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The Middle Path of Moderation in IslamThe Qur'anic Principle of Wasatiyyah$
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Mohammad Hashim Kamali

Print publication date: 2015

Print ISBN-13: 9780190226831

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780190226831.001.0001

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Financial Imbalance, Extravagance, and Waste (Isrāf, Tabdhīr)

Financial Imbalance, Extravagance, and Waste (Isrāf, Tabdhīr)

Chapter:
(p.146) XVI Financial Imbalance, Extravagance, and Waste (Isrāf, Tabdhīr)
Source:
The Middle Path of Moderation in Islam
Author(s):

Mohammad Hashim Kamali

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190226831.003.0016

This chapter reviews scriptural evidence in the Islamic sources against greed, waste, usury, hoarding, and profiteering. It also expounds the Shari’ah rules pertaining to ownership, financial transactions, and business relations that seek to keep trading and finance in touch with the real economy and the people’s needs. Then follows an examination of the recurrent financial crises, the currency turmoil, the US subprime mortgage, the Eurozone debt crisis, and extensive fraudulent irregularities by some of the world’s leading banks. The chapter advances an argument that the in-built restraints in Islamic banking and finance can contribute to financial stability and health of the world economy.

Keywords:   capitalism, ownership, disparities, poverty, Islamic banking, finance

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