مقاصدِ شریعت کی روشنی میں ربا کا مسئلہ—تحقىقى مطالعہ

The Issue of Usury in the Light of the Maqāsid al of Sharīʿah: A Research Study

Abstract

The jurists and scholars of Islam have mentioned numerous fundamental and subsidiary objectives and outcomes in relation to the secrets and mysteries of all Sharīʿah rulings. These are interpreted as the objectives of Sharīʿah Maqla. In the view of the maqāsidī jurists (those who engage in discussions about the objectives of Sharīʿah), it is believed that the underlying purpose behind all the Sharīʿah Injunctions is the achievement of those objectives. While adhering to the objectives of Sharīʿah and keeping them in consideration, the scholars in every era identify and formulate legal adaptations for new emerging issues and they seek guidance from the objectives of Sharīʿah. The prohibition of usury (ribā) in the religion of Islam is established with definitive evidences. However, the Quran and the Prophetic traditions explicitly declare usury as prohibited in limited specific situations. This is why jurists have made efforts to ascertain the underlying effective cause for the prohibition of usury in order to determine the Sharīʿah rulings for the undefined new issues. As the jurists have elucidated the effective causes for the prohibition of usury, in the same way, it was also necessary to examine and evaluate the prohibition of usury in the context of the objectives of Sharīʿah.

This study is an attempt to comprehend the prohibition of usury in the light of the objectives of Sharīʿah. Furthermore, a critical analysis has been presented, examining the prevalent banking system based on lending and borrowing in the context of these objectives