We are pleased to present the second article in this series which explains a selection of ideas from the PhD thesis submitted to the University of Manchester by Shehzada Dr Abdeali Bhaisaheb ibn Syedna Khuzaima Qutbuddin RA. (The PhD was completed in 2003 with the raza and doa Mubarak of Syedna Mohammed Burhanuddin RA). In this article are the following sections:
Section 1: What exactly is riba and why is it haraam?
Section 2: How can we transform a riba transaction, which is haraam, into a trade transaction, which is halaal, through the ‘Ina contract?
Section 3: Are there instances of Aimmat Tahereen and Duat Mutlaqeen endorsing ‘Ina and employing the ‘Ina contract?
Section 4: How can the ‘Ina contract be applied in the world of modern banking?