Thoughts on Economics

Vol. 18, No. 01

Avj-KziAv‡bi `„wó‡Z my`

m~iv Avj-evKvivn

AvqvZ t 275-281

(`yB)

Aa¨vcK gynv¤§` kixd ûmvBb

evB ev µq-weµq

evB A_© tD³ AvqvZvs‡k Avj­vn Aviex evB (بَيْعَ) kã e¨envi K‡i‡Qb| ÔevBÕ-Gi evsjv cÖwZkã n‡”Q µq-weµq| ÒBai is an Arabic terminology, which means purchase and sale of commodities and merchandise; to make a contract; to offer for purchase/sale; to agree on the terms of purchase/sale; to conclude a bargain.”1

“It is the word with two opposite meanings, i.e, purchase and sale; sale and purchase, respectively.”2

Bai : To purchase; To sell (of goods)3.

myZivs ÔevBÕ A_© n‡”Q µq-weµq| µq-weµ‡qi gva¨‡gB Kiv nq e¨emv, Avi e¨emv †_‡K Av‡m jvf ev gybvdv| GRb¨ †Kvb †Kvb Abyev`K evB-Gi A_© K‡i‡Qb e¨emv; †KD †KD Avevi Gi ZiRgv K‡i‡Qb gybvdv| Gw`K †_‡K e¨emv I gybvdv n‡”Q evB-Gi fvev_©; Avi µq-weµq n‡”Q evB-Gi kãv_©|

evB-Gi msÁv t µq-weµq m¤ú‡K© Avj-KyiAv‡b ejv n‡q‡Q, ÒwbðqB Avj­vn gywgb‡`i Rvb I gvj †e‡nk‡Zi wewbg‡q wK‡b wb‡q‡Qb|Ó4 GLv‡b Avj­vn wkiv (µq) kã e¨envi K‡i‡Qb| Avj­vn †e‡nkZ w`‡eb, Avi Rvb-gvj wb‡q‡Qb| G K_v GUvB Bw½Z K‡i †h, µq-weµq n‡”Q wKQy w`‡q Zvi wewbg‡q wKQy †bIqv| dKxn&MY wewfbœ fvlvq µq-weµ‡qi msÁv w`‡q‡Qb| Zvi K‡qKwU msÁv wb‡æ D‡j­L Kiv n‡jv t

a) Bai means, “Taking out the ownership of commodities willfully and making out the ownership willfully.”5A_©vr Ò‡¯^”Qvq cY¨-mvgMÖxi gvwjKvbv MÖnY Kiv Ges †¯^”Qvq cY¨-mvgMÖxi gvwjKvbv cÖ`vb Kiv|Ó

58 Interest – The Quranic View

b) “Bai is conveying the title through offer and acceptance when both of them are in the past form.”6A_©vr ÒevB n‡”Q cÖ¯—ve (BRve) I MÖnY (Keyj) Gi gva¨‡g gvwjKvbv ¯^Ë¡ n¯—vš—i/wewbgq Kiv; BRve I Keyj DfqwU AZxZ Kv‡ji kã Øviv cÖKvk Kiv n‡j µq-weµq m¤úbœ n‡q‡Q e‡j MY¨ nq|Ó

c) Bai is “transfer of ownership against its substitute.”7A_©vr evB n‡”Q, ÒweKí wRwb‡mi wewbg‡q †Kvb wRwb‡mi gvwjKvbv n¯—vš—i Kiv|Ó

d) Bai is “to aquire the very ownership by payment of recompense/indemnity of the same, or to obtain the title of any goods in exchange of the other.”8A_©vr evB n‡”Q, Ò†Kvb wKQyi mgZzj¨ wewbgq/¶wZc~iY cÖ`vb c~e©K Gi gvwjKvbv MÖnY Kiv A_ev †Kvb c‡Y¨i wewbg‡q Ab¨ †Kvb c‡Y¨i gvwjKvbv AR©b Kiv|Ó

e) Bai is “to make the owner of the goods against the other” A_©vr evB n‡”Q, Ò‡Kvb cY¨-mvgMÖxi wewbg‡q Ab¨ cY¨-mvgMÖxi gvwjKvbv MÖnY Kiv|Ó9

f) Bai is “Exchange of commodity/merchandise against the value/price. One side of such exchange is named commodity and the other side is cost.”10A_©vr evB n‡”Q, Òg~j¨ ev `v‡gi mv‡_ cY¨-mvgMÖx wewbgq Kiv| Giƒc wewbg‡qi GKw`‡K _v‡K cY¨ Avi Aciw`‡K _v‡K `vg|Ó

g) “The terminology ba’ai expresses the concept of exchange of goods against the other in the process of mutual consent or transfer of ownership against equivalent (value).”11 A_©vr ÒevB kã cvi¯úwiK m¤§wZi wfwˇZ GK c‡Y¨i mv‡_ Aci c‡Y¨i wewbgq‡K eySvq A_ev evB n‡”Q mgg~‡j¨i wewbg‡q †Kvb c‡Y¨i gvwjKvbv n¯—vš—i Kiv|Ó

Dc‡ii msÁv¸‡jv we‡k­lY Ki‡j D‡j­L‡hvM¨ †h welq¸‡jv cvIqv hvq Zv n‡”Q t

K) µq-weµq n‡”Q gvwjKvbvi wewbgq t †µZv I we‡µZv gvwjKvbvmn wbR wbR cY¨-mvgMÖx, †mev ev A_© cvi¯úwiK wewbgq Ki‡j Zv nq µq-weµq| A_©vr we‡µZv Zvi wbR gvwjKvbvf~³ †Kvb cY¨, †mev ev A‡_©i gvwjKvbv †µZv‡K cÖ`vb K‡i| Acic‡¶ †µZv Zvi wbR gvwjKvbvf~³ A_© ev Ab¨ †Kvb m¤ú‡`i gvwjKvbv we‡µZv‡K †`q| gvwjKvbvi cvi¯úwiK n¯—vš—i Qvov µq-weµq n‡ZB cv‡i bv| gvwjKvbvi cvi¯úwiK n¯—vš—i n‡”Q µq-weµ‡qi Acwinvh© kZ©|

