DOHA: The Ministry of Endowments and Islamic Affairs (Awqaf), through its Center for Endowment Studies, has released a new book on Sharia-compliant alternatives to bank loans and their impact on economic stability and development. This publication, part of the Contemporary Studies series, offers an in-depth look at Islamic financial alternatives to conventional bank loans.
The book is based on the thesis of Dr Aisha bint Abdullah Al Mousa, who earned an international degree in Islamic jurisprudence (fiqh) from King Faisal University last year. Dr. Al Mousa's research, praised for its comprehensive approach and rigorous sourcing, explores Sharia-compliant financing methods and their practical applications.
Head of the Center for Endowment Studies Dr Khaled Al Aoun highlighted that this book continues the Center's mission to publish vital contemporary research. Previous books in the series, authored by prominent scholars, have also contributed to Islamic financial knowledge.
The book explores several Sharia-compliant alternatives to conventional bank loans, including Murabaha (cost-plus profit) for purchase orders, bank securitization, decreasing participation, and leasing ending in ownership. It also addresses common forms of Riba-based loans, such as credit cards and margin lending, offering Islamic alternatives for each.
Dr Al Mousa also discusses the management of risks in non-compliant loans, such as late payment fines and repurchase agreements, providing legal and ethical solutions within Islamic law.
This timely work aims to guide individuals and businesses in navigating modern financial practices while adhering to Sharia principles, promoting a more ethical and stable economic environment.
