Critical Muslim Intellectuals' discourse and the issue of 'Interest' (ribā): Implications for Islamic accounting and banking. Issue 2 (June 2015)

• Record Type: Journal Article
• Authors: Kamla, Rania; Alsoufi, Rana
• Is Part Of: Accounting forum. Volume 39:Issue 2(2015)
• Page Start: 140
• Page End: 154
• Publication Date: 2015-06
• Subjects: Accounting -- Australia -- Periodicals; Comptabilité -- Australie -- Périodiques; Finances de l'entreprise; Australie; 657.05
• DOI: 10.1016/j.accfor.2015.02.002
• Languages: English
• ISSNs: 0155-9982

Abstract

<abstract abstract-type="author" id="abs0005"> <title id="sect0005">Abstract</title> <sec> <p id="spar0005">This article introduces and employs Critical Muslim Intellectuals' (CMIs) methodological approaches and debates to discuss the issue of bank-interest/<italic>ribā</italic> in Islam. It builds specifically on Fazlur Rahman's (Pakistan) methodology and debates and counters them with the traditionalists' approaches to the issue of <italic>ribā</italic>. 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 <italic>ribā</italic> in particular and Islamic accounting and banking in general<italic>.</italic> 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.</p> </sec> </abstract>