Thoughts on Economics 59

L) µq-weµq n‡”Q `vg w`‡q †bIqv t `vg w`‡q †Kvb wRwbm, †mev ev A_© †bIqvi bvg µq-weµq| A_©vr we‡µZvi Kv‡Q _v‡K cY¨, †mev ev gy`ªv| D³ cY¨, †mev ev gy`ªvi g~j¨‡K A‡_©i As‡K cÖKvk Kiv n‡j Zv‡K ejv nq `vg ev price| †µZv GB `vg w`‡q we‡µZvi KvQ †_‡K D³ cY¨, †mev ev gy`ªv wb‡j Zv nq µq-weµq| G‡Z we‡µZv cvq `v‡gi gvwjKvbv Avi †µZv cvq cY¨, †mev ev A‡_©i gvwjKvbv| D‡j­L¨ ‡h, `vg A‡_©i As‡K wba©vwiZ n‡Z cv‡i A_ev cY¨ ev †mevi cwigv‡Yi ØvivI `vg wbiƒwcZ n‡Z cv‡i (barter) |

M) µq-weµq n‡”Q KvD›Uvi f¨vjyi wewbgq (equality of value) tg~‡j¨i mv‡_ cÖwZg~‡j¨i (counter-value) wewbgq, exchange of counter-value ev mgg~‡j¨i wewbgq n‡”Q µq-weµq| A_©vr µq-weµq n‡”Q, exchange of goods, services or money against its counter-value| µq-weµq n‡”Q `ywU mgvb mgvb g~‡j¨i wewbgq| A‡_© †nvK, c‡Y¨ †nvK ev †mevq †nvK, †µZv we‡µZv‡K †h g~j¨ cÖ`vb K‡i, we‡µZv †µZv‡K Zvi mgvb mgvb g~j¨ †diZ w`‡jB Zv nq µq-weµq| Dfq c‡¶i g~j¨ mgvb bv n‡j µq-weµq ˆea e‡j MY¨ nq bv|

N) µq-weµq n‡”Q cvi¯úwiK wewbgq (reciprocity) t µq-weµ‡q †µZv ïayB GKRb †µZv bq, †m GKRb we‡µZvI; Abyiƒcfv‡e we‡µZvI ‡Kej GKRb we‡µZv bq, †m GKRb †µZvI| D`vniY ¯^iƒc, †h e¨w³ Avg wewµ K‡i †m Av‡gi we‡µZv, wKš‘ A‡_©i †µZv| Avevi †h ‡jvK A_© w`‡q Avg wK‡b †m Av‡gi †µZv Ges GKB mv‡_ A‡_©i we‡µZv| Ab¨K_vq, µq-weµ‡q †`Iqv I †bIqv DfqUvB nq cvi¯úwiK (reciprocal)| we‡µZv Avg †`q, A_© †bq; Avi †µZv A_© †`q, Avg †bq| Df‡qB †`q Ges Df‡qB †bq| AvaywbK cwifvlvq G‡KB ejv nq reciprocal exchange; †KD †KD AviI ®úó K‡i e‡j‡Qb, µq-weµq n‡”Q‘commutative contract’; A_ev‘synallagmatic contract’12|

O) µq-weµq n‡”Q cvi¯úwiK ¶wZc~iY c~e©K wewbgq t µq-weµ‡q ci¯ú‡ii ¶wZc~iY K‡i cY¨-mvgMÖx, †mev ev A_© wewbgq Kiv nq| A_©vr ‡µZv we‡µZvi KvQ †_‡K hw` 1‡KwR Avg ‡bq Zvn‡j Avg nviv‡bv eve` we‡µZvi ¶wZ nq 1†KwR Avg ev Zvi g~j¨| †µZv mgg~‡j¨i 1†KwR Avg, A_©, ‡mev A_ev Ab¨ †Kvb m¤ú‡`i Øviv we‡µZvi D³ ¶wZ c~iY K‡i †`q| Abyiƒcfv‡e we‡µZv‡K Avg, A_© ev m¤ú` cÖ`vb Kivq †µZvi †h ¶wZ nq we‡µZv mgg~‡j¨i Avg w`‡q †µZvi †m ¶wZ c~iY K‡i †`q| †µZv-we‡µZv KZ…©K ci¯ú‡ii ¶wZ c~iY K‡i cY¨-mvgMÖx, †mev ev A‡_©i wewbgq KivB n‡”Q µq-weµ‡qi g~j K_v| G‡Z

60 Interest – The Quranic View

‡µZv-we‡µZv Df‡qi wbR wbR cY¨ nviv‡bvi ¶wZ mgg~‡j¨i (Dc‡hvM) weKí †Kvb cY¨, †mev ev A‡_©i Øviv c~iY n‡q hvq| d‡j µq-weµ‡qi c~‡e© Df‡qi A_©‰bwZK Ae¯’v †h ch©v‡q wQj, µq-weµ‡qi c‡iI wVK †mB GKB Ae¯’v‡b _v‡K; µq-weµq ev wewbg‡qi d‡j KviI A_©‰bwZK Ae¯’vi cwieZ©b nq bv| ‡Kvb c¶ wKQy nvivq bv, †Kvb c¶ wKQy †ekx cvq bv|

P) µq-weµq n‡”Q cvi¯úwiK m¤§wZ‡Z wewbgq t cvi¯úwiK m¤§wZ µq-weµ‡qi GKwU Acwinvh© kZ©; Avj­vn ZvÕqvjvi wb‡`©k n‡”Q, Ò‡Zvgiv cvi¯úwiK m¤§wZi wfwˇZ e¨emv Ki|Ó (4:29) Gi Avmj K_v n‡”Q BRve (offer) Ges Keyj (acceptance)| wKš‘ cÖ¯—ve I MÖnY DfqwUB n‡Z n‡e cÖvß eq¯‹ (age of puberty), eyw×gvb (age of majority), my¯’ gb-gvbwmKZvi AwaKvix Ges m¤ú~Y© ¯^vaxb Z_v mKj cÖKvi cÖ‡ivPYv I Pvc-gy³ e¨w³‡`i g‡a¨, Zviv bvix †nvK ev cyi“l, hv‡Z mswk­ó c¶Øq G Pzw³i (contract) gg©, Zvrch© I djvdj h_v_©fv‡e Dcjw× K‡i †¯^”Qvq m¤§wZ w`‡Z cv‡i ev Am¤§wZ Ávcb Ki‡Z cv‡i|

