جدید بینکاری نظام اور فقہائے کرام کےنظریاتی رجحانات

MODERN BANKING SYSTEM AND THE THEORETICAL ORIENTATIONS OF ISLAMIC JURISTS

Abstract

From its very inception, Islam has emphasized economic justice, lawful earnings, and the equitable distribution of wealth as core principles of its socio-economic framework. The Holy Qur'an has repeatedly and emphatically prohibited riba (usury or interest), while the Prophet Muhammad ﷺ warned against its destructive social and moral consequences. As a result, Islamic jurisprudence (fiqh) offers a comprehensive financial system that is not only free from interest but also ensures human welfare, economic balance, and social equity.In the modern era, as Muslim-majority states emerged from colonial rule and encountered new political, legal, and economic systems, they inherited financial structures deeply rooted in Western capitalist ideologies. Among the most prominent of these institutions was the banking system, which was inherently linked to interest-based lending, debt-driven economies, and a global regime of financial control. Within this context, the Muslim world faced a profound jurisprudential, ethical, and practical challenge: Can modern banking be reshaped to conform to Islamic principles, or is it fundamentally un-Islamic and impermissible in its essence?

This question sparked intense intellectual debate among Muslim jurists. On one side are scholars who consider the modern banking system to be inherently ribawi (usurious) and beyond reform. According to them, the current financial architecture promotes social exploitation, widens the gap between the rich and the poor, and perpetuates a global system of financial subjugation hence, it must be categorically rejected. On the other side, some contemporary jurists and Islamic economists, guided by principles of ijtihad (independent reasoning), qiyas (analogy), and maslahah (public interest), have attempted to develop an Islamic alternative to conventional banking. Their objective has been to meet the economic needs of the modern world while remaining within the bounds of Shari‘ah. This effort has led to the practical emergence of Islamic banking, takaful (Islamic insurance), and financing models such as mudarabah and musharakah, which are now spreading rapidly across the globe.The present article, therefore, offers a comparative analysis of the modern banking system and the various theoretical orientations of Muslim jurists in relation to it. The aim is to explore how effectively Islamic jurisprudence can respond to contemporary financial challenges, what the scholarly disagreements are based upon, and whether a balanced path can be forged that not only adheres to Shari‘ah principles but also offers practical solutions to modern economic realities.