Archive for the ‘Finance & Economics’ Category


June 7, 2009

PAPER MONEY – Islamic Legal Analysis

Selected excerpts translated from the book, which is a discussion & analysis by Sheikh Abdullah b. Sulayman b. Mani’, now a member of the Council of Senior Islamic Scholars (Lajnah Kibar al-‘Ulama’) of Saudi Arabia.  The version I’ve used is the author’s original Master’s thesis – this was later expanded into a bigger book.

With the current chaos in the financial markets, it is especially urgent in our times to re-evaluate our financial, monetary and banking systems.  A critique of fiat money, token money, paper money and electronic money is long overdue.  This text may be helpful in providing Islamic viewpoints to the discussion.  Other resources I recommend are The Creature from Jekyll Island by Edward Griffin (a gripping read!), Tarek el-Diwany’s The Problem with Interest and his website Islamic Finance (, and the cartoon film Money as Debt.


Fatwas for and against mortgages for buying homes

June 7, 2009

The ECFR’s fatwa on mortgages for home-purchasing with Dr. Salah al-Sawi’s detailed response.  Includes analysis of classical fiqh and usul including Hanafi positions on riba in Dar al-Harb (“the Abode of War”), and Imam al-Haramayn Juwayni’s text al-Ghiyathiyyah.

Analysis of Fatwas on Mortgages