The Direct & Indirect form of Bay' al-'Inah: An Analytical Study of the AAOIFI Council's Position
بیع عینہ کی بلا واسطہ و بالواسطہ صورت : مجلس ایوفی کے موقف کا تجزیاتی مطالعہ
Keywords:
AAOIFI Council, Bay' al-'Inah, Direct Repurchase, Indirect RepurchaseAbstract
Sharia Scholars and economic experts in the Muslim world have been making efforts for a long time to present an Islamic alternative to conventional banking. In this regard, a highly organized and valuable effort was made by the AAOIFI council at the international level. AAOIFI council proposed several alternatives to conventional banking, one of which was "Bay' al-'Inah". The council suggested different forms of Bay' al-'Inah, such as Tawarruq, for Islamic financial institutions, while declared some other forms impermissible. There has been a difference of opinion among classical scholors regarding Bay' al-'Inah, so contemporary scholors have also differed on this issue. As a result, some contemporary researchers have adopted the position of impermissibility regarding all forms of Bay' al-'Inah, including Tawarruq, while others have declared its all forms permissible. In recent times, many researches has been conducted on Tawarruq, a form of Bay' al-'Inah, but two other well-known forms of Bay' al-'Inah, "Direct Repurchase" and "Indirect Repurchase", also have the potential to be the best alternative to many invalid contracts. However, for this, a research analysis of the permissibility and impermissibility of these forms from a jurisprudential point of view and an analytical study of the position of the AAOIFI council and contemporary researchers was needed. This article attempts to fill this gap.
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Rather, if the goal is to earn a legitimate profit and avoid usurious contracts, as is the goal of everyone who leaves conventional banking and comes to non-interest banking, and this is also the goal of establishing a non-interest banking system, then Imam According to Abu Yusuf, this intention will also be rewarded.
