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Usury-Free Banking in the Islamic State: A Comparative Reassessment of the Views of Imam Khomeini and Martyr Muhammad Baqir al-Sadr Based on the Theory of the State | ||
| Journal of Islamic Political Studies | ||
| مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 03 مرداد 1405 | ||
| نوع مقاله: Original Article | ||
| شناسه دیجیتال (DOI): 10.22081/jips.2026.75518.1110 | ||
| نویسندگان | ||
| Hossein Sarvandi1؛ Ahmad Ahmadi* 2؛ Seyyed Hasan Abedian Kalkhoran3 | ||
| 1Ph.D.Department of Theology, Qo.C, Islamic Azad University, Qom, Iran. | ||
| 2Department of Theology, Qo.C, Islamic Azad University, Qom, Iran. | ||
| 3Department of Theology, Qo.C, Islamic Azad University, Qom, Iran | ||
| تاریخ دریافت: 01 مرداد 1405، تاریخ بازنگری: 03 مرداد 1405، تاریخ پذیرش: 03 مرداد 1405 | ||
| چکیده | ||
| Comparative Reassessment of Interest-Free Banking in the Islamic State: Imam Khomeini and Martyr Muhammad Baqir al-Sadr Based on the Theory of the State The issue of interest-free banking has remained one of the most significant challenges in contemporary Islamic economic thought. Although extensive studies have addressed the jurisprudential aspects of usury (riba) and Islamic financial contracts, relatively few have examined interest-free banking within the broader framework of Islamic political jurisprudence and the theory of the Islamic state. This study therefore offers a comparative analysis of the views of Imam Khomeini and Martyr Muhammad Baqir al-Sadr, emphasizing the relationship between banking institutions, state authority, and economic justice. The study argues that both scholars regard riba not merely as an unlawful contractual practice but as a structural mechanism that concentrates financial power, promotes economic inequality, and undermines social justice. Consequently, the prohibition of riba should not be understood as an isolated legal ruling but as an essential component of establishing an Islamic economic order. In their view, the banking system must be transformed into an institution that supports productive investment, equitable distribution of wealth, and sustainable economic development under the supervision of the Islamic state. The research adopts a descriptive-analytical and comparative methodology by examining the principal jurisprudential and political writings of both thinkers. Rather than limiting the discussion to legal rulings concerning banking contracts, the study explores their broader perspectives on the functions of government, public interest, economic governance, and institutional reform. The findings indicate that Imam Khomeini and Martyr al-Sadr share several fundamental principles regarding Islamic banking. First, both reject all forms of riba as incompatible with Islamic teachings and regard attempts to legitimize interest through formal legal devices (ḥiyal sharʿiyyah) as inconsistent with the objectives of Islamic law. They maintain that changing the legal form of a contract without eliminating its exploitative economic substance cannot satisfy the ethical and jurisprudential requirements of Islam. Second, both scholars emphasize that Islamic banking should be based on genuine economic participation rather than predetermined financial returns. Instead of fixed interest payments, banking operations should rely on legitimate Islamic contracts such as Mudarabah (profit-sharing), Musharakah (partnership), and Ju'alah (service-based contractual commitment). These contracts establish a direct relationship between financial resources and real economic activities, thereby encouraging production, entrepreneurship, employment, and social welfare. Another important area of convergence concerns the role of the Islamic state in regulating financial institutions. Both thinkers reject the notion that banking can operate independently of moral and governmental supervision. They believe that the state bears responsibility for protecting justice, preventing exploitation, directing financial resources toward productive sectors, and ensuring that banking institutions serve public interests rather than private monopolies. Accordingly, the banking system becomes an integral component of Islamic governance rather than a purely commercial institution. Despite these common foundations, the study identifies significant differences between the two scholars. The first difference relates to their respective methods of legal reasoning. Imam Khomeini develops a form of dynamic jurisprudence that considers not only textual evidence but also the objectives of Islamic law, changing social conditions, public welfare, and the requirements of governing an Islamic society. His legal methodology therefore integrates jurisprudence with statecraft and public policy. In contrast, Martyr al-Sadr approaches the issue primarily through systematic jurisprudential analysis. His discussion concentrates on the legal nature of financial contracts, the distinction between loans and commercial transactions, and the institutional mechanisms necessary to eliminate interest while preserving the essential economic functions of banks. His analytical framework is therefore more technical and institution-oriented, providing detailed operational models for Islamic banking. Overall, the comparison demonstrates that both scholars seek the same objective—the establishment of a just, interest-free financial system—but pursue this goal through different yet complementary intellectual approaches. Imam Khomeini primarily addresses the macro-level transformation of the Islamic state and its economic institutions, whereas Martyr al-Sadr focuses on the micro-level legal and institutional design