µq-weµq n‡”Q Bb&mvd t µq-weµ‡q †µZv ev we‡µZvi †KD V‡K bv, Avi †KD wR‡ZI bv| µq-weµq ev wewbg‡qi gva¨‡g `ywbqvi gvbyl †KD KviI ¶wZ bv K‡iB ci¯úi DcK…Z n‡q _v‡K| G‡Z c~Y© Bbmvd I mywePvi envj _v‡K, KviI cÖwZ †Kvb cÖKvi hyjyg ev †e-Bbmvdx nq bv| GLv‡b kZ© n‡”Q GB †h, µq-weµq ev e¨emvq Aek¨B kwiqvn& m¤§Z fv‡e cwiPvwjZ n‡Z n‡e| Bmjvg GB mywePvi cÖwZôvi Rb¨B gvbyl‡K wb‡`©k w`‡q‡Q|

µq-weµ‡q Bb&mv‡di hgR gvb`Û t·qv`k kZ‡Ki cÖL¨vZ `vk©wbK I kixqZ‡eËv Be‡b i“k` G cÖm‡½ e‡j‡Qb, “Justice in transaction lies in approximating equivalence. So, when realizing equivalence was found to be almost impossible, dinar and dirham were made to evaluate them, that is, measure them. As different kind of commodities, I mean those that can neither be weighed nor measured, justice lies in their being proportionate. The ratio of the value of one thing to its kind should be equal to the ratio of the other things to that thing’s kind. To give an example: when a man is selling a horse for clothes, justice requires that the ratio of the value of that horse to horses should be same as the ratio of the value of that piece of clothing to clothes. If the value of that horse is fifty, the value of those clothes must also be fifty. Let it be ten pieces of clothing, for example, that would ensure equivalence. So these commodities have to be unequal in number from one another in just transactions, as one horse is equivalent to ten pieces of clothing in example.”13

Thoughts on Economics 61

µq-weµ‡q mywePvi Kv‡q‡gi wel‡q Av‡jvPbv Ki‡Z wM‡q Igi Pvciv e‡jb, “Justice can be rendered only if the two scales of the balance carry the same value of goods.”14 µq-weµ‡q counter value I reciprocity-‡K mywePv‡ii gvb`Û wn‡m‡e D‡j­L K‡i wZwb e‡j‡Qb,“The price and counter value should be just in all transactions where cash payment (irrespective of what constitutes price) is made by one party and the commodity or service is delivered reciprocally by the other.”15

Wt †bRvZzj­vn wmwÏKxequivalence Ireciprocity †K µq-weµq †¶‡Î mywePv‡ii hgR gvb`Û(Twin norms of justice)16e‡j AvL¨vwqZ K‡i‡Qb|(p. 73) wZwb e‡j‡Qb,“it (justice) relies on the notions of equality and reciprocity.”17wZwb AviI ‡Rvo w`‡q e‡j‡Qb,Justice is largely percived in terms of equivalence (in exchange transactions) and reciprocity (in social relationships.)18

Dc‡ii Av‡jvPbvq ¯úó n‡q‡Q †h, wewbgq ev µq-weµ‡q mywePvi envj _vK‡Z n‡e| Avi G j¶¨ †Kej ZLbB AwR©Z n‡e hLb wewbgqKvix c¶Øq ev †µZv-we‡µZv Df‡qi cY¨, †mev ev A‡_©i g~j¨ mgvb mgvb n‡e Ges Zv ci¯úi ‡jb‡`b n‡e| ‡gvU K_v µq-weµq I wewbgq n‡”Q Ggb GK Pzw³ †hLv‡b mgg~‡j¨i cY¨, †mev ev A_© ci¯úi wewbgq Kiv nq| wewbgq bM‡` †nvK ev evKx‡Z ‡nvK mKj ‡¶‡ÎB mgvb mgvb g~‡j¨i wewbgq n‡Z n‡e|

gybvdv ev jvf

Dc‡ii Av‡jvPbv †_‡K GK_v Rvbv †Mj †h, evB ev µq-weµq n‡”Q †µZv KZ©„K we‡µZvi Ges we‡µZv KZ…©K †µZvi ¶wZc~iY Kiv hv‡Z KviI A_©‰bwZK Ae¯’vi cwieZ©b bv nq| cÖkœ n‡”Q, Zv n‡j gybvdv ev jvf wKfv‡e nq?

jvf A_© I msÁv t Aviex‡Z jvf‡K ejv nq ÔwieûbÕ|19 Avj-KziAv‡bi †Kvb †Kvb ¯’v‡b jvf‡K ejv n‡q‡Q ÔbvdvÕ|20 kã `ywUi A_© n‡”Q cÖe„w×, DØ„Ë, Aewkóvsk, evowZ Ask BZ¨vw`| myZivs jvf n‡”Q cuywRi ewa©Zvsk| Gi wecix‡Z †jvKmvb n‡”Q cuywRi ¶q cÖvß Ask| K¬vwmK¨vj A_©bxwZwe` wiKv‡W©vi g‡Z jvf n‡”Q, Òthe return to capital and its organization in production.”21Exploitation ZZ¡ Abymv‡i jvf n‡”Q, “residue after deducting the rental interest.22Sraffa-Gi g‡Z jvf n‡”Q, ÒSurplus valueÓ.23 wdK¡vwe`‡`i g‡Z jvf n‡”Q cyuywRi cÖe„w× ev e„w× hv e¨emvi gva¨‡g n‡q _v‡K| Be‡b Avivex e‡j‡Qb, Òjvf n‡”Q †Kvb †mev ev c‡Y¨i weµq g~j¨ I µq gy‡j¨i e¨eavb|Ó24 myZivs jvf n‡”Q, “increase of value assets actually realized in

