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Interest, Usury, and the Transition from “Muslim” to “Islamic” Banks, 1908–1958

Published online by Cambridge University Press:  28 May 2020

Michael O'Sullivan Open the ORCID record for Michael O'Sullivan [Opens in a new window]
Michael O'Sullivan*
Affiliation:
Abdallah Kamel Center for Islamic Law and Civilization, Yale Law School, New Haven, Connecticut, 06520
*
Corresponding author. E-mail: mbosulliv@gmail.com
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Abstract

This article examines the creation of the first privately-owned Muslim banks in the first half of the twentieth century and the legal debates they instigated among Muslim communities. Whether in Bosnia or India, these banks appeared suddenly in the years immediately before the First World War. They were envisioned as a way to free up Muslim capital for productive ends, and as the means to jumpstart a Muslim economic renaissance. Far from masking their interest transactions, the banks' founders and customers pointed to a range of Islamic legal rulings that justified interest levied on deposits and loans. These rulings varied from one geographic locale to the next, and were expressive of diverse Muslim institutional and legal histories. Yet in an age when the formerly diffuse discursive terrain around interest, usury, and the Islamic foundational sources was shifting towards a consensus that rejected any interest/usury distinction, some of these banks faced acute challenges, particularly in India. There, novel notions of interest-free Islamic economics were articulated from the interwar period, which rejected any form of Muslim interest-banking. In time, the earlier iteration of Muslim interest banking became overshadowed by the new paradigm of “Islamic banks” which purportedly eschewed all financial interest.

Keywords

Islamic banksMuslim banks
Type
Article
Information
International Journal of Middle East Studies , Volume 52 , Issue 2 , May 2020 , pp. 261 - 287
Copyright
Copyright © The Author(s), 2020. Published by Cambridge University Press

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References

1 The selection of this bank as the industry's starting point is peculiar, given that it did not have the word Islamic in its title, but rather was called the Mit Ghamr Savings Bank. The brainchild of the Egyptian economist Ahmad al-Najjar, the bank was closed by authorities in 1968 for fear of connections to the Muslim Brotherhood. In fact, Al-Najjar's connection to the Muslim Brotherhood is disputed, and the inspiration for his institution owed the most to West German mutual banking institutions; Kuran, Timur, Islam and Mammon: The Economic Predicaments of Islamism (Princeton, NJ: Princeton University Press, 2010), 14Google Scholar; Emon, Anver M., “Islamic Law and Finance,” in The Oxford Handbook of Islamic Law, ed. Emon, Anver and Ahmed, Rumee (Oxford, UK: Oxford University Press, 2018), 854CrossRefGoogle Scholar. Unfortunately, historians have tended to affirm the misconception that Mit Ghamr was the first authentically Islamic solution to conventional banking. See Çizakça, Murat, Islamic Capitalism and Finance: Origins, Evolution and the Future (Cheltenham, UK: Edward Elgar, 2013), 135Google Scholar.

2 I am grateful to an anonymous reviewer who made the important point that Muslim banks and Islamic banks have proven (in the long run) to be functionally indistinguishable, although the extensive direct-equity finance the architects of the first Islamic banks envisioned proved unworkable only in much later decades.

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25 Kuran, The Long Divergence; Rubin, Rulers, Religion, and Riches. All the same, there remained many “usury laws” in force throughout Europe and America.

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36 See the advertisement for the Muslimanska Štedionica u Foči in Sarajevo's Musavat 6, no. 3 (18 January 1911): 7. This was competitive with other banks in the province run by Serbs and Croats, many of which commissioned advertisements in Bosnian Muslim newspapers.

37 Gazi Husrev Beg Archive, Sarajevo, “Poslovono izvješće: Muslimanske Centralne banke za Bosnu i Hercegovinu dioničarskog društva u Sarajevu za godinu 1913,” 7.

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49 Yusuf Nahhas, “Tarjamat Taqrir Muqaddam li-l-Mu'tamar al-Misri min Yusuf Nahhas Bey Duktur fi-l-Huquq ‘an Halat Misr al-Iqtisadiyya wa-l-Maliyya,” in al-Mu'tamar al-Misri, Majmu‘at A‘mal al-Mu'tamar al-Misri al-Awwal (Cairo: al-Matba‘a al-Amiriyya, 1911), 149. For a slightly altered English translation see Youssef Bey Nahhas, “The Economic and Financial Situation in Egypt,” trans. M. Abdul Azeez Bey Fahmy, in Minutes of the Proceedings of the First Egyptian Congress Assembled at Heliopolis (near Cairo) from Saturday 30 Rabi-al-thani 1329 (29 April 1911) to Wednesday 5 Gamad-ul-awwal 1329 (4 May 1911), 219.

50 As Leor Halevi, Chibli Mallat, Emad H. Khalil, Abdulkader Thomas, and others have shown, Abduh's famous fatwa was never published, and his precise justifications for accepting interest on deposits has been a source of speculation. Further confusion also stems from Rida's later discussions of Abduh's fatwa, in which he attempted to defend his mentor from the accusation that he was sanctioning ribā. Khalil, Emad H. and Thomas, Abdulkader, “The Modern Debate over Riba in Egypt,” in Interest in Islamic Economics: Understanding Riba, ed. Thomas, Abdulkader (New York: Routledge, 2006): 69–70Google Scholar; Mallat, “Debate on Riba,” 69; Halevi, Leor, Modern Things on Trial: Islam's Global and Material Reformation in the Age of Rida, 1865–1935 (New York: Columbia University Press, 2019)CrossRefGoogle Scholar.

