تمویل بذریعہ قرض:شرعی تناظر میں مطالعہ

Financing through Loans: A Shariah Perspective

Abstract

Debt-based financing has become one of the most dominant mechanisms in modern business and financial systems. Historically, the economic system of the pre-Islamic era (Jāhiliyyah) and, in contemporary times, conventional banking have largely relied on debt as a means of capital expansion and wealth generation. In contrast, Islamic finance is founded upon Sharīʿah-compliant principles that prohibit ribā (interest) and promote ethical, asset-backed, and risk-sharing financial transactions. While debt is recognized in Islamic law through the contract of qard, it is intended primarily as a charitable and benevolent instrument rather than a means of profit generation. This paper examines the concept and definition of qard in Islamic jurisprudence, highlighting the virtue and reward of extending loans to those in need as an act of social solidarity and compassion. It also discusses the discouragement of incurring unnecessary debt, emphasizing the ethical and spiritual concerns associated with excessive borrowing. Furthermore, the study explores the factors that may lead to fasād (corruption), gharar (excessive uncertainty), and ribā in debt-based financing. It also examines ijārah muntahiyah bi al-tamlīk (lease-to-own financing) in view of its debt-based structure, analyzing the Sharīʿah issues that may arise when its implementation departs from the principles governing lawful financing. The study provides a Sharīʿah-based analytical framework for understanding the limits and ethical implications of debt financing in contemporary Islamic financial practice.