62 Interest – The Quranic View

exchange. It is an incremental valued accrue to the original capital or additional value of the initial capital.”25

jv‡fi Drm t jvf Av‡m wewb‡qvM ev Investment ‡_‡K; wewb‡qvM Ki‡Z nq evB ev µq-weµ‡qi gva¨‡g| wewb‡qvM gv‡b n‡”Q jvf Kivi D‡Ï‡k¨ †Kvb cY¨-mvgMÖx ev †mev µq ev Drcv`b Kiv hv‡Z †jvKmv‡bi SuywKI Aek¨B enb Ki‡Z nq| A_v©r wewb‡qv‡Mi D‡Ïk¨ n‡”Q jvf Kiv; wKš‘ mKj wewb‡qvM me©`vB jvf †`q bv, jvf w`‡Z cv‡i bv| †h `v‡g/Li‡P cY¨ ev †mev µq ev Drcv`b Kiv nq, Zvi †P‡q †ekx `v‡g weµq Ki‡Z cvi‡jB ‡Kej jvf nq| wKš‘ KLbI KLbI Ggb nq †h, cY¨ ev †mev †h `v‡g µq ev Drcv`b Kiv nq, Gi evRvi `vg Zvi †P‡q ev‡o bv; eis mgvbB †_‡K hvq A_ev K‡g hvq- hv‡K ejv nq evRvi c‡o hvIqv| Giƒc †¶‡Î cY¨ wewµ K‡i †Kej g~jab D‡V Avm‡j G‡K ejv nq Avmj-Avmj ev‘no profit no loss’|wKš‘ evRvi hw` c‡o hvq Ges cY¨wU hw` µq-g~‡j¨i †P‡q Kg `v‡g †ePv nq, Zvn‡j g~jab cy‡iv D‡V Av‡m bv| g~ja‡bi GB NvUwZ‡K ejv nq †jvKmvb (loss)| myZivs †jvKmv‡bi SuywK MÖnY c~e©K jvf Kivi D‡Ï‡k¨ †Kvb cY¨ ev †mev µq ev Drcv`b Kivi bvg n‡”Q wewb‡qvM| Ab¨ K_vq, µq ev Drcv`b Kivi gv‡b n‡”Q A_© ev cuywR‡K cY¨ ev ‡mevq iƒcvš—i Kiv| Avi weµq Kivi A_© n‡”Q cY¨ ev †mev‡K cyYivq A_© ev cuywR‡Z wdwi‡q Avbv| †MvUv cÖwµqv‡K Gfv‡e cÖKvk Kiv hvq t

Transformation of Money into Goods with risk of loss; AZtci Avevi Transformation of Goods into Money.

cÖ_‡g cY¨ ev †mevq iƒcvš—wiZ A_© Ges c‡i cY¨ ev †mev weµq K‡i cÖvß A_©- G Dfq A‡_©i cwigv‡Yi cv_©K¨B n‡”Q gybvdv ev †jvKmvb| cv_©K¨ BwZevPK n‡j ejv nq jvf, Avi ‡bwZevPK n‡j nq †jvKmvb| Avi mgvb n‡j jvf ev †jvKmvb †KvbwUB bq|“The aspect that matters is the conversion of, for example $1000 into an asset, in which that $1000 asset may be worth more or less in the future, a condition that will lead to a profit or a loss.”26

e¨emv

Gjwg gynv¤§` b~i GB iƒcvš—i cÖwµqv‡K evwYwR¨K cÖwµqv e‡j‡Qb Ges G‡K wbæiƒ‡c cÖKvk K‡i‡Qbt27

M – C – M/; wZwb e‡j‡Qb, M n‡”Q cÖ_g wewb‡qvMK…Z A‡_©i cwigvY; C n‡”Q M Øviv µxZ cY¨-mvgMÖx; Avi M/ n‡”Q cY¨-mvgMÖx Avevi weµq K‡i cÖvß A‡_©i cwigvY| myZivs gybvdv n‡”Q M/ – M = > 0,A_ev EV = M/ – M = > 0; GLv‡b EV = Excess Value|

Thoughts on Economics 63

wkí I K…wl

‡Kej e¨emvq bq, wkí I K…wl Drcv`b cÖwµqv‡ZI GKBfv‡e cuywR‡K iƒcvš—wiZ Ki‡Z nq| G‡¶‡Î cÖ_‡g cuywR‡K KuvPvgvj, †gwkb, kªg BZ¨vw`‡Z iƒcvš—i Ki‡Z nq, hv cieZ©x ch©v‡q †Kvb bZzb c‡Y¨ cwiYwZ jvf K‡i Ges me †k‡l cY¨wU wewµ K‡i g~j cuywR iƒ‡c wdwi‡q Avbv nq| Rbve b~i GB cÖwµqv‡K wbæiƒ‡c mvwR‡q‡Qbt Monetary asset – Inputs – Intermediate goods – Final goods – Money; ms‡¶‡ct M – I – G – F – M/;GLv‡b M = Initial Money; I = Input; G = Intermediate goods; F = Final goods; M/ = Retransformed Money| myZivs Profit = M/ – M = >O|

gy`ªv µq-weµq

wfbœ wfbœ Rv‡Zi gy`ªv µq-weµq †¶‡Î †h gybvdv nq ZvI Avm‡j GB iƒcvš—i cÖwµqvi gva¨‡gB Av‡m| G‡¶‡Î GK gy`ªv Øviv Ab¨ †`‡ki gy`ªv µq Kiv nq; µxZ gy`ªv‡K Avevi Avi †Kvb gy`ªvq iƒcvš—i Kiv †h‡Z cv‡i| Ae‡k‡l GB wfbœ gy`ªv‡K hLb Avevi g~j (cÖ_gKvi) gy`ªvq wdwi‡q Avbv nq, ZLb jvf-‡jvKmvb wbiƒcY Kiv hvq| ms‡¶‡c GB cÖwµqv‡K wbæiƒ‡c cÖKvk Kiv hvqt

M – M/ – M/

Profit = M/ - M =>O

GLv‡b, M = GK †`‡ki gy`ªv; M/= wfbœ Avi GK †`‡ki gy`ªv Ges M/ = cÖ_g †`‡ki gy`ªvq iƒcvš—wiZ gy`ªv|