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63 “Muslim Bank,” (August 1925), in Tufail Ahmad Manglori, Mazamin-i Sudmand (Badayun, India: Nizami Press, 1936), 105.

64 See the court case presiding over its liquidation; “In the matter of Muslim Bank of India Ltd., Lahore (in Liquidation),” in The All Indian Reporter, 1940: Lahore Section (Nagpur, India: D. V. Chitaley, 1940): 304–7.

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69 Ashraf Ali Thanawi, Takhdhir al-Ikhwan ʻan al-Riba fi al-Hindustan (Kanpur, India: Matbaʻ-i Intizami [1900?]).

70 Ibid., 1.

71 Kamal al-Din, “Usury or Interest,” Islamic Review (October 1924).

72 Surat al-Imran, 3:130.

73 In his other works, Ali defended the cooperative movement and the interest they paid on deposits; Ali, Maulana Muhammad, The Religion of Islam (Lahore: Ahmadiyya Anjuman-i Ishaat Islam, 2014), 534Google Scholar. It is worth noting that before 1950 most English translations of the Qurʾan translated ribā as usury, whereas those after this date used interest; El-Gamal, Islamic Finance, 196n3.

74 Kamal al-Din, “Usury or Interest” and “The Spirit of the Law,” Islamic Review (October 1924): 333.

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76 Ibid., 11–12.

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78 Sayyid Ahmad Khan, Tafsir al-Qurʾan, 237–42.

79 After accepting these funds one was expected to donate them to charity; Muhammad Kifayat Allah Dihlavi, ed., Kifayat al-Mufti, vol. 8 (Karachi: Dar al-Ishaʻat, 2001), 66–69.

80 This was especially the case with Talat Harb, who raged against usury in his writings. See Davis, Eric, Challenging Colonialism: Bank Misr and Egyptian Industrialization, 1920–1941 (Princeton, NJ: Princeton University Press, 1983): 86, 99n42CrossRefGoogle Scholar.

81 Mahmoud El-Gamal also has translated portions of the rulings and posted them on his blog. See “Rashid Rida on Riba: I. The Hayderabad Fatwa,” Islam and Economics (blog), accessed 1 April 2018, http://elgamal.blogspot.com/2005/07/rashid-Riḍā-on-ribā-i-hayderabad-fatwa.html.

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86 Al-Riba wa-l-Muʻamalat, 56.

87 Ibid., 57n1.

88 Ibid., 57–58.

89 Ibid., 59.

90 Ibid., 61.

91 Ibid.

92 Feisal Khan, Islamic Banking, 79–80.

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96 The original appeared in Tarjuman al-Qur'an in Ramadan 1365, or August 1946. I have cited from the Arabic version reprinted in Fatawa al-Mawdudi: Rasaʾil wa-Masaʾil (Lahore: al-Markaz al-ʻArabi li-l-Khidmat, 1994), 86–88.

97 Ibid., 88.

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99 Sayyid Sulaiman Nadwi, introduction to Qureshi, Theory of Interest, xviii–xix.

100 Qureshi, Theory of Interest, 6.

101 Nadwi, introduction to Qureshi, Theory of Interest.

102 Qureshi, Theory of Interest, 122.

103 Siddiqi, S. A., Public Finance in Islam (Lahore: Sh. Muhammad Ashraf, 1948)Google Scholar; Uzair, Mohammad, Interest-Free Banking (Karachi: Royal Book, 1978), i–iiGoogle Scholar.

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105 Ghulam Mohammed, Inaugural Address at the International Islamic Economic Conference (Karachi, 1949).

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109 Ibid., 16n1, 20n1, 30n1, 42n1.

110 M. A. Mannan, “Theory and Practice of Interest-Free Banking,” Islamic Review and Arab Affairs (November–December 1968): 5–10.

111 Davis, Challenging Colonialism, 179.

112 HIL/206/487, Abbas Hilmi II papers, Archives and Special Collections, Durham University Library, UK.

113 Muhammad Yunus ʿAbbadi, Muhadarat al-Faqih al-Qadi al-Sayyid Muhammad al-ʻAbbadi fi Mawduʻ al-Riba, Alqaha bi-Madina wa-Jiddah Sanat 1927 (Jiddah: n.p., 1934).

114 For more on the Saudi dependency on money changer families and the kingdom's weak financial power before the 1950s see Chaudhry, Kiren Aziz, The Price of Wealth: Economics and Institutions in the Middle East (Ithaca, NY: Cornell University Press, 1997)Google Scholar.

115 His later work speaks often of the IMF. See Qureshi, Anwar Iqbal, Developments in Pakistan Economy Since the Revolution (Karachi: Nabeel Publishing House, 1961)Google Scholar.

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117 Cited in Chernow, Ron, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Press, 2010), 607Google Scholar.

118 “Islamic Development Bank: Articles of Agreement, Annexure A,” cited in Kuhn, W. E., “The Islamic Development Bank: Performance and Prospects,” Nebraska Journal of Economics and Business 21, no. 3 (1982): 53–54Google Scholar.

119 An example can be found in The Bihar and Orissa Provincial Banking Enquiry Committee (Calcutta: Government of India, 1930), 509.

120 Brannon Ingram, Revival from Below: The Deoband Movement and Global Islam (Berkeley, CA: University of California Press, 2018), 172–73. This also occurred when Manazir Ahsan Gilani argued in the mid-1940s that Muslims living under non-Muslim rule should accept interest; Zaman, Modern Islamic Thought, 124.