Al-Qaradaghi:
Islamic Banking as a Strategic Tool for Development and Strengthening the
Islamic Economy
On Friday evening,
Dr. Ali Mohieddin Al-Qaradaghi, President of the International Union of Muslim
Scholars, presented his insights on Islamic banking and its pivotal role in
achieving comprehensive development during his lecture at the Third Scientific
Forum organized by the Future Association for Da’wah, Culture, and Education in
Mauritania.
Al-Qaradaghi
emphasized that Islamic economics serves as the primary reference for Islamic
banking, explaining that conventional interest-based banks operate according to
the principles of capitalism, which rely on credit, debt, and personal
solvency. In contrast, Islamic economics is based on tangible assets, real
benefits, and fairness, ensuring justice and preventing exploitation.
Islamic Economics vs. Positivist Models
He critically
addressed the concept of positivist economics, which neglects social dimensions
and focuses on individual wealth and state dominance. He noted that
interest-based profits, which historically reinforced capitalist control, still
dominate today, despite their negative impact on societies and economies.
Al-Qaradaghi
stressed that Islamic banking jurisprudence cannot fulfill its intended role
unless it is grounded in its authentic reference—Islamic economics, with its
integrated components: the science of Islamic economics, the economic system,
economic policies, analysis, programs and projects, and transaction
jurisprudence.
Unified Reference… Governing Principles
He highlighted that
Western economics is based on five main principles: production, consumption,
exchange, distribution, and redistribution. In contrast, Islamic economics is
built on the principle of ownership, with all other elements deriving from it.
Al-Qaradaghi
explained that the root of challenges facing Islamic banking lies in deviating
from this reference, emphasizing that interest-based solutions do not resolve
inflation and fail to achieve economic justice.
He noted that the
core principles of Islamic economics include the elimination of injustice,
uncertainty (gharar), and ignorance, equitable sharing of benefits, and the
requirement of true ownership, ensuring balance between the individual and
society.
He called for the
development of Islamic banking through activating Sharia-compliant contracts,
development-oriented Sukuk, and maximizing the role of Zakat in development, as
well as leveraging digital opportunities, noting that technological advancement
now allows the creation of “pocket Islamic banks.”
In conclusion,
Al-Qaradaghi affirmed that Islamic economics is a comprehensive and adaptable
system, with its foundations firmly rooted in the Qur’an and Sunnah, including
approximately 360 economic terms in the Qur’an, along with economic and
financial policies, and the law of supply and demand, which has been adopted by
capitalist systems.
In the same forum,
the President of the Future Association, Al-Mallamah Mohamed El-Hassane Ould
Deddo, stated that the association serves as an umbrella to unify the efforts
of Da’wah scholars from different intellectual orientations, bringing them
together to successfully carry out the association’s mission of promoting
Da’wah, educating, and enlightening society.
He emphasized that
the association’s objectives focus on preserving the community’s faith and
culture in the face of overwhelming globalization, which seeks to detach youth
from their identity, as well as on education as the true path to national
progress, stressing that uneducated individuals cannot fulfill the needs of the
nation.
The scientific forum
concluded with audience interventions and specialized questions regarding
Islamic banking jurisprudence and the challenges of its implementation, which
Dr. Al-Qaradaghi addressed at the end of the session.
(Source:
Al-Ittihad)
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