Rbve b~i AZ¨š— †Rvi w`‡q e‡j‡Qb, “Islamic injunctions have clearly shown that the transformation process of objects and trading of goods one for another is itself the objective matter and it is considered as a necessary condition for seeking of profit.” (p. 159.) wZwb AviI e‡j‡Qb, “this transaction is naturally the profit generating process which is not subject to riba.” (p. 154.) Bmjvgx AvBb‡eËv‡`i AwfgZ D‡j­L K‡i wZwb e‡j‡Qb, “Some fiqh experts argued that, provided the nature of the good remains the same as its original form no profit can be derived.” (p. 159.) G cÖm‡½ mvB‡q¨` Avj wdwK¡i DׄwZ w`‡q bKwf e‡j‡Qb, “The extra money generated from the use of money without any transformation whatsoever the result of such use which may leave the commodity in its initial stage is not called profit.”28myZivs wewb‡qvM Z_v cuywR‡K iƒcvš—i KivB n‡”Q gybvdv AR©‡bi GKgvÎ c_| e¨emv Z_v gvj wK‡b AcwiewZ©Z Ae¯’vq †nvK A_ev K…wl, wkí BZ¨vw` Lv‡Z wewb‡qv‡Mi gva¨‡g bZzb bZzb gvj Drcv`b K‡i ‡nvK, cuywR‡K iƒcvš—i Kiv n‡jB †Kej cyuwRi cwigvY e„w× cvIqv m¤¢e|

64 Interest – The Quranic View

gybvdv ms‡hvwRZ g~‡j¨i wewbgq tcÖkœ Rv‡M cY¨-mvgMÖx ev †mev †Kbvi mgq counter-valuecÖ`vb K‡iB †Kbv nq| †KD V‡K bv, †KD wR‡ZI bv| Df‡qiB ¶wZc~iY nq; Avevi weµq Kv‡jI GKB Ae¯’vq †ePv-‡Kbv nq| Zvn‡j cÖ_‡g wewb‡qvMK…Z A_© Ges c‡i †diZcÖvß A‡_©i cwigv‡Y cv_©K¨ nq †Kb I wKfv‡e?A_©bxwZ‡Z Gi A‡bK KviY eY©bv Kiv n‡q‡Q| †KD e‡j‡Qb, gybvdv n‡”Q D‡`¨vM I SuywK MÖn‡Yi cvwi‡ZvwlK; †KD e‡j‡Qb, jvf n‡”Q wewb‡qvM I cwikªg Kivi cyi¯‹vi; ‡KD Avevi e‡j‡Qb, wewb‡qvMKvix †h Dc‡hvM m„wó I g~j¨ mshvRb K‡i gybvdv n‡”Q ZviB cÖwZ`vb ev wewbgq| GKRb D‡`¨v³v ev wewb‡qvMKvix cyuwR wewb‡qvM K‡i, †jvKmv‡bi SuywK MÖnY K‡i, Zuvi †gav I kªg LvUvq Ges Dc‡hvM m„wó I g~j¨ ms‡hvRb K‡i _v‡K| A_©bxwZi fvlvq GB Dc‡hvM m„wó I g~j¨ ms‡hvRbB n‡”Q Drcv`b| “Producing means putting utility into” (Fraser) and thereby adding value.

Dc‡hvM m„wó ev Drcv`b wZbfv‡e Kiv hvq t c‡Y¨i iƒc-AvK…wZ cwieZ©‡bi gva¨‡g †hgb, MvQ †K‡U KvV I †Uwej ˆZix Kiv; c‡Y¨i ¯’vb cwieZ©b K‡i †hgb, gvj‡qwkqvi wm‡g›U evsjv‡`‡k Avg`vbx Kiv n‡j G‡`‡ki †jv‡Ki Kv‡Q Gi Dc‡hvM m„wó nq; Ges Kvj ev mgq cwieZ©‡bi Øviv †hgb, †Mvj Avjyi ‡gŠmy‡g Avjy µq K‡i †Kvì ‡óv‡i‡R msi¶Y K‡i Abv‡gŠmy‡g evRviRvZ Kiv n‡j Gi Dc‡hvM †e‡o hvq| GBfv‡e m„ó evowZ Dc‡hvMB n‡”Q gybvdvi Drm| Avi ci¯úi wewbg‡qi gva¨‡gB gybvdv AR©b Kiv m¤¢e| Dc‡hvM m„wó I gyj¨ ms‡hvR‡bi c×wZ †hUvB †nvK, †h‡nZz GB evowZ Dc‡hvM I ms‡hvwRZ g~j¨ D‡`¨v³v ev wewb‡qvMKvixi kªg I cyuwR wewb‡qv‡Mi d‡jB m„wó n‡q‡Q, †m‡nZz GUv Zv‡`iB cÖvc¨, Zv‡`iB AwaKvi| GUvB Zv‡`i gybvdv| D‡`¨v³v µq-g~j¨ ev Drcv`b Li‡Pi mv‡_ GB ms‡hvwRZ g~j¨ †hvM K‡i `vg avh© K‡i cY¨wU evRviRvZ Kivi gva¨‡g GB g~j¨Uv (gybvdv) †c‡Z Pvq| G e¨vcv‡i Wt wmwÏKx e‡j‡Qb,“Trade facilitates exchange, Exchange creates value. Traders try to capture part of the value so created.”29

gybvdv n‡”Q weµq g~j¨ I µq gy‡j¨i cv_©K¨ t wewb‡qvMKvix †h `vg ev Li‡P cY¨ µq ev Drcv`b K‡i Ges †h `vg avh© K‡i cY¨ evRviRvZ K‡i, GB `yB `v‡gi cv_©K¨ Z_v weµq g~j¨ I µq g~‡j¨i e¨eavbB n‡”Q gybvdv| AviI cwi®‹vi K‡i ejv hvq †h, cY¨-mvgMÖx µq ev Drcv`b Ki‡Z †h e¨q nq Zv‡K ejv nq †gvU LiP ev Total Cost (TC)| Avi ms‡hvwRZ g~j¨ †hvM K‡i weµq Kivi ci †h Avq cvIqv hvq Zv‡K ejv nq †gvU Avq ev Total Revenue (TR)| †gvU Avq †_‡K †gvU e¨q ev` w`‡j hv Aewkó _v‡K ZvB n‡”Q gybvdv| A_©vr TR-TC = Profit| “The margin between the price they paid and the price they charge, the difference between the sale price and the purchase price is called profit. The same is described as the difference

