The current products of Islamic banks closely resemble direct loans and mortgages offered by conventional banks. Such resemblance makes one wonder whether Islamic banks are simply disguising interest-bearing loans. Such disguises are known as hi¯lah (legal stratagem) in Islamic law. This paper examines the use of hi¯lah by Islamic banks in their products and discusses the validity of hi¯lah under various schools of Islamic law.
|Number of pages||23|
|Publication status||Published - Jan 1 2015|
ASJC Scopus subject areas
- Religious studies
- Cultural Studies