Rabt al-duyun wa al-iltizamat al-ajila bil-dhahab aw al-fidda aw bi-salla min al-umlat aw bi-mustawa al-asar wa hukmuhu shar'an

Rabt al-duyun wa al-iltizamat al-ajila bil-dhahab aw al-fidda aw bi-salla min al-umlat aw bi-mustawa al-asar wa hukmuhu shar'an (Indexing Deferred Debts and Obligations to Gold, Silver, a Basket of Currencies, or Price Levels and Its Islamic Legal Ruling) is a contemporary treatise on Islamic financial jurisprudence by Salih bin Zabin al-Marzooqi al-Baqmi, examining the legal ruling on debt indexation against economic inflation and currency depreciation Rabt al-duyun wa al-iltiz…+1.

Background and Composition

The treatise originated from two previously published research articles by the author: Mawqif al-shariah al-islamiyyah min rabt al-qurood wal-duyun bi-mustawa al-asar (published in issue 32 of Majallat al-Buhuth al-Fiqhiyyah al-Mu'asirah) and Rabt al-duyun wal-iltizamat al-ajila bil-dhahab aw bi-umla mu'ayyanah aw bi-salla min al-umlat (published in issue 43 of Majallat Majma' al-Fiqh al-Islami al-Dawli) Hudud Hurriyat al-Fikr fi…+1. The author consolidated, revised, and expanded these studies into an independent book Hudud Hurriyat al-Fikr fi…+1.

The motivation behind the work was the widespread economic problem across Muslim countries regarding the sharp decline in the purchasing power of fiat paper currencies due to inflation and armed conflicts, which severely affected creditors and debt settlements Rabt al-duyun wa al-iltiz…+1. Because contemporary economists and jurists held diverging views and the International Islamic Fiqh Academy in Jeddah held multiple symposia and sessions to evaluate the issue, the author compiled the treatise to analyze the problem from both jurisprudential and economic perspectives Rabt al-duyun wa al-iltiz…. The author completed the work in al-Awali, Mecca, on 3 Rabi' al-Thani 1444 AH / 28 October 2022 CE Rabt al-duyun wa al-iltiz….

Structure and Content

The book is structured into an introduction, six substantive chapters (mabahith), and a conclusion Rabt al-duyun wa al-iltiz…:

• Introduction: Outlines the economic context of currency fluctuations, historical instances of inflation in Islamic history, and the scholarly debates over compensation for depreciating money Rabt al-duyun wa al-iltiz…+1.
• First Chapter (al-Mabhath al-Awwal): A conceptual primer defining debt indexation to gold, silver, currencies, commodities, or cost-of-living indices (whether agreed upon contractually or imposed by law), alongside key economic and fiqh terminology Rabt al-duyun wa al-iltiz…+1.
• Second Chapter (al-Mabhath al-Thani): Presents the views and supporting arguments of contemporary economists and scholars who permit debt indexation Rabt al-duyun wa al-iltiz….
• Third Chapter (al-Mabhath al-Thalith): Presents the views and evidence of the majority of scholars who prohibit indexation Rabt al-duyun wa al-iltiz…+1.
• Fourth Chapter (al-Mabhath al-Rabi'): Discusses and evaluates the arguments of both sides Rabt al-duyun wa al-iltiz….
• Fifth Chapter (al-Mabhath al-Khamis): Provides the author's legal preference (tarjih), arguing for the impermissibility of linking loans and debts to gold, silver, currencies, commodities, or price levels, on the grounds that returning more or less than the nominal borrowed sum constitutes riba (usury) and contradicts authentic prophetic traditions Rabt al-duyun wa al-iltiz….
• Sixth Chapter (al-Mabhath al-Sadis): Proposes legitimate Islamic alternatives and preventive measures to mitigate inflation and handle currency depreciation within defined legal parameters Rabt al-duyun wa al-iltiz….
• Conclusion (al-Khatimah): Summarizes the principal findings and rulings of the study Rabt al-duyun wa al-iltiz….

Publication

The book was published in Riyadh by Maktabat al-Rushd al-Ittijar fi al-Umlat ab….