Thoughts on Economics 65

between total revenue (TR) and total cost (TC), in order to cover things made/prepared by the seller as in the handicraft and manufacture. A person selling agricultural products grown on his own land can also be covered by the same, and so on.”30

gybvdv n‡”Q Aewkóvsk t cvðvZ¨ A_©bxwZi g‡Z f~wg, kªg, g~jab I msMVb Drcv`‡bi GB PviwU Dcv`v‡bi mgš^‡q Drcv`b Kivi ci Drcvw`Z cY¨ ev †mev weµq K‡i cÖvß †gvU Avq (Total Revenue) n‡Z f~wg‡K †`Iqv nq c~e© wba©vwiZ fvov, kªg‡K †`Iqv nq c~e© wba©vwiZ gRyix Avi aviK…Z g~ja‡bi Rb¨ †`Iqv nq c~e© wba©vwiZ my`; Pzw³e× Gme †`bv cwi‡kva Kivi ci hv Aewkó _v‡K Zv‡K ejv nq gybvdv hv msMVb †c‡q _v‡K| ZvB gybvdv n‡”Q Aewkóvsk hv BwZevPK n‡Z cv‡i; Avevi FYvZ¥KI n‡Z cv‡i| Bmjv‡g my` wbwl×| Bmjvgx A_©bxwZ‡Z ZvB cyuwRi Rb¨ my` w`‡Z nq bv; eis f~wg I kª‡gi cvIbv cwi‡kva Kivi ci hv Aewkó _v‡K ZvB cuywRi gvwjK I D‡`¨v³v Pzw³ Abymv‡i fvM K‡i †bq| myZivs GB A_©bxwZ‡ZI gybvdv n‡”Q Aewkóvsk|

gybvdv SuywKc~Y© t G K_v †g‡b †bqv Qvov Dcvq †bB †h, mKj cÖ‡Póv m‡Z¡I †Kvb Kvi‡Y evRv‡i Pvwn`v n«vm cvIqvi `i“b hw` c‡Y¨i `vg c‡o hvq A_ev †hvMvb †ekx nIqvi Kvi‡Y cY¨wUi `vg K‡g hvq, A_ev Ab¨ †Kvb we‡µZv KZ©„K AviI Kg `v‡g Abyiƒc cY¨ evRviRvZ Kivi Kvi‡Y cY¨wU Kg `v‡g weµq Ki‡Z nq ev Kg `v‡gi weKí †Kvb cY¨ evRv‡i Avmvq ev Ab¨ †h †Kvb Kvi‡Y c‡Y¨i evRvi c‡o †M‡j wewb‡qvMKvix Zvi wba©vwiZ `v‡gi †P‡q Kg `v‡g cY¨ wewµ Ki‡Z eva¨ nq Ges Zv‡K †jvKmvb w`‡Z nq| Aciw`‡K, †Kvb Kvi‡Y hw` cY¨wUi `vg e„w× cvq Ges evRvi `i D‡V hvq Zvn‡j wewb‡qvMKvix Zvi Avkvi †P‡qI ‡ekx jvf †c‡q hvq| G ch©v‡q Wt wmwÏKx e‡j‡Qb,“Sometimes the difference between the sale price and the purchase price is negative. In that case it is called loss. Trade is subject to profits as well as losses. No language has different words for loss making trade and profit making trade. It is the nature of this activity to be subject to occasional losses.”31

gybvdv evRv‡ii `vb t jvfчjvKmv‡bi welqwU Avm‡j evRv‡ii IciB wbf©ikxj| GRb¨B e¨emv‡q SuywK en‡bi cÖkœ Av‡m| Ab¨_vq wewb‡qvM Kiv, wewb‡qv‡M †gav I kªg LvUv‡bv, Dc‡hvM m„wó Kiv I g~j¨ ms‡hvR‡bi wewbgq wn‡m‡e gybvdv †Zv wbwðZ neviB K_v| myZivs P~ovš—fv‡e jvf I †jvKmvb n‡”Q evRv‡ii `vb ev Gift of market or Result of market|

66 Interest – The Quranic View

gybvdv c~e© wba©vwiZ nq bvt“Profit is residual, a surplus determined post facto and could very well be negative.”32gybvdv KLbI BwZevPK, KLbI †bwZevPK n‡Z cv‡i| myZivs jvf KLbI c~e©wba©vwiZ(Predetermined) nq bv| c~e©v‡nB Pzw³i gva¨‡g gybvdvi cwigvY ev nvi wba©viY Kiv hvq bv|

gybvdv cÖwZg~‡j¨i Aš—f©~³ t Av‡jvPbvq †`Lv †Mj †h, gybvdv ev jvf n‡”Q wewb‡qvMKvix KZ…©K ms‡hvwRZ Dc‡hvM, g~j¨ Ges SuywKi `vg hv evRvi Dcv`v‡bi Ici wbf©ikxj| evRv‡i †µZv-we‡µZvi g‡a¨ `i KlvKwli Øviv cY¨-mvgMÖxi †h `vg wba©vwiZ nq, gybvdv ev †jvKmvb Zvi Aš—f~©³, `vg ewnf©~Z ev AwZwi³ wKQy bq| gybvdv mgg~‡j¨i (counter-value) GKUv Ask ev Dcv`vb hvi wewbgq n‡”Q ms‡hvwRZ Dc‡hvM ev g~j¨ Ges KvR| ‡µZv evRvi Abymv‡i `vg w`‡q mgg~‡j¨i cY¨ ev †mev cvq; Avi we‡µZv evRvi Abymv‡i cY¨ ev †mev w`‡q mgg~‡j¨i `vg cvq| A_©vr evRvi `i Abymv‡i mswk­ó mKj c‡¶i ¶wZ c~iY K‡i µq-weµ‡qi gva¨‡gB jvf-‡jvKmvb n‡q _v‡K| G‡Z †Kvb c‡¶i VKv-‡RZv †bB| Avj­vgv gI`~`x, G e¨vcv‡i e‡j‡Qb, Òe¨emvq †µZv I we‡µZvi g‡a¨ mgvb mgvb g~‡j¨i wewbgq nq| †µZv we‡µZvi KvQ †_‡K cY¨ µq K‡i gybvdv AR©b K‡i| Ab¨w`‡K we‡µZv †h eyw×, kªg I †gav e¨q K‡i †µZvi Rb¨ cY¨wU †RvMvo ev Drcv`b K‡i †m ZviB g~j¨ MÖnY K‡i|Ó33G cÖm‡½ Wt †bRvZzj­vn wmwÏKx e‡j‡Qb, Ògybvdv my‡`i b¨vq †Kvb AwZwi³ (excess) bq| µq-weµ‡q Dfq c¶B Zv‡`i wbR wbR ¯^vaxb cÖZ¨‡e¶Y, eyS I Dcjwä Abymv‡i mywbwÏ©ó DcKvi (advantage) †c‡q jvfevb nq| “In other words, there is always a counter value to profit in trade”.34

