Critical muslim intellectuals' discourse and the issue of 'interest' (ribā): Implications for Islamic accounting and banking

Rania Kamla, Rana Alsoufi

    Research output: Contribution to journalArticlepeer-review

    17 Citations (Scopus)

    Abstract

    This article introduces and employs Critical Muslim Intellectuals' (CMIs) methodological approaches and debates to discuss the issue of bank-interest/. ribā in Islam. It builds specifically on Fazlur Rahman's (Pakistan) methodology and debates and counters them with the traditionalists' approaches to the issue of ribā. The paper highlights the displacement of CMIs' discourses from mainstream Islamic accounting and banking literature and practices and argues that such displacement is hindering the emergence of genuine, innovative and critical debate on the issue of ribā in particular and Islamic accounting and banking in general. The paper elaborates on the need to incorporate the critical debates and thought of CMIs into the fields of Islamic accounting and banking if these fields wish to contribute to enhancing socio-economic justice and finding an alternative to their conventional, neoliberal counterparts.

    Original languageEnglish
    Pages (from-to)140-154
    Number of pages15
    JournalAccounting Forum
    Volume39
    Issue number2
    Early online date14 Mar 2015
    DOIs
    Publication statusPublished - 2015

    Keywords

    • Bank-interest
    • CMIs
    • Critical Muslim Intellectuals
    • Islamic accounting
    • Islamic banking
    • Islamic economics
    • ribā

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