframing of money, usury, interest and riba, and isolates the associated semantic obfuscations that power has influenced.

Type of Work:

Thesis (Doctorates > Ph.D.)

Award Type:

Doctorates > Ph.D.

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