Dc‡ii Av‡jvPbvi mvi K_v n‡jv, µq-weµq n‡”Q `ywU KvD›Uvi f¨vjyi wewbgq; hvi g‡a¨ jvf-‡jvKmvbI Aek¨B Aš—fy©³ _v‡K| jvf Drcv`b LiP ev µq-g~‡j¨i mv‡_ ms‡hvwRZ AwZwi³ (surplus), Ges counter-value-Gi Ask| wKš‘ †Kvb Ae¯’v‡ZB Zv KvD›Uvi f¨vjyi Ic‡i avh©K…Z AwZwi³ (excess) I KvD›Uvi f¨vjynxb (without counter-value) bq| Av‡jvPbvq GUvI ¯úó n‡q‡Q †h, evB ev µq-weµ‡qi A_© e¨vcK I we¯Z…Z| Av‡jvP¨ AvqvZvs‡k ÔevBÕ e¨vcK A‡_© e¨eüZ n‡q‡Q| we‡kl K‡i, evB k‡ãi c~‡e© ms‡hvwRZ ÔAvjÕ Øviv mKj cÖKvi µq-weµq‡KB eySv‡bv n‡q‡Q| hw` Zv h_v_©B cÖwZg~‡j¨i wewbgq nq| wb‡æ µq-weµ‡qi wewfbœ aiY Ges Zv‡Z cÖwZg~j¨ wbiƒcY I wba©vi‡Yi ixwZ-bxwZ I wewa-weavb m¤ú‡K© Av‡jvKcvZ Kiv n‡”Q|

evB-Gi AvIZv I cwiwa

nvbvdx ¯‹z‡ji cÖL¨vZ dK¡xn& Cgvg Avj-mvivLmx evB‡K e¨vcK A_©‡evaK kã e‡j D‡j­L K‡i‡Qb Ges G‡K nvjvj evB I nvivg evB wn‡m‡e `yB fv‡M fvM K‡i‡Qb| AZtci nvjvj evB-Gi msÁv w`‡q wZwb wj‡L‡Qb, “Permitted sale (by halal) is the exchange

Thoughts on Economics 67

of wealth having a value with wealth also having a value”35evB-Gi e¨vcKZv eySv‡Z wM‡q ‡ek KwZcq dK¡xn& Ò‘Muawadah’ kã Øviv evB-Gi A_© e¨³ K‡i‡Qb| ‘Muawadah’ A_© n‡”Q compensation; counter value|Gfv‡e Zuviv cÖPwjZ A‡_© evB ej‡Z hv eySvq ZvQvovI †Kvb wRwbm Ab¨ wRwb‡mi ¶wZc~iY Ki‡j Zv‡KI evB-Gi g‡a¨ kvwgj K‡i‡Qb| GB A‡_© Zuviv BRviv‡KI evB e‡j‡Qb| KviY BRvivq †ewbwdU weµq Kiv nq| GgbwK, mKj cÖKvi FY I †`bvi †jb‡`b‡KI µq-weµ‡qi g‡a¨ kvwgj e‡j MY¨ K‡i‡Qb|Ó36

m¤cÖwZ Bgivb Avnmvb Lvb wj‡L‡Qb, mvaviYZt Aviex evB k‡ãi Abyev` Kiv nq µq-weµq hv Øviv cwðgv A‡_© cY¨-mvgMÖx µq-weµq‡K eySv‡bv nq| wKš‘ “The word ‘bay’ in its widest meaning stands for a bilateral contract, that is, an exchange of promises by two persons that have an effect upon the counter-values, like transfer of ownership. Thus any transaction between two people that is an exchange of two counter-values is bay.”37 “This meaning is not restricted to customary sale, but includes all that is included in this definition, and among these is debt whatever its source, sale or loan.”

ÒAvj­vn µq-weµq‡K nvjvj K‡i‡Qb, Avi wiev‡K K‡i‡Qb nvivgÓ- GB Avqv‡Zi DׄwZ w`‡q nvwkg Kvgvwj wj‡L‡Qb †h, Avqv‡Z e¨eüZ ÔevBÕ kãwU n‡”Q GK eP‡Y we‡kl¨ c`, Avi Gi c~‡e© hy³ Kiv n‡q‡Q Avj (Avwjd jvg); d‡j GLv‡b evB-Gi A_© n‡q‡Q mvaviY ev AvÕg| Gi Øviv mKj cÖKvi evB‡K eySv‡bv n‡q‡Q| myZivs mKj evB-B ˆea| BDmyd Avj-Kvi`vfxi DׄwZ w`‡q wZwb e‡j‡Qb, Avj-KziAv‡bi GB mvaviY weav‡bi g‡a¨ mKj cÖKvi evB †hgb, GK c‡Y¨i wewbg‡q Avi GK cY¨ weµq (evU©vi), GK gy`ªvi e`‡j Ab¨ gy`ªv weµq (Avj-mid), A‡_©i wewbg‡q cY¨-mvgMÖx weµq (bM` weµq), AwMÖg weµq (mvjvg), LiP `v‡g weµq (Avj-ZvIwjqv), jv‡f weµq (gyivevnv), †jvKmv‡b weµq (Avj-Iqvw`qvn&), †gv³v`v‡g weµq (gymvIqvgvn) Ges wbjv‡g weµq (Avj-gyhvBqv`vn&) meB kvwgj i‡q‡Q| GmeB ˆea, GgbwK wdDPvim µq-weµq hw` my` I Nvivi gy³ nq, Zvn‡j ZvI ˆea| ZvQvov, mybœvn Øviv mywbwÏ©ófv‡e wbwl× Kiv nq bvB Ggb mKj evB-B ‰ea|38 wb‡æ evB-Gi aiY I †kªYx web¨vm msµvš— Av‡jvPbv †ck Kiv n‡jv|

