COMMERCIAL INTEREST AND SHARIAH

Abstract

Islam is a religion which offers guidance to the mankind on each and every spheres of life .It is therefore, binding on all to act upon each tenet  of shariah as commanded by Allah .Human beings have no discretion to alter these commandments based on their perception ,experience and observation .the financial matters are deeply related to human life and the basic principle of shariah is to avoid harm to any one .this is why Allah has forbidden interest and has warned that the offenders would face severe punishment .

During the nineteenth century ,a trend emerged to interpret the shariah tenets by relying on human wisdom and attempts were made to create doubts and controversies ib the minds of were made to create doubts and controversies in thw minds of the people.it was wrongly claimed that exploitative interest was the one which was forbidden rather than each type of interest .it was,therefor,claimed that the commercial interest was legitimate.This way the a general command on interest was bifurcated between commercial and non commercial interest to legalize the commercial interest.This blatant violation of shariah has necessasitated this research work to clarify the aberrations.This thesis attempts to critically review the rationale developed by the proponents of commercial interest .this work substantiates the fact that was no distinction between commercial interest and all kinds of interest   during the life time of the holy Prophet(saw)            .