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reduction; both these two transactions do not create or add value in the economy; and, 3) you will have to allow other transactions on debts, pure, including exchanging them through inter-bank transactions and a whole set of pure financial or monetary transactions that do not essentially add value but only transfer wealth from one person to another. The Shari’ah takes a close look at these transactions and finds them done in isolation from real production and exchange; they do not affect inventories on the shelves or goods and services reaching consumers; they only enrich some individuals and impoverish others; they are like a zero-sum game; and finally 4) withholding financing from activities other than producing or exchanging goods and services or in other words, preventing financing that is provided solely on the credit worthiness of the user of funds regardless of the purpose of their use.

 

Accordingly we can establish the objective of Shari’ah from the prohibition of interest as follows:

 

1) Affirming the Shari’ah characteristic of realism and maintaining its internal consistency in not allowing any transaction that is not a real life activity.

 

2) Disallowing debts trading and exchanging and similar unrealistic purely speculative transactions that are not based on real production or exchange

 

such creating unreal assets like index units properties because these activities doe not create value and only transfer wealth between individuals and redirecting the human and other resources used in trading debts toward real production of goods and services.

 

3) Preventing debt discounting and rescheduling for increment because these are non-productive activities and only transfer wealth from one person to another. The alternative the Shari’ah provides for rescheduling is interestingly mentioned in the Qur’an within the same sequence of Verses that is: giving time to pay or even forsaking the principal of the debt itself. On the other hand, the Shari’ah permits discounting for early payment provided it does not become a business practice (not in the contract and only between the two parties).

 

4) Preventing the use of business finances for what can be tagged as ‘Abath ??? and sending personal finance to where it belong as a personal service based on direct contact and involvement between the finance provider and user. The answer to the question “who will give you a loan?” becomes “your mother or a person who knows and loves you” This does not mean that a personal loan is not useful; it rather means that it must remain personal and not changed into business. Giving a loan is even rewardable by God as known in the Shari’ah.

 

5) Re-channeling all business financing toward the production and exchange of goods and services本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。