The Theory of "Compensating for Depreciation after Maturity", with Emphasis on the rule of "Action" and "Prohibition of loss"

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نمايش در فروشگاه

Seyyed Abbas Mousaviyan / Professor at Research Center for Islamic Culture and Thought

Hossein Meisami / Assistant Professor at Research Center for Banking and Monetary Affairs

Received: 2017/10/29 - Accepted: 2018/03/15                    


One of the important discussions in the subject of “inflation" is the study of the legitimacy of "compensating for price depreciation in long-term contracts." While evaluating relevant views, this study addresses the question of "how can we use the combination of the jurisprudential rules of action and prohibition of loss in the analysis of the depreciation of money within the framework of Islamic jurisprudence?" To answer this question, content analysis and two-step Delphi method have been used for collecting the views of Islamic banking experts. According to the hypothesis of the paper, "compensation for the depreciation of money before maturity is considered usury due to the person's action. However, after maturity, it is necessary to compensate for the depreciation of money because no action is involved, and one sustains a loss due to the depreciation of money “. The research findings suggest that there are three views on the depreciation of the value of money, including: "being absolutely permitted"; "being absolutely unpermitted"; and "the necessity of a detailed description of severe, moderate and mild inflation." All three perspectives face some problems. In contrast, the selected view, which is based on the rules of action and the prohibition of loss, provides a good theoretical basis for analyzing the depreciation of money in the Islamic framework.

Key words: Depreciation of money, Islamic banking, Rule of action, Rule of Prohibition of loss, Islamic Jurisprudence, Usury.

JEL classification: D53, E52.

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