Evaluative Review of Muhammad Zarqa's Research

Abstract

This article is an evaluative review of Muhammad Anas Zarqa's conclusions regarding framed maxims derived from the exegesis of the Qur’ānic verse "Allah has permitted trade and forbidden ribā (usury)" [Al-Baqarah: 275] which he considers important to offer an economic interpretation to the verse. Dr. Zarqa believes that the reason why profit is permitted in exchanges that create debt is to determine the significant difference between the two transactions mentioned in the previous verse. This essay presents a refutation of the proposed maxim based on the imbalance of the continuity effect condition in some particulars, and the weakness of the methodology, even though its content may seem valid. This is so because the core subject of the rule can only be a whole that includes the unity of homogeneous particulars within the rule, so it cannot embody two subjects that produce two opposite rules. Therefore, it is necessary to establish two different maxims: one for the authorization of profit in debts, and the second for the factor that contributes significantly for prohibition of ‘return’ in the contract of  ribā, without neglecting the philanthropic sector in balancing the two.