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Critical Muslim Intellectuals’ discourse and the issue of ‘Interest’ (ribā): Implications for Islamic accounting and banking

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  • Rania Kamla
  • Rana Alsoufi

Abstract

This article introduces and employs Critical Muslim Intellectuals’ (CMIs) methodological approaches and debates to discuss the issue of bank-interest/ribā in Islam. It builds specifically on Fazlur Rahman's (Pakistan) methodology and debates and counters them with the traditionalists’ approaches to the issue of ribā. The paper highlights the displacement of CMIs’ discourses from mainstream Islamic accounting and banking literature and practices and argues that such displacement is hindering the emergence of genuine, innovative and critical debate on the issue of ribā in particular and Islamic accounting and banking in general. The paper elaborates on the need to incorporate the critical debates and thought of CMIs into the fields of Islamic accounting and banking if these fields wish to contribute to enhancing socio-economic justice and finding an alternative to their conventional, neoliberal counterparts.

Suggested Citation

  • Rania Kamla & Rana Alsoufi, 2015. "Critical Muslim Intellectuals’ discourse and the issue of ‘Interest’ (ribā): Implications for Islamic accounting and banking," Accounting Forum, Taylor & Francis Journals, vol. 39(2), pages 140-154, June.
    • Handle: RePEc:taf:accfor:v:39:y:2015:i:2:p:140-154
    DOI: 10.1016/j.accfor.2015.02.002
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    1. Mohamed Ariff & Munawar Iqbal (ed.), 2011. "The Foundations of Islamic Banking," Books, Edward Elgar Publishing, number 14217.
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    Cited by:

    1. Muhammad Wahyuddin Abdullah & Rika Musriani & Alim Syariati & Hadriana Hanafie, 2020. "Carbon Emission Disclosure in Indonesian Firms: The Test of Media-exposure Moderating Effects," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 732-741.
    2. Yasmin, Sofia & Ghafran, Chaudhry & Haslam, Jim, 2021. "Centre-staging beneficiaries in charity accountability: Insights from an Islamic post-secular perspective," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 75(C).
    3. Burhanudin Harahap & Tastaftiyan Risfandy, 2022. "Islamic Organization and the Perception of riba (Usury) and Conventional Banks Among Muslims: Evidence From Indonesia," SAGE Open, , vol. 12(2), pages 21582440221, May.
    4. Ahmed A. Elamer & Collins G. Ntim & Hussein A. Abdou & Alaa Mansour Zalata & Mohamed Elmagrhi, 2019. "The impact of multi-layer governance on bank risk disclosure in emerging markets: the case of Middle East and North Africa," Accounting Forum, Taylor & Francis Journals, vol. 43(2), pages 246-281, April.
    5. Francesc Relano, 2023. "Ethical and Islamic Banking Compared from a Time-Based Perspective," Journal of Business Ethics, Springer, vol. 188(4), pages 795-805, December.

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