بلز ڈسکاؤنٹنگ کی شرعی حیثیت: کلاسیکی فقہ اور معاصر اسلامی مالیات کی روشنی میں تجزیاتی مطالعہ

Abstract

Bills Discounting is one of the most widely practiced financing techniques in contemporary financial institutions, particularly in commercial banking and international trade. It enables the holder of a bill of exchange to obtain immediate liquidity by transferring the bill to a financial institution before its maturity at a discounted value. Although this mechanism facilitates commercial transactions and improves cash flow, its Sharīʿah status has remained a subject of considerable juristic debate due to its close association with the sale of debt (Bayʿ al-Dayn) and ribā-based transactions. This study aims to examine the Sharīʿah status of Bills Discounting through an analytical study in the light of classical Islamic jurisprudence and contemporary Islamic finance. Adopting a qualitative and analytical research methodology, the study analyzes the legal nature of Bills Discounting, examines the opinions of classical Muslim jurists regarding the sale and transfer of debts, and evaluates contemporary Sharīʿah perspectives, including the standards developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The study also explores Sharīʿah-compliant alternatives that have been developed to meet the financing requirements of modern Islamic financial institutions. The study concludes that conventional Bills Discounting, in its prevailing form, is not Sharīʿah-compliant because it involves the exchange of debt for a lesser amount before maturity, which constitutes a prohibited form of ribā. It further finds that contemporary Islamic finance offers viable alternatives based on legitimate Sharīʿah contracts that successfully accommodate commercial needs without violating Islamic legal principles. The study contributes to the existing literature by integrating classical juristic discussions with contemporary Islamic financial practices and provides practical guidance for Islamic financial institutions, Sharīʿah scholars, and researchers engaged in Islamic commercial law.