required to implement an effective Islamic banking system. The second major difference concerns the historical and political positions occupied by the two scholars. Imam Khomeini was not only a leading jurist but also the founder and leader of the Islamic Republic of Iran. This unique position enabled him to translate jurisprudential principles into governmental policies, legislation, and institutional reforms. Consequently, his perspective on interest-free banking extends beyond theoretical jurisprudence to encompass practical governance and public administration. The enactment of the Interest-Free Banking Law and his continuous emphasis on transforming the substance rather than merely the form of banking institutions reflect this practical orientation. In contrast, Martyr Muhammad Baqir al-Sadr developed his theory under political conditions that prevented its institutional implementation. Although he produced one of the most comprehensive theoretical frameworks for Islamic economics and banking, his early martyrdom deprived him of the opportunity to supervise the practical realization of his proposals. As a result, his contribution remains primarily conceptual and theoretical, offering an elaborate institutional blueprint rather than an implemented governmental model. A further distinction concerns the scope of their theoretical frameworks. Imam Khomeini considers interest-free banking as one element within a comprehensive project of Islamic state-building. In his view, banking reform cannot be separated from broader objectives such as economic independence, distributive justice, national development, and resistance to systems of financial domination. The banking system should therefore function as an instrument for implementing the economic policies of the Islamic state and advancing collective welfare. By comparison, Martyr al-Sadr devotes greater attention to the internal architecture of Islamic banking institutions. His principal concern is to demonstrate how a modern banking system can maintain its essential economic functions while eliminating interest-based transactions. Through detailed analyses of Islamic contracts and institutional mechanisms, he provides practical jurisprudential solutions capable of replacing conventional banking operations with Shariah-compliant alternatives. His later writings also reveal a broader concern with Islamic constitutional theory and governance, indicating that his intellectual project extended beyond banking toward a comprehensive vision of an Islamic social order. The comparative findings suggest that the differences between Imam Khomeini and Martyr al-Sadr should not be interpreted as contradictions but rather as complementary perspectives. Imam Khomeini supplies the political and governmental framework within which Islamic banking can operate effectively, while Martyr al-Sadr provides the detailed legal and institutional design necessary for implementing such a system. Together, their ideas establish both the normative objectives and the operational mechanisms of an Islamic financial order. The study further concludes that many contemporary challenges facing the banking system of the Islamic Republic of Iran do not arise from the absence of theoretical foundations. Instead, they stem largely from the gap between Islamic jurisprudential principles and their institutional implementation. The persistence of formalistic contractual practices, the continued dominance of guaranteed-profit mechanisms, inadequate substantive supervision of banking activities, and the insufficient allocation of financial resources to productive sectors demonstrate that existing problems are primarily institutional rather than theoretical. Accordingly, revisiting the intellectual contributions of Imam Khomeini and Martyr al-Sadr should not be regarded as a return to historical discussions, but as an effort to recover the unrealized capacities of contemporary Shi'a political jurisprudence for addressing modern financial challenges. Their combined perspectives provide valuable guidance for redesigning banking institutions capable of achieving both economic efficiency and social justice. The study ultimately argues that the successful realization of interest-free banking requires the integration of two complementary dimensions. The first is Imam Khomeini's state-centered vision, which defines banking as an instrument of public policy, economic justice, and national development under the authority of the Islamic state. The second is Martyr al-Sadr's institutional and jurisprudential framework, which offers technically coherent and legally sound mechanisms for replacing interest-based financial transactions with partnership-based and productive economic relations. Therefore, interest-free banking can become an effective reality only when Islamic jurisprudence, governmental authority, institutional design, and economic policymaking function together within a coherent and integrated framework. The comparative analysis demonstrates that the enduring relevance of both Imam Khomeini and Martyr Muhammad Baqir al-Sadr lies in the complementary nature of their contributions: one provides the macro-level vision of Islamic governance and structural transformation, while the other offers the micro-level legal and institutional foundations required to translate that vision into an operational financial system capable of promoting justice, productivity, and sustainable economic development. | ||
| کلیدواژهها | ||
| : Usury-Free Banking؛ Theory of the State؛ Islamic State؛ Imam Khomeini؛ Martyr Muhammad Baqir al-Sadr؛ Economic Justice؛ Financial Policymaking | ||
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