چکیده:
Banks and banking operations have long been the focus of Muslim scholars' attention. In addition to examining the nature of banks and banking operations, these scholars have tried to bring them in line with Islamic criteria. The modernization of banks have, on the other hand, confronted humanity with a phenomenon called 'money creation'. It can be claimed that this phenomenon has not been well examined in spite of being importantly effective in economy. For example, money creation and its Islamic jurisprudential effects have been overlooked in the law of banking without riba (interest) enacted after the Islamic Revolution. With a careful examination into the sources of Ja'fari jurisprudence as well as the civil code and the law of banking without riba, the banking system creating money seems to suffer from two major drawbacks: first, in Islamic banking contracts like in qardh al-hasan (interest-free loan) and civil partnership, money creation leads to transactions with debt while Islamic jurists say transactions in such contracts must be 'object'; second, regardless of previous flaws, the mechanism of money creation used by commercial banks seems to be a manifestation of unlawful ownership.
خلاصه ماشینی:
Demand deposits are also counted as money in economics and will have its nature; however, from a jurisprudential and legal perspective, the nature of demand deposits is different according to the contracts explained in Islamic banking, in such a way that some of these deposits will be Qard (loan), some Mudarabah (profit-sharing), etc.
As has been mentioned several times, by increasing the credit of the new account by the amount of the loan, the bank only commits to paying it, which is a general matter and, in other words, creates a liability in favor of the borrower and against the debt itself.
Examination of Money Creation in Islamic Banking Contracts Given the explanations provided regarding money creation, it can be said regarding "Qard al-Hasan": The bank creates an account for the borrower, increases the account credit by the amount of the loan, and commits itself to paying it.
Yes, although demand deposits are money in the economy; however, as explained, firstly, from a jurisprudential perspective, it is not property (mal), whereas a loan contract must be conducted with property, and secondly, the borrower's account is merely a credit that the bank has committed to pay, and its nature is debt.
If the capital is the property, the bank is the partner, and the agent is also the borrower, the bank, by creating an account and increasing its credit by the amount of the loan, commits to paying it and, by creating "debt," proceeds to enter into a Mudarabah contract, which is void from both Sharia and legal perspectives.
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