Documente Academic
Documente Profesional
Documente Cultură
Monzer Kahf
secondary
education
from
the
educational
institute
of
his
private
business
that
focus
on
financial
and
investment
banking, Zakah, Waqf and including entries for the Oxford Encyclopedia of
the Modern Islamic World.
Point number two is prohibition of riba. As per told in his book, Dr.
Monzer Kahf points that there are two type of transactions that are not
allowed by Islamic economy. There are the interest rate, and increasing
the quantity of the same type of commodity exchanged. As we already
know, Allah prohibited riba in Islam, and so that interest rate that is part of
riba also prohibited. For the exchanged in commodities, the commodities
we are referring are gold, silver, dates, wheat, salt and barley. These types
of commodities is called as ribawi items. We are obligatory to only
exchange these items only with the same type itself. For example, we
want to exchange dates with dates. We must exchange it with the same
types, same quality, same amount or same weight and on the same time
and the same place by face-to-face transaction. That is the reason or
being qias on why we cannot ask the borrower to pay the amount money
he borrow from us with the increased value.
Third is on the interest, rent, and capital. From the economic view,
savings and deposit in the bank is a negative action. But why? So, Dr.
Monzer Kahf give his point of view on this action that banks customers
must be punished for their action to approve depositing their money into
the bank, and not being rewarded. For him, the real productive activity is,
the customers used their money, instead of make a saving in the bank, to
use it as a modal or capital for their business, or buying a land, or invest it
on the labor. All these three activities can only increase their amount of
money. Those action, for Dr. Monzer Kahf, need to be rewarded. In Islam,
these actions are called as al-Qirad or Mudharabah.
Dr. Monzer Kahf also points us about his opinion on the market
structure. He divides it into the categories, freedom, governments
involvement, ant the rules of play in Islamic economic.
The rule of play in Islamic economy. The term rules of play is refer
to commands and rules for social, politic, religion, moral, and law that
binds the people. Some institutions are designed that way to direct people
until they can accepted and follow rules given to them. The reason that
the organization are created is to control and to supervise people. These
regulations come to the conceptual framework of the relationship with
Allah, life, people, fellow creatures and to achieve ultimate goal of life.