Extensive use of Hilah in Islamic banking and finance

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Abstract

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.

Original languageEnglish
Pages (from-to)65-87
Number of pages23
JournalIslamic Quarterly
Volume59
Issue number1
Publication statusPublished - Jan 1 2015

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ASJC Scopus subject areas

  • History
  • Religious studies
  • Cultural Studies

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