µq-weµq I gybvdvi ¸i“Z¡

µq-weµq I gybvdv gvbe mgv‡Ri Aw¯—‡Z¡i Rb¨ AZ¨š— ¸i“Z¡c~Y© I AZ¨vek¨Kxq| `ywbqvq gvby‡li Afve Amxg I eûg~Lx| wKš‘ GLv‡b cÖ‡Z¨K gvby‡li †hvM¨Zv-cÖwZfv wfbœ wfbœ| gvby‡li i“wP‡eva I cQ›`-AcQ‡›`i g‡a¨I i‡q‡Q we¯—i cv_©K¨| ZvQvov weavZv cÖvK…wZK

68 Interest – The Quranic View

m¤ú` I Dcvq-DcKiYI mKj gvbyl‡K mgvbfv‡e †`b bvB| GgbwK, c„w_exi wewfbœ GjvKvi AvenvIqv, Rjevq~ I cwi‡e‡ki g‡a¨I i‡q‡Q e¨vcK e¨eavb| Gme cv_©K¨ ¯^ZtB Bw½Z K‡i †h, c„w_exi †Kvb e¨w³, †Kvb †Mvôx Ges †Kvb RvwZ ev †`k GKKfv‡e ¯^qsm¤ú~Y© bq; eis e¨w³, ‡Mvôx I RvwZ mK‡jB ci¯úi wbf©ikxj Ges cvi¯úwiK mn‡hvwMZvi e܇b Ave×| e¯‘Zt c„w_ex‡Z †Kvb e¨w³, †Mvôx ev RvwZB Zvi mKj Afve c~iY Kivi Rb¨ cÖ‡qvRbxq hveZxq cY¨-mvgMÖx I ‡mev GKv wb‡RB Drcv`b Ki‡Z cv‡i bv| KviY, GRb¨ †h eûg~Lx †hvM¨Zv-cÖwZfv, Dcvq-DcKiY I cwi‡ek `iKvi Zv GKKfv‡e †Kvb e¨w³, †Mvôx I RvwZi Avq‡Z¡ †bB| †mB Rb¨ GLv‡b cÖ‡Z¨‡K †Kej †mB cY¨-mvgMÖx ev †mev Drcv`b K‡i hv Drcv`b Kivq Zvi me©vwaK †hvM¨Zv-cÖwZfv i‡q‡Q, hvi cÖwZ Zvi ‡SvK-cÖeYZv †ekx, hvi Dcvq-DcKiY Zvi Rb¨ mnRjf¨ Ges cwi‡ek me‡P‡q †ekx AbyK‚j| GK K_vq, cÖ‡Z¨K e¨w³, †Mvôx I RvwZ †Kej †mB me cY¨-mvgMÖx I †mev Drcv`b K‡i hv †m me©vwaK `¶Zvi mv‡_ Ges Z~jbvg~jKfv‡e me‡P‡q Kg Li‡P Drcv`b Ki‡Z m¶g| AZtci ‡m Zvi Drcvw`Z cY¨-mvgMÖxi DØ„Ëvs‡ki wewbg‡q Ab¨ e¨w³, †Mvôx ev RvwZi KvQ †_‡K Acivci cY¨-mvgMÖx I †mev µq K‡i Zvi hveZxq Afve c~iY K‡i _v‡K| Gfv‡e cÖ‡Z¨K e¨w³, †Mvôx I RvwZi Drcv`b me©vwaK nq Ges LiP nq me© wbæ hvi dj¯^iƒc we‡k¦i mvgwMÖK Drcv`b nq m‡e©v”P Ges me©‡gvU e¨q nq me© wbæ| Ab¨ K_vq, me© wbæ Li‡P me©vwaK Drcv`b m¤¢e nq| Avi cvi¯úwiK wewbgq I µq-weµq n‡q I‡V AZ¨vek¨Kxq| cÖL¨vZ A_©bxwZwe` G¨Wvg w¯§_ I †WwfW wiKv‡W©vB n‡”Qb cvð¨v‡Z¨i me©cÖ_g A_©bxwZwe` huviv evwY‡R¨i gva¨‡g mKj c‡¶i DcK…Z nIqvi K_v ¯^xKvi K‡i wb‡q‡Qb Ges Zzjbvg~jK myweav Z‡Z¡i ¸i“Z¡ e¨vL¨v K‡i‡Qb| `ªe¨-mvgMÖx I †mevi ci¯úi wewbgq I µq-weµ‡qi Abycw¯’wZ‡Z e¨w³i Aw¯—Z¡ †hgb wecbœ n‡Z eva¨, †Zgwb µq-weµq e¨emv-evwYR¨ Qvov †Mvôx I RvwZi Aw¯—Z¡I Kíbv Kiv hvq bv| myZivs µq-weµq †Kej ¸i“Z¡c~Y© bq, gvbe RvwZi Aw¯—‡Z¡i Rb¨I Acwinvh©|

µq-weµq n‡”Q gvbe mgv‡Ri A_©‰bwZK Kg©-Kv‡Ûi †K›`ªxq welq| µq-weµ‡qi gva¨‡gB Drcv`b I †fv‡Mi g‡a¨ mgš^q mvwaZ nq Ges evwYwR¨K Kvh©µg myk„•Ljfv‡e cwiPvjbv Kiv m¤¢e nq| µq-weµq n‡”Q evRvi A_©bxwZi wfwË I †gŠwjK ˆewkó¨|