Al Muntada Al Islami addresses debt repayment amid inflation
Issa Al Belushi, Director of Al Muntada 's Community Programs Department, emphasized that the roundtable is part of the Al Muntada 's efforts to provide authentic, legitimate solutions to pressing economic issues, formulating solutions in light of the changes imposed by the global economic landscape, most notably the changing purchasing power of money and its impact on financial contracts and the rights of creditors and debtors.
Alaa Fathy Barakat reviewed the theoretical framework of the scientific thesis, highlighting contemporary developments in financial transactions and the impact of monetary inflation on futures contracts. He reviewed the most important decisions taken by the Islamic Fiqh Councils in this context, and discussed the potential for developing more just and balanced standards that consider the objectives of Sharia and the modern financial reality. He also highlighted the most prominent problems resulting from monetary inflation, the resulting loss of currency purchasing power, and the impact of this on futures contracts, bonds, and loans. He also reviewed the standards approved by the International Islamic Fiqh Academy, and discussed the extent to which they could be developed or amended to keep pace with new developments.
It's worth noting that the roundtable activity is a platform for dialogue, exchange of expertise, and evidence-based discussion of Islamic jurisprudence. It opens the door to collective ijtihad that keeps pace with changes and offers practical solutions consistent with Sharia principles, contributing to safeguarding financial rights and protecting stakeholders from harm. The roundtable will formulate a number of scholarly recommendations that will be published in a special scholarly publication issued by Al Muntada, as part of its series of activities focused on the jurisprudence